student loan

Indian Bank provides convenient educational loans for meritorious/deserving students to acquire knowledge and skill in the field of their interest. By playing beacon, new-generation's quest for success is ably supported, paving way for Generation Banking

Purpose
The applicant should be an Indian National.
He / She should have secured admission to professional / technical courses in India or abroad through Entrance Test / Merit based selection process.
Age of the Student - 15 to 30 Years (For Studies in India)
Age of the Student - 18 to 35 Years (For Studies in Abroad)
To meet the cost of education covering fee payable to college / school / hostel, exam fees, purchase of books / equipment’s, travel expenses / passage money for studies abroad, purchase of computers essential for completion of the course etc.
Caution Deposit, Building fund/ refundable deposit supported by institution bills/receipts, subject to a maximum of 10% of total tuition fees for the entire course.
Insurance premium for student borrower.
Course of Study
Studies in India
Diploma/Graduation/Post-graduation courses in various disciplines.
Computer certificate courses of reputed institutes accredited to The Department of Electronics.
Studies Abroad
Job-oriented professional/technical courses offered by reputed universities.
MCA, MBA, MS etc.
Courses conducted by CIMA – London, CPA in USA etc.
Maximum Permissible Amount of Loan
Place of availment
For Studies in India - Rs.10.00* lakhs
For Studies Abroad - Rs.20.00* lakhs* Higher quantum of loan also can be considered in deserving and meritorious cases.
The loan can be availed from the branch nearest to the place of domicile.
Margin
Rate of Interest
Upto Rs.4.00 lakhs - NIL
Above Rs.4.00 lakhsFor Studies in India - 5% For Studies Abroad - 15%
Upto Rs.4.00 lakhs -12.00 % p.a. at present
Rs.4.00 lakhs upto Rs.7.50 lakhs -12.00 % p.a. at present
Above Rs.7.50 lakhs -12.25 % p.a. at presentConcession of 0.50% in applicable rate of interest will be allowed on fresh Educational Loans to Girl Students for studies in India and Abroad with effect from 1st July 2009. This interest concession will not be applicable to- Existing female educational loan borrowers- Educational Loan borrowers who are enjoying finer rate of interest allowed to select premier educational institutions.
Floating Rate linked with Benchmark Prime Lending Rate (BPLR) of the Bank and liable to undergo changes whenever there is a change in BPLR.

Holiday Period & Repayment
Insurance
The course period PLUS 1 year or 6 months after getting a job, whichever is earlier.
Repayable in 5– 7 years.
Life Insurance cover available to the student borrowers under 'IB Jeevan Vidya' Insurance Scheme.
Security *
Documents should be executed both by the student and parent / guardian as joint borrower.1. Upto Rs. 4 lacs - No security
2. Above Rs. 4 lacs & Upto Rs.7.50 lacs - Collateral in the form of satisfactory third party guarantee
3. Above Rs.7.50 lacs - Co-obligation of parents / guardians together with tangible collateral security of suitable value along with assignment of future income of the student for payment of installments.
* In case of receipt of application for more than one loan from students from a family, the 'family' as a unit will be taken into account for considering the loan and security will be taken in realtion to the total quantum of finance disbursed, subject to margin and repaying capacity of the parent/student.
Apply Online for Educational Loan
Download Educational Loan Application Form

“Concessional Rate of Interest is available for educational loans (under IBA Model Educational Loan Scheme) to students of the following educational institutions:1) M/s S.P. Jain Centre of Management Dubai & Singapore (India Office: Mumbai)2) M/s Institute of Management and Information Science (IMIS),BhubaneshwarFor details please contact the nearest branch of our Bank to your place of domicile”.

Particulars/Documents to be submitted
Sl. No.
Particulars
For studies in India
For studies Abroad
1
2
3
4
1.
Proof of residence
Xerox copies of Ration Card or Voters Identity Card or Passport or Electricity or Telephone bill or any such document acceptable to the bank
Same as in Col.3
2.
Academic record
Copy of the Xth std/XIIth std mark list, for under graduates. Degree mark list/provisional certificate for post graduates
Same as in Col.3
3.
a. Date of birth/ageb. Community (for statistical purpose only)
SSLC/TC/Mark list Community Certificate
Same as in Col.3 besides Passport
4.
Family Income
Salary certificate/Pension certificate/Auditor's certificate in case of business category/IT return filed/any other proof for the income stated
Same as in Col.3
5.
Admission
Admission letter/Bonafide student certificate from the College/University
Certificate/I 20 from the College/University
6.
Fee structure
Letter/Certificate from the College/University
Certificate/I 20 from the College/University
7.
Passport/VISA
Not applicable
Copies to be enclosed
8.
Guarantee/Co-obligation
Parent's/Guardian's Co-obligation to be furnished
Same as in Col.3
9.
Collateral, wherever required
LIC policy (surrender value of which should be not less than the loan amount at the time of availing the loan) /Share certificates/Units of UTI etc. Valuation certificate from Bank's approved panel valuer and legal opinion from Bank's panel advocate in case of land/buildings.
Same as in Col.3
10.
Margin (Above Rs.4.00 lakhs)For studies in India: 5%For studies abroad: 15%
Details regarding source of funds for meeting the margin furnished alongwith documentary evidence
Same as in Col.3
11.
Declaration/affidavit stating that no Educational Loan is availed from any other bank by the applicant and his parent
To be submitted
To be submitted
12.
Documents to be enclosed
A & L of the student/parent/guardian/guarantor
Details of securities in Col.9
Same as in Col.3