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About IDBI Bank Education Loan : 

The full form of IDBI Industrial Development Bank of India. It is one of the largest commercial banks and offers banking and financial services to their customers. IDBI was established in 1964 by act of parliament and its headquarters is in Mumbai. It is one of 27 commercial banks owned by the government of India.

Here, we talk about all the things above that are quite normal but there is a change in it, now everyone has to get an education loan with ease..You all think that “how it is possible? To overcome this issue IDBI Bank came with an exciting opportunity i.e. IDBI Bank Education Loan.

Benefits of IDBI Bank Education Loan :

1. Attractive Rate of Interest :

IDBI Bank Education loans are offered at attractive interest rates. The interest rate of IDBI  Bank Education loan starts from 8.30% to 10.41% p.a.. Basically the rate of interest will be decided by the bank according to the customer age, employment type, overall profile etc. So, there will be a very good chance for the applicant to get an education loan at an attractive lower interest rate.

2. Flexible tenure period :

IDBI Bank education loans are available with flexible loan tenures from 1 year to 15 years. 

3. Less paperwork :

IDBI Bank Education Loan provides less and minimal documentation for the customers. It is not required to submit so many documents for an education loan. The process of documentation is very simple and less. The documents submitted by the customers are KYC, address proof and income proof, mark sheets starting from class 10th to the latest qualifying exam with the loan application form.

Types of schemes for IDBI Bank Education Loan :There are five types of schemes for IDBI Bank Education Loan i.e.

1. Loans for non vocational courses scheme  : IDBI’s  scheme to assist those who want to study in recognized institutes.

2. Loans for vocational courses scheme : This loan scheme for those students who are pursuing vocational courses.

3. Loans for management quotes scheme : This loan scheme for those students who secure admissions through management quota.

4. Loans for specialised courses scheme : This education loan scheme for job oriented courses.

5. Loans for Abroad loan scheme : This education loan for those students who are aspiring for studying in Abroad.

Eligibility Criteria for IDBI Bank Education Loan :

1. Must be a Indian citizenship

2. One must have cleared 10+2 from a recognized board of institutions

3. Students must have secured admission through merit or entrance exam

4. A co-applicant is a must while applying for education loan 

5. The age should be 21 years to 70 years.

Fees and charges of IDBI Bank Education loan :

1. Penal interest : 2% p.a. for loans above 4 lakhs for the amount or period overdue.

2. Processing fee :  If study in Abroad 1% of the loan amount up to a maximum of Rs. 5,000 plus taxes and Study in India no processing fee apply

3. Charges : If the foreclosure charges is before 6 months from the date of the first EMI, 2% on the amount of prepayment will be charged

Documents required for IDBI Bank Education Loan :

1. Letter of admission

2. Filled in Loan Application Form

3. 2 passport size photographs

4. Statement of cost of study

5. PAN Card of the student and the parent/guardian

6. Aadhaar Card of the student and the parent/guardian

7. Id proof  : Driving license, passport, aadhaar card, ant photo identity

8. Address proof : Driving license, passport, electricity bill, telephone bill

9. Student/co-borrower/guarantor’s bank account statement for last 6 months.

10. IT Return/ IT assessment order, of previous 2 years of parent/ guardian/ other co-borrower(If IT payee)

11. Brief statement of assets & liabilities of parent/ guardian/ other co-borrower

12. Income proof : Salary slip, form 16 of parent/ guardian/ other co-borrower

Compare other bank interest rate :



AXIS Bank Education Loan

13.70% to 15.20%

HDFC Bank Education Loan for Indian Education

9.55% to 13.50%

HDFC Bank Education Loan for Foreign Education

9% to 14%

Kotak Mahindra Bank Education Loan 

11.5% to 24%

IDBI Bank Education Loan

8.30% to 10.41%

Indian Bank Education Loan

Starts from 8.50%

RBL Bank Education Loan

14.15% to 16.15%

Bank of Baroda Education Loan

7.50% to 9.75%

Bank of India Education Loan

7.25% to 9.75%

Canara Bank Education Loan


Standard Chartered Bank Education Loan


SBI Student Loan Scheme


SBI Skill Loan Scheme


SBI Scholar Loan Scheme

8.30% to 9.95%

SBI Takeover of Education Loan


SBI Global Ed-Vantage


Other products of IDBI Bank :

1. IDBI Bank Car loan 

2. IDBI Bank Education loan

3. IDBI Bank Credit Cards

4. IDBI Bank EMI Calculator

Expenses covered under IDBI Bank Education Loan :

1. Tuition fees 

2. Cost of books, uniforms and stationeries

3. Cost of laptop or computer ( If required)

4. Examination Form

5. Library/ Laboratory fees

6. Hostel fee

7. Travel expenses ( for Abroad)

8. Miscellaneous Expenses

How to apply for IDBI Bank Education Loan :

1. Offline Method : By visiting the nearest bank branch.

2. Online Method : 

  • Visit the official website of loan.

  • Click on apply now

  • Fill out the form with essential details.

  • Upload the mandatory documents required

  • Submit the form and take out a print out of the applications 

  • Visit the bank branch for further formalities.

How to contact with IDBI Bank :

  1. By customer care contact number : 18002094324

  2. By customer care email id :

Financials products offered by Bank :













IDBI Bank Education Loan Frequently Asked Questions :

Q1. What is the minimum and maximum tenure period of IDBI Bank education loan?

The minimum tenure period is 1 years and maximum tenure period is 15 years of IDBI Bank Education Loan 

Q2. How much loan amount is required for an IDBI Bank education loan?

The loan amount of IDBI Bank education loan is maximum Rs.20 lakh for study in India and Maximum Rs.30 lakh for study in Abroad.

Q3. Is, there any charges from IDBI Bank for education loan?

Yes, If the foreclosure charges is before 6 months from the date of the first EMI, 2% on the amount of prepayment will be charged

.Q4. What interest rate should be charged by IDBI Bank education loan?

The interest rate charged by IDBI Bank education loan is 8.30% to 10.41% p.a.

Last Updated on : 10/Aug/2020

Know More About

Idbi Bank Education Loan

You're eligible for a Idbi Bank Education Loan if you:

Are legally adult enough to handle it

Have still got it

Get a regular pay check

Make more than a basic buck

Your eligibility depends on:

Earn more than minimum income required

Maximum allowed Education Loans is Rs. 10K to Rs. 45 lakhs

EMIs of other loans loweryour eligibility

Boost your eligibility by:

Pay off your credit card bills

Choose longer tenure loan up to 5 years

Nothing gets done without that paperwork (which we'll happily carry over to the bank for you, no sweat). Here's what you'll need:

  • 1. Photo ID and age proof
  • 2. Signed application form with photograph
  • 3. Residence proof
  • 4. Last 6 months bank statement
  • 5. Documentation for salaried applicants:
    • Last 3 months salary - slips
    • Form 16 or Income Tax Returns
  • 6. Documentation for self-employed applicants:
    • Last 3 years Income Tax Returns with computation of Income
    • Last 3 years CA Certified / Audited Balance Sheet and Profit & Loss Account

Idbi Bank Education Loan Interest Rates

Updated on 25 Nov 2017

Idbi Bank Education Loan Details
Interest Rate (Monthly reducing balance) 8.3% - 10.41%
Processing Fees Study in Abroad =1% of the loan amount up to a maximum of Rs. 5,000 plus taxes is applicable
Loan Tenure 1 year to 15 years
Pre-closure Charges Varies with bank
Guarantor Requirement Varies with bank

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