IDBI Bank provides Education Loan with an aim to provide financial support to deserving/merit holding students for pursuing higher education in India or Abroad.
It provides many services making sure that the customers get complete financial backing. The bank takes care of the entire financing through various student loan schemes thereby making Education Loan an easy and effective option to build a strong future.
There are basically four types of schemes that are available under IDBI Bank Education Loan:
There are basically four types of schemes that are available under IDBI Bank Education Loan:
| Particulars | Details |
| Loan Limit | Rs. 20 Lakhs |
| Margin
|
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| Processing Fee | NIL |
| Loan Security
|
|
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Loan Repayment |
Up to 15 Years |
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.
Here is the list of certain fees and charges that you should be aware of while applying for IDBI Bank Education Loan:
| Particulars | Details |
| Penal Interest |
|
| Processing Fee |
|
| Charges |
|
For applying to IDBI Education Loan you must be up to the eligibility criteria put up by the bank.
Following is the list:
Here is the list of Documents that are required to apply 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, aadhar card, and photo identity
8. Address proof: Driving license, passport, electricity bill, telephone bill
9. Student/co-borrower/guarantor’s bank account statement for the 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
|
BANKS |
INTEREST RATE |
|
13.70% to 15.20% |
|
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9.55% to 13.50% |
|
|
9% to 14% |
|
|
11.5% to 24% |
|
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8.30% to 10.41% |
|
|
Starts from 8.50% |
|
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14.15% to 16.15% |
|
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7.50% to 9.75% |
|
|
7.25% to 9.75% |
|
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11.35% |
|
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10.99% |
|
|
9.30% |
|
|
8.80% |
|
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8.30% to 9.95% |
|
|
9.30% |
|
|
9.30% |
Tuition Fee
Examination Fee
Library/ Laboratory Fee
Hostel Fee
Cost of Books, equipment, instrument, or uniforms.
Miscellaneous expenses- study tours, project work, thesis, etc.
A reasonable cost of computer or laptop (if required).
Insurance premium for student borrowers.
1. Offline Method: By visiting the nearest bank branch.
2. Online Method :
Visit the official website of IDBI Bank, select education 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.
By customer care contact number : 18002094324
By customer care email id : [email protected]
Yes, Minors looking forward to further studies can apply for an education loan with help of legal representation from parents/ guardians.
The Education Loan is granted in the name of the student.
For Education Loan for Vocational/ Non-Vocational Courses: There is no age restriction for the applicant applying for an education loan from IDBI Bank. He/ she should only meet the other stated eligibility criteria.
For Education Loan for Students admitted through Management Quota: Minimum age limit for Salaried and Self Employed is 21 years and the maximum is 65 years and 70 years respectively.
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
Yes, If the foreclosure charges are before 6 months from the date of the first EMI, then 2% on the amount of prepayment will be charged.
Last Updated on : 17/Mar/2021Know More About
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
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 |
Education Loans EMI Calculator