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.
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.
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.
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
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
13.70% to 15.20%
9.55% to 13.50%
9% to 14%
11.5% to 24%
8.30% to 10.41%
Starts from 8.50%
14.15% to 16.15%
7.50% to 9.75%
7.25% to 9.75%
8.30% to 9.95%
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
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 :
By customer care contact number : 18002094324
By customer care email id : email@example.com
Financials products offered by Bank :
The minimum tenure period is 1 years and maximum tenure period is 15 years of 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.
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
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
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