Apply Now

IDBI BANK EDUCATION LOAN

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:

IDBI Education Loan Schemes

There are basically four types of schemes that are available under IDBI Bank Education Loan:

  • Loan for non-vocational courses
  • Loan for vocational education/ courses
  • Loan for other students whose admissions are through management quota.
  • Education loan under Financial Inclusion Programme (FIP).

IDBI Bank Education Loan Highlights

Particulars Details
Loan Limit Rs. 20 Lakhs
Margin

 

  • Up to Rs. 4 Lacs: Nil
  • Above Rs. 4 lacs: 5%
Processing Fee NIL
Loan Security

 

  • Up to Rs. 4 Lacs: No security required
  • From Rs. 4 to 7.5 Lacs: Third Party Guarantee
  • Above Rs. 7.5 Lacs: Tangible security with suitable margin.
  • Building/ Land equal to 1.33 times of actual loan

Loan Repayment

Up to 15 Years

IDBI Bank Education Loan Features & Benefits

  • Attractive Rate of Interest : IDBI Education Loan provides attractive rates of interest starting from 8.30% to 10.41% per annum. The rate of interest will be decided by the bank according to customer age, employment type, overall profile, etc. 
  • Flexible Tenure Period : IDBI Bank Education Loans are available with flexible tenure of repayment ranging from 1 Year to 15 Years.
  • Less Paperwork : IDBI 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.

Fees and Charges of IDBI Bank Education Loan

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
  • 2% p.a. for loans above 4 lakhs for the amount or period overdue.
Processing Fee
  • For study Abroad 1% of the loan amount up to a maximum of Rs. 5,000 plus taxes.
  • For study in India, no processing fee applies
Charges
  • If the foreclosure charges are before 6 months from the date of the first EMI, 2% of the amount of prepayment will be charged

Eligibility Criteria for IDBI bank education loan

For applying to IDBI Education Loan you must be up to the eligibility criteria put up by the bank.

Following is the list: 

  1. Must be of 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 an education loan 
  5. The age should be 21 years to 70 years.

Documents Required to get IDBI bank education loan

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

Compare other Bank Education Loan interest rate:

BANKS

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

11.35%

Standard Chartered Bank Education Loan

10.99%

SBI Student Loan Scheme

9.30%

SBI Skill Loan Scheme

8.80%

SBI Scholar Loan Scheme

8.30% to 9.95%

SBI Takeover of Education Loan

9.30%

SBI Global Ed-Vantage

9.30%

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 Student Loan Scheme

  • 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.

How to Apply for an IDBI bank education loan?

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.

IDBI Bank Education Loan Customer Care:

  1. By customer care contact number : 18002094324

  2. By customer care email id : customercare@idbi.co.in

Financials products offered by Bank :

BUSINESS LOAN

CAR LOAN

COMMERCIAL LOAN

EDUCATION LOAN

GOLD LOAN

HOLIDAY LOAN

HOME LOAN

LOAN AGAINST PROPERTIES 

LOAN AGAINST SECURITIES

PERSONAL LOAN

PROFESSIONAL LOAN

TWO WHEELER LOAN

FAQs On IDBI Bank Education Loan

1. Are Minors eligible to apply for IDBI Bank Education Loan?

Yes, Minors looking forward to further studies can apply for an education loan with help of legal representation from parents/ guardians.

2. In whose name the loan is granted?

The Education Loan is granted in the name of the student.

3. How much age of the customer is required to take an Education loan from IDBI Bank?

  • 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.

4. 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

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

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/2021

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

Education Loans EMI Calculator

Loan Amount

|
1L
|
50L
|
100L
|
150L
|
2Cr

Interest Rate

%
|
5
|
10
|
12.5
|
17.5

Loan Tenure

|
1
|
10
|
20
|
25
|
0
|
120
|
240
|
300


Your Monthly Loan EMI


₹24,959