Indian Bank established on 15 August 1907 and their headquarters in Chennai, India. Indian Bank provides low interest rates on education loans starting from 8.50 percent. The maximum tenure of indian bank education loan is 15 years. It is the most preferred bank by all kinds of people for any financial service regarding education.
High education is extremely important for a high paying job. Education helps in the overall development of an individual and provides a great opportunity to live a successful life. Indian bank provides education loans to desired students to fulfill their dreams at a convenient interest rate. They can repay the loan only after they get permanently employed within tenure of loan. Indian banks provide education loans with no prepayment penalty and no pre-closure charges.
1. Low interest rate :
Education loans are offered at low interest rates. The minimum interest rate of Indian Bank education loans starts from 8.50%. Basically the rate of interest will be decided by the bank according to the customer age, employment type, overall profile. So, there will be a very good chance for the customer to get an education loan at an attractive and lower interest rate.
2. Less paperwork :
Indian 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 fast.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.
3. No processing fee :
Indian Bank does not charge any processing fee to avail education loan.
4. No prepayment penalties and preclosure charges :
Indian Banks do not apply any prepayment penalties and pre closure charges for education loans. Indian banks are not required to charge any fees for education loans.
5. Fast disbursal :
The education loan should be disbursed from Indian Bank within 15 working days from the date of complete submission of all documents required for proper appraisal.
1. Must be an Indian resident
2. Applicants should be secured admission with the education institutions.
3. The age should be required 16 years to 60 years
1. Filed application form
2. ID Proof
3. Address proof
4. 2 passport size photographs
5. Statement of cost of study
6. Letter of admission
7. Last 6 month bank account statement
8. ITR/ IT assessment order, of previous 2 year of parent/ guardian / co borrower ( If IT Payee)
9. Brief statement of asset and liabilities
10. Income proof ; Salary slip or Form 16
Expenses covered under Indian 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
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%
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 Indian bank :
1. By customer care contact number : 180042500000
2. By customer care email id : email@example.com
Financials products offered by Bank :
You can repay your education loan in a flexible tenure period if loan amount up to 7.50 lakh can be repaid within a period of 10 years and loan amount above 7.50 lakh can be prepaid within 15 years.
The interest rate provided by Indian Bank education loans starts from 8.50% p.a.
There is no processing fee charged by Indian Bank Education Loan.
The loan amount provided by Indian Bank Education Loan is Rs 15 lakh for education in India and Rs.25 Lakh for studies in Abroad.Last Updated on : 10/Aug/2020
Know More About
You're eligible for a Indian 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
|Indian Bank Education Loan Details|
|Interest Rate (Monthly reducing balance)||8.5% - 0%|
|Loan Tenure||1 year to 15 years|
|Pre-closure Charges||Varies with bank|
|Guarantor Requirement||Varies with bank|
Education Loans EMI Calculator