Indian Bank

 

Educational Loan Scheme of Indian Bank - For Studies in India

Target Group

Purpose

Meritorious students who are not gainfully employed and who have consistent good academic record with 60% marks and above in the last preceding public examination.

To meet the cost of education covering tuition fees, Exam fees, Development fees, Hostel fees, books, instruments etc.

Course of Study

Loan Limit

  • All full-time professional courses recognised by University/UGC/AICTE/Medical Council/State or Central Government.

  • The period of study should not exceed 5 years

  • Computer Courses: Part-time/Full-time in Institutes approved by Government of India (Department of Electronics)

  • Duration of the course: Minimum  - 12 months Maximum - 48 months

  • For Computer Courses - Maximum : Rs.1.00 lakh

  • For other professional courses - Maximum : Rs.3.50 lakhs

Margin

  • Upto Rs.2.00 lakhs - 10%   

  • Upto Rs.3.50 lakhs - 15%

Repayment

Credit Delivery

  • Initial holiday period of 6 months after the completion of the course or immediately on getting a job whichever is earlier.

  • For limits upto Rs.1.00 lakh  : 42 months

  • For limits upto Rs.3.50 lakhs : 60 months

The loan should be availed from the branch nearest to the place of permanent residence of the student


Educational Loan Scheme of Indian Bank - For Studies Abroad

Course of Study

Loan Limit

Any Graduate/Post-graduate courses with good employment prospects.  The period of study should not exceed 5 years

Maximum - Rs.10.00 lakhs

Margin

Rate of Interest

  • Upto   Rs.5.00 lakhs - 15%

  • Above Rs.5.00 lakhs - 25%

PLR + 1.5% (i.e. 14%)

Repayment

Interest to be serviced every quarter.  Repayment of principal to commence 6 months after the completion of the course or immediately on getting a job whichever is earlier For limits upto Rs.10.00 lakhs - Maximum 96 months 


Model Educational Loan Scheme of IBA (Indian Banks Association)  

Eligibility

Purpose

The applicant should be an Indian National. He / She should have secured admission to professional / technical courses through Entrance Test / selection process or should have secured admission to Foreign University / Institutions.

To meet the cost of education covering fee payable to college / school / hostel, exam fees, purchase of books / equipment’s, travel expenses / passage money for studies abroad, purchase of computers essential for completion of the course etc.

Course of Study

Studies in India

  1. School Education including plus 2 stage.

  2. Graduation courses viz. B.A., B.Com., B.Sc., etc.

  3. Post-graduation courses viz., Masters & Ph.D.

  4. Professional courses like Engineering, Medical, Agriculture, Veterinary, Law, Dental, Management, Computer certificate courses of reputed institutes accredited to Dept., of Electronics

  5. ICWA, CA, CFA etc. Courses conducted by IIM, IIT, IISc, XLRI, NIFT etc

  6. Courses conducted by colleges/universities approved by UGC/Government of India/AICTE/AIBMS/ICMR etc.

Studies Abroad

  1. For job-oriented professional/technical courses offered by reputed universities.

  2. MCA, MBA, MS etc.

  3. Courses conducted by CIMA – London, CPA in USA etc.

Maximum Permissible Amount of Loan

Family Income

  • For Studies in India - Rs.7.50 lakhs

  • For Studies Abroad - Rs.15.00 lakhs

No restriction.

Margin

Rate of Interest

  • Upto Rs.4.00 lakhs - NIL

  • Above Rs.4.00 lakhs
    For Studies in India - 5%
    For Studies Abroad - 15%

  • Upto Rs.4.00 lakhs   - PTLR (12.50% p.a.)

  • Above Rs.4.00 lakhs - PTLR + 1% Interest

    will be charged quarterly (simple basis during study and holiday period and thereafter compounded and EMI fixed). Penal interest at 2% will be charged for above Rs.2.00 lacs for the overdue amount and overdue period

Holiday Period

Repayment

The course period PLUS 1 year or 6 months or immediately after getting a job, whichever is earlier.

The loan is to be repaid in 5 – 7 years after commencement of repayment.

Prime Security

Place of availment

  1. No collateral security for loans upto Rs.4.00 lakhs.

  2. For loans exceeding Rs.4.00 lacs, collateral security of suitable value atleast equivalent to 100% of the loan amount.

The loan can be availed from the branch nearest to the place of domicile.

 

Comments (0)

Post a Comment
* Your Name:
* Your Email:
(not publicly displayed)
Reply Notification:
Approval Notification:
Website:
* Security Image:
Security Image Generate new
Copy the numbers and letters from the security image:
* Message:

Email to Friend

Fill in the form below to send this article to a friend:

Email to Friend
* Your Name:
* Your Email:
* Friend's Name:
* Friend's Email:
* Security Image:
Security Image Generate new
Copy the numbers and letters from the security image
* Message: