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IGNOU Guess > Education > Educational Loans > Indian Bank
Indian Bank provides convenient educational loans for meritorious/deserving students to acquire knowledge and skill in the field of their interest. By playing beacon, new-generation's quest for success is ably supported, paving way for Generation Banking.
Eligibility
The applicant should be an Indian National.
He / She should have secured admission to professional / technical courses in India or abroad through Entrance Test / Merit based selection process.
Purpose
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
- Diploma/Graduation/Post-graduation courses in various disciplines.
- Computer certificate courses of reputed institutes accredited to The Department of Electronics
Studies Abroad
- Job-oriented professional/technical courses offered by reputed universities.
- MCA, MBA, MS etc.
- Courses conducted by CIMA – London, CPA in USA etc.
Maximum Permissible Amount of Loan
- For Studies in India - Rs.10.00* lakhs
- For Studies Abroad - Rs.20.00* lakhs
- * Higher quantum of loan also can be considered in deserving and meritorious cases.
Place of availment
The loan can be availed from the branch nearest to the place of domicile.
Margin
- Upto Rs.4.00 lakhs - NIL
- Above Rs.4.00 lakhs
- For Studies in India - 5%
- For Studies Abroad - 15%
Rate of Interest
- Upto Rs.4.00 lakhs -12.50 % p.a. at present
- Above Rs.4.00 lakhs -13.00 % p.a. at present
Holiday Period
The course period PLUS 1 year or 6 months after getting a job, whichever is earlier.
Repayment
Repayable in 5– 7 years.
Security
Documents should be executed both by the student and parent / guardian as joint borrower.
1. Upto Rs. 4 lacs - No security
2. Above Rs. 4 lacs & Upto Rs.7.50 lacs - Collateral in the form of satisfactory third party guarantee
3. Above Rs.7.50 lacs - Collateral security of suitable value OR co-obligation of parents / guardians / third party along wtih the assignment of future income of the student for payment of instalments.
Apply Online for Educational Loan
Download Educational Loan Application Form
Particulars/Documents to be submitted
| Sl. No. |
Particulars |
For studies in India |
For studies Abroad |
| 1 |
2 |
3 |
4 |
| 1. |
Proof of residence |
Xerox copies of Ration Card or Voters Identity Card or Passport or Electricity or Telephone bill or any such document acceptable to the bank |
Same as in Col.3 |
| 2. |
Academic record |
Copy of the Xth std/XIIth std mark list, for under graduates. Degree mark list/provisional certificate for post graduates |
Same as in Col.3 |
| 3. |
a. Date of birth/age
b. Community (for statistical purpose only) |
SSLC/TC/Mark list
Community Certificate |
Same as in Col.3 besides Passport |
| 4. |
Family Income |
Salary certificate/Pension certificate/Auditor's certificate in case of business category/IT return filed/any other proof for the income stated |
Same as in Col.3 |
| 5. |
Admission |
Admission letter/Bonafide student certificate from the College/University |
Certificate/I 20 from the College/University |
| 6. |
Fee structure |
Letter/Certificate from the College/University |
Certificate/I 20 from the College/University |
| 7. |
Passport/VISA |
Not applicable |
Copies to be enclosed |
| 8. |
Guarantee/Co-obligation |
Parent's/Guardian's Co-obligation to be furnished |
Same as in Col.3 |
| 9. |
Collateral, wherever required |
LIC policy/Share certificates/Units of UTI etc. Valuation certificate from Bank's approved panel valuer and legal opinion from Bank's panel advocate in case of land/buildings |
Same as in Col.3 |
| 10. |
Margin (Above Rs.4.00 lakhs)
For studies in India : 5%
For studies abroad: 15% |
Details regarding source of funds for meeting the margin furnished alongwith documentary evidence |
Same as in Col.3 |
| 11. |
Declaration/affidavit stating that no Educational Loan is availed from any other bank by the applicant and his parent |
To be submitted |
To be submitted |
| 12. |
Documents to be enclosed |
A & L of the student/parent/guardian/guarantor Details of securities in Col.9 |
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