Education loans from IDBI Bank aim at providing financial support to deserving/ meritorious students for pursuing higher education in India and abroad. IDBI offers loan for an array of courses to choose from and easy repayment options.
- Foreign Universities:
Proof of TOEFL, GMAT, GRE score card, and 1-20 admit card
- Indian Universities:
For Graduate courses: at least 75% in the +2 stage.
For Post Graduate Courses: first class graduates.
- Age of the applicant should not be more than 35 for Foreign Universities and 30 years for Indian Universities. Age of the parent / Guarantors should be below 55 Years. The annual income of the family should not be less than Rs. 3 lac.
- Graduation: For job oriented professional/ technical courses offered by reputed universities. Post graduation: MCA, MBA, MS, etc. Courses conducted by CIMA- London, CPA in USA etc.
- Graduation courses : BA, B.Com., B.Sc., etc
- Post Graduation courses : Masters & Phd
- Professional courses : Engineering, Medical, Agriculture, Veterinary, Law, Dental, Management, Computer etc
- Computer certificate courses of reputed institutes accredited to Dept. of Electronics or institutes affiliated to university
- Courses like ICWA, CA, CFA etc
- Courses conducted by IIM, IIT, IISc, XLRI. NIFT etc
- Courses offered in India by reputed foreign universities
- Evening courses of approved institutes
- Other courses leading to diploma/ degree etc. conducted by colleges/ universities approved by UGC/ Govt./ AICTE/ AIBMS/ ICMR etc
- Courses offered by National Institutes and other reputed private institutions. Banks may have the system of appraising other institution courses depending on future prospects/ recognition by user institutions.
- Regular Degree/Diploma courses like Aeronautical, pilot training, shipping etc., approved by Director General of Civil Aviation/Shipping. In case the course is pursued abroad, the Institute should be recognized by the competent local aviation/shipping authority.
- Study Abroad -Rs.20 lakhs
- Study in India-Rs.10 lakhs
- Fee payable to college/ school/ hostel
- Examination/ Library/ Laboratory fee
- Purchase of books/ equipments/ instruments/ uniforms
- Caution deposit/ building fund/ refundable deposit supported by Institution bills/ receipts
- Travel expenses/ passage money for studies abroad
- Purchase of computers - essential for completion of the course
- Any other expense required to complete the course - like study tours, project work, thesis, etc.
- Insurance premium for student borrower
- Up to Rs 4 lacs
- Above Rs 4 lacs and up to Rs. 7.5 lacs
Collateral in the form of a third party guarantee
- Above Rs 7.5 lacs
Collateral security in the form of Land/ building, (The minimum value shall be 1.33 times the amount of loan sought).
Govt. securities/ Public Sector Bonds/ Units of UTI, NSC, KVP, LIC policy, gold, shares/ debentures, bank deposit in the name of parent/ guardian or in the name of the co-applicant (The minimum value shall be 1.1 times of the amount of loan sought).
- Up to Rs. 4 lakhs - 12.00% (BPLR - 1%)
- Above Rs. 4 lakhs - 13.00% (BPLR )
- 50 basis points reduction for girl applicants
- 50 basis points reduction for physically challenged applicants (subject to submission of certificate from a medical practitioner)
The repayment of loan to begin after the course period + 1 year or 6 months after getting a job, whichever is earlier. The loan has to be repaid within 5-7 years (maximum tenor 84 months) after commencement of repayment.