The main characteristics, prerequisites, application procedure, and advantages of obtaining an Indian Bank education loan will all be covered in this article. Financial limitations should never hinder reaching your academic goals because education is the foundation of success. A reputable brand in the financial industry, Indian Bank provides education loans that are customized to fit the various demands of students. Indian Bank’s education loan might be the economic link between your goals of studying in India and overseas.
Indian Bank Education Loan Overview
Loan Amount | 7.5 Lakh to 100% of collateral value |
Minimum age of the applicant | 18 years |
Interest rate type | Floating |
Interest rate | 9.20% – 11.40%* |
Interest rate incentive | 0.50% for female applicants |
Loan Tenure | 15 years |
Moratorium period | Course + 12 months |
Payment during the moratorium period | May require SI only |
Processing time | 10 – 12 days |
Tax Benefit | Yes |
Prepayment penalty | No |
Margin Money | 15% |
Eligibility Criteria
- You ought to have a strong academic record.
- You must be an Indian student who is at least eighteen years old.
- ought to be accepted into a reputable international university.
- must have passed all required exams, such as the GMAT, GRE, TOEFL, or IELTS.
- Courses that qualify include PG diploma programs, full-time graduate and postgraduate programs, and more.
Documents Required
- Proof of age
- Details of tuition fees
- Certificate of Community
- Admission certificate or the college or university’s I-20
- Proof of address: a voter ID, a passport, an electricity bill, etc.
- Proof of family income includes the parent or guardian’s ITR, wage certificate, and pension certificate.
- Documents used as collateral (if any) include registry records, valuation certificates, and LIC policies.
- An affidavit stating that the student and his or her parents have not taken out a study loan from any other bank.
- Academic record: Undergraduate students’ 10th and 12th grade grades, and graduate students’ graduation certificates and grades.
How to Apply for an Education Loan in an Indian Bank?
- Go to the website of the Indian Bank.
- Select the product from the horizontal bar’s options, and then select the loan product.
- After you click on it, a list of the various loan packages that Indian Bank offers will appear.
- You must select the education loan choice from the provided list.
- After selecting the “Apply for Loan” option on the new page that appears, you will be taken to another page.
- Complete the necessary fields and affix the necessary files. Your application can be successfully sent to the bank if all of this is completed.
Check Application Status
- The candidate will receive a confirmation after completing the application.
- The applicant will receive a “12-digit Tracking ID” from the bank.
- Enter the “12-Digit Tracking ID” and press the “Check” button to view the application status.
Conclusion
With customized options for students studying in India or overseas, Indian Bank’s education loan helps close the gap between goals and cost. Indian Bank guarantees financial simplicity for your scholastic path with tax benefits, flexible repayment alternatives, and excellent interest rates. Put in an application now to get one step closer to realizing your academic goals without worrying about money.
FAQ’s
Q1. The Indian Bank was founded when?
Ans. On March 5, 1907, the Indian Bank was founded by the Indian government. Being a public sector bank, its main goal is to provide its clients with a range of financial services, such as home loans and school loans, among others.
Q2. What is the IB Education Loan interest rate?
Ans. To learn more about the interest rate and other specifics of the IB Education Loan, students can give 180042500000 a call.
Q3. What is the highest amount that can be borrowed with an IB Education Loan?
Ans. In India or outside, students can apply for need-based education loans to cover their course costs. Additionally, students can qualify for a loan of up to INR 25 lakh for an Executive Management Program or Executive MBA in India.