How to Apply for Education Loan in Indian Bank

by Shrutika Lodhi, posted in Indian Bank

Applicants can now easily apply for an Indian Bank Education loan through the application form. To ensure easy access to the process the form is available online or offline at Bank branches. For any query or problem, the customer can contact Indian Bank customer care.

Offline

For this, the applicants can directly visit and ask for an application form from their nearest bank branch. The Indian Bank representative will guide the applicant with all the necessary information. This consists of eligibility, documents required, and also counsel as which loan is best suitable.

Online

  • Applicant will need to visit the official website of Indian Bank Education Loan.
  • Then, select the option IB Education Loan Prime
  • Click on Apply Now.
  • Enter essential details to fill out the form
  • Upload required documents (mandatory).
  • Submit the form.
  • Also, remember to take out a print out of the application for future usage.
  • Applicants must visit the bank’s branch for further formalities

Indian Bank Education Loan Details

Indian Bank Education loans tends to cover expenses such as Tuition Fee, Examination Fee, Hostel Fee, Lab/ Library Fee, and Cost of Books. Alongside it provides equipment, instrument or uniforms. It covers miscellaneous expenses- study tours, project work, thesis, etc and if required a resonable cost of computer or laptop.

Indian Bank Education Loan Interest Subsidy Schemes

Subsidy Scheme was formulated by the Govt. of India, to assist the students belonging to the economically weaker section.  Given below are requirements one needs to meet in order to avail of this scheme policy.

  • The Central Subsidy scheme from the HRD Ministry provides a full interest subsidy for students availing Indian Bank education loans from the weaker sections of the society with a maximum parental annual family income of Rs. 4.50 lakhs.
  • Subsidy Scheme for Indian Bank Education Loans is valid for the entire course period plus one year after course completion or six months after getting a job, whichever is earlier.
  • The Indian Bank education loan subsidy scheme is applicable for undergraduate or postgraduate studies in technical and professional courses in India and can be availed only once.
  • The interest rates that will be charged on an Indian Bank educational loan will be as per the BPLR or the base rate.
  • Students can use the subsidy scheme if applying for courses in UGC/AICTE recognized institutions, IIMs, and other Central or State Government institutions.

Eligible Courses

UnderGraduate and PostGraduate courses in

  1. Engineering
  2. Medical
  3. Para Medical
  4. Agriculture
  5. Veterinary
  6. Law
  7. Dental
  8. Management
  9. Computer Science
  10. PG Diploma Courses approved byAICTE/UGC

Non-Eligible Courses

  • Courses pursued abroad or without completing Class XII.
  • Non-Professional and Non-Technical UG and PG courses in
  1. Arts
  2. Science
  3. Commerce
  4. Sociology
  5. Music Diploma
  6. Courses Teacher
  7. Training Courses
  8. Skill Development
  9. Vocational Training courses

IB Skill Loan Scheme

IB Skill Loan Scheme was launched by Indian Bank for students who plan to pursue skills-based courses that prepare them for employment opportunities ahead. This scheme with no financial constraints is offered with maximum benefits to promote skill-based education.

Indian Bank Education Loan Interest Rate

The Indian Bank charges interest rates as per the guidelines of the RBI. The base rate charged by the bank is 9.45%. The interest rate charged for all the amounts is 12.50% per annum. Indian Bank Education Loan Interest Rates are at a floating interest rate of 12.50% per annum. This is with a concession of 0.50% on the interest rate under the IBA scheme for female students.

Indian Bank through their education loan schemes extends financial support to students aiming to pursue higher education in India. Here are a few things applicants must be aware of before applying

  • Maximum loan limit – INR 10 Lacs.
  • No collateral for a loan up to INR 4 Lacs.
  • Flexible repayment terms

Indian Bank Education Loan Eligibility

  • The applicant for the loan must be a citizen of India.
  • Along with that applicant must have 10+2 qualification with a minimum of 60% marks which is is mandatory.
  • To get a loan one must be admitted into an Eligible Institute approved by the bank.
  • Also, the course which is going to be pursued should have been Recognized and approved by the bank.

Indian Bank Education Loan in India

Regardless of the discipline students applying for diploma, undergraduate, or postgraduate courses are eligible to avail of an Indian Bank education loan. Also, Indian bank provides education loans for computer certificate courses from institutions accredited to The Department of Electronics.

Loan Documents Required for Courses in India

  • Residence Proof – Ration Card/ Voter’s ID/ Passport/Electricity bill/ Telephone bill
  • Academic record – Xth / XIIth mark lists for UG students.Degree mark list/provisional certificate for PG students
  • Age Proof – SSLC/TC/Any mark list
  • Community – Community Certificate
  • Family Income Proof – Salary certificate/Pension certificate/Auditor’s certificate for businessmen/IT Returns
  • Admission details – Admission letter bonafide student certificate from the College/University
  • Fee details – Letter or Certificate from the College/University
  • Passport and VISA – Not required
  • Guarantee/Co-obligation details – Parent’s or a Guardian’s Co-obligation is mandatory
  • Collateral requirement – LIC policy /Share certificates / Units of UTI / Valuation certificate and legal opinion from the bank in case of land or buildings
  • Margin Requirement (Above Rs.4.00 lakhs) – 5%Documentary evidence for the source of funds to meet the margin amount
  • Will require declaration or affidavit declaring that no Educational Loan is availed from any other bank by the applicant and his parent
  • Other documents – A & L of the student/parent/guardian/guarantor details of securities and collateral

Indian Bank Education Loan in Abroad

For Education Abroad Indian Bank offers educational loans for job-oriented professional or technical courses offered by universities. Applicants who are applying for an MBA, MCA, MS, and courses conducted by CIMA – London and CPA in the USA are also eligible to avail of an Indian Bank educational loan.

Loan Documents Required for Courses Abroad

  • Residence Proof – Ration Card/ Voter’s ID/ Passport/Electricity bill/ Telephone bill
  • Academic record – Xth / XIIth mark lists for UG students.Degree mark list/provisional certificate for PG students
  • Age Proof – SSLC/TC/Any mark list/ passport
  • Community – Community Certificate
  • Family Income Proof – Salary certificate/Pension certificate/Auditor’s certificate for businessmen/IT Returns
  • Admission details – Certificate or I 20 from the College/University
  • Fee details – Certificate or I 20 from the College/University
  • Passport and VISA – Both Required
  • Guarantee/Co-obligation details are mandatory
  • Collateral requirement – LIC policy /Share certificates / Units of UTI / Valuation certificate and legal opinion from the bank in case of land or buildings
  • Margin Requirement (Above Rs.4.00 lakhs) – 15%Documentary evidence for the source of funds to meet the margin amount
  • Will require declaration or affidavit declaring that no Educational Loan has been granted from any other bank by the applicant and his parent
  • Other documents – A & L of the student/parent/guardian/guarantor details of securities and collateral

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