IDBI Education Loan

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IDBI Education loan provides financial assistance to the meritorious and poor students who want to pursue the best education in India and abroad. With an array of different services and with easy repayment options, IDBI bank assures you the complete financial support for developing your children’s future.

Features of IDBI Education Loan:

  1. Maximum Loan Amount for study in India: 10 lakhs.
  2. Maximum Loan Amount for study in Abroad: Rs 20 lakhs.
  3. Tenure period of 10 years for a loan amount up to Rs 7.5 lakhs.
  4. Tenure Period of 20 years for a loan amount above 7.5 lakhs.

Courses offered:

Graduation Courses Offered BA, B. Com, BSC etc.
Post Graduation Courses Masters and PHD
Courses conducted by IIM, IIT, XLRI, NIFT etc.
Professional Courses Engineering, Medical, Agriculture
Other courses includes Diploma, Degrees, Universities approved by UGC, Govt, AIBMS etc.

Collateral Security For IDBI Education Loan:

Loan Amount Security Required
Up to Rs 4 lakh No security
Above Rs 4 lakh and up to  Rs. 7.5 lakh Collateral in the form of a third party guarantee
Above Rs 7.5 lakh 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).

IDBI Education Loan Amount Covers:

  1. Fee payable to college/ school / hostel.
  2. Examination/Library/Laboratory Fee.
  3. Purchase of Books/ Equipments/ Instruments/ Uniforms.
  4. Caution Deposit/Building Fund/ Refundable Deposit supported by Institution Bills/Receipts subject to the condition that the amount does not exceed 10% of total tuition fees for the entire course.
  5. Travel Expenses/ passage Money for Studies Abroad.
  6. Purchase of Computers – Essential for Completion of the Course.
  7. Any other expense required to complete the course – like Study Tours, Project Work, Thesis, etc.
  8. Insurance premium for student borrower, if insurance cover sought.

Note: The maximum total expenditure under the heads e, f, g and h to be restricted to 50% of the total tuition
fees payable for completion of the course.

Interest Rates:

Loan Amount Interest rates
Sanction amount up to Rs.10 lakhs 10.75% (BR+1.00%)
Sanction amount above Rs. 10 lakhs 11.75% (BR+2.00%)
Vocational Courses 10.75% (BR+1.00%)

Education Loans for students studying in Premier Education Institutes (including ISB) is 9.75% (BR+0.00%)

Education Loan for other students who secured admission under Management Quota is 13.25% (BR+3.50%)

The Documents required are:

  1. Know Your Customer
    1. Age Proof
    2. Signature Proof
    3. Identity Proof
    4. Residence Proof
  2. Other Documents
    1. 2 Passport size photographs of the borrower, co-applicant(if any) or guarantor
    2. Marksheet of the most recent qualification
    3. Acceptance offer letter from the institute the borrower has applied
    4. List of expense to be done for the education (usually given by the institute to the borrower)
    5. 6 Month of bank statement,
      1. 2 month slary slip, if the person is a salaried employee
      2. 2 year of ITR if the borrower’s guarantor/co-applicant is self emplyed
      3. 2 Yrs Audited Balance Sheet / P & L if the guarantor/co-applicant is a self-employed professional.

Leading Education Loan Providers (Click to Apply)

  1. HDFC Education Loan
  2. SBI Education Loan
  3. BOI Star Education Loan
  4. ICICI Bank Education Loan
  5. Punjab National Bank Education Loan
  6. Other Banks

IDBI Education Loan EMI Calculator IDBI Education Loan Interest Rates
IDBI Education Loan EMI Calculator IDBI Education Loan Interest Rates

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