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.
• Age of the Student - 18 to 35 Years (For Studies in Abroad)
• Age of the Student - 15 to 30 Years (For Studies in India)

Courses Eligible

Studies abroad:

• Job-oriented professional/technical courses offered by reputed universities.
• MCA, MBA, MS etc.
• Courses conducted by CIMA – London, CPA in USA etc.

Studies in India:

• Diploma/Graduation/Post-graduation courses in various disciplines.
• Computer certificate courses of reputed institutes accredited to The Department of Electronics.

Special Courses:

• 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.

Maximum Amount of Loan

• For Studies Abroad - Rs.20.00 lakhs
• For Studies in India - Rs.10.00 lakhs

Expenses covered by the Loan
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.

Security

• Upto Rs. 4 lacs - No security
• Above Rs. 4 lacs & Upto Rs.7.50 lacs - Collateral in the form of satisfactory third party guarantee
• AAbove Rs.7.50 lacs - Co-obligation of parents / guardians together with tangible collateral security of suitable value along with assignment of future income of the student for payment of installments.

Rate of Interest

• Upto Rs.4.00 lakhs -12.50 % p.a. at present
• Rs.4.00 lakhs upto Rs.7.50 lakhs -12.50 % p.a. at present
• Above Rs.7.50 lakhs -12.75 % p.a. at present

Repayment
The repayment of loan begins one year after the course period or 6 months after getting a job, whichever is earlier. The loan has to be repaid within 5-7 years after commencement of repayment.