Foreign Universities :

Proof of TOEFL, GMAT, GRE score card, and 1-20 admit card.

Age of the applicant should not be more than 30 years for Indian Universities and 35 for Foreign Universities. Age of the parent / Guarantors should be below 55 Years. The annual income of the family should not be less than Rs. 3 lakhs.

Amount of loan :

For Indian Universities, actual tuition and other fees, but not exceeding Rs 5 Lakh for the entire duration of the course.

For Foreign Universities, considering that in addition to fees, there are travels / preparatory expenses, the loan amount shall not exceed Rs. 15 Lakh, in all.

Interest rates :

• Long term Prime Lending Rate + 1% p.a. + taxes
• Processing Fees: Rs. 1000 at application, and Rs. 500 p.a. there after
• Cost of documentation / legal expenses at actual

Period of loans :

• Graduate Studies: Maximum moratorium period of 5 years including the actual duration of the course. After which the loan should be repaid within the next 3 years.
• Post Graduate Studies: Moratorium period of 2 years i.e. the course duration. Loan repayment within the next 3 years.
• No prepayment penalties levied.
• In fact, there are incentives for prompt repayment. Like refund of the entire processing fee, if not a single installment is missed/delayed.

Website:www.idbi.com