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Educational Loans
Indian Bank
Author : Pradeep
Category : Educational Loans
posted Date :
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Student Loans

Indian Bank

For Studies in India - Scheme Highlights

Purpose :

To meet the cost of education covering tuition fees, Exam fees, Development fees, Hostel fees, books, instruments etc.

Approved courses:

Computer Courses: Part-time/Full-time in Institutes approved by Government of India (Department of Electronics)
Duration of the course: Minimum - 12 months Maximum - 48 months

Amount of loan :

  • For Computer Courses: Maximum: Rs.1.00 lac
  • For other professional courses: Maximum: Rs.3.50 lacs

Margin :

Upto Rs.2.00 lacs : 10%Upto Rs.3.50 lacs : 15%

Rate of Interest: Upto Rs.2.00 lacs: 12%Above Rs.2.00 lacs upto Rs.3.50 lacs : PLR +1% (i.e. 13.5%)

Period of loan :

Initial holiday period of 6 months after the completion of the course or immediately on getting a job whichever is earlier
For limits upto Rs.1.00 lac : 42 monthsFor limits upto Rs.3.40 lacs : 60 months

For Studies Abroad - Scheme Highlights

Course of Study :

Any Graduate/Post-graduate courses with good employment prospects. The period of study should not exceed 5 years

Amount of loan :

Maximum - Rs.10.00 lacs.

Margin :

Upto Rs.5.00 lacs : 15%Above Rs.5.00 lacs : 25%

Rate of Interest:

PLR + 1.5% (i.e. 14%)

Period of loans :

Interest to be serviced every quarter. Repayment of principal to commence 6 months after the completion of the course or immediately on getting a job whichever is earlier. For limits upto Rs.10.00 lacs - Maximum 96 monthss




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