Indian Bank Loan

Indian Bank Education Loan

Since the rules, regulations, eligibility conditions, repayments and interests rates etc are revised by the banks from time to time. students and parents are advised to check thoroughly the terms and conditions of educational loan scheme of respective bank on offer at the time of application.

Indian Bank

For Studies in India - Scheme Highlights

Purpose :

Indian Bank Education Loan

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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