Categories: Education Loan

Indian Bank -Education Loan

Salient Features To meet the cost of education covering fee payable to college/school/hostel, exam fees, purchase of books/equipments, travel expenses/passage money for studies abroad, purchase of computers essential for completion of the course etc.
Eligibility The applicant should be an Indian National. He/She should have secured admission to professional/technical courses in India/Abroad through Entrance Test/Merit based selection process.
Quantum of Loan For Studies in India: Rs.10.00lakhs and for Studies Abroad: Rs.20.00 lakhs. Higher Quantum of loan subject to a maximum of Rs.15 lakhs for studies in India and RS.25 lakhs for studies abroad also can be considered in deserving and meritorious cases
Margin Upto Rs.4.00 lakhs – Nil. Above Rs.4.00 lakhs:For Studies in India – 5%. For Studies Abroad – 15%.
Interest Rates PLR + 1.5% (i.e. 14%)
Repayment Period Maximum period The loan is to be repaid in 5-7 years after commencement of repayment.
Security Upto Rs.4.00 lakhs – Coobligation of parents. No Security. Above Rs.4.00 lakhs and upto Rs.7.50 lakhs – Coobligation of parents together with collateral in the form of a satisfactory third party guaran. Above Rs.7.50 lakhs – Coobligation of parents together with tangible collateral security of suitable value along with the assignment of future income of the student for payment of instalments.
Other Requirements/Details * Holiday Period : The course period PLUS 1-year or 6 months after getting a job, whichever is earlier.
* Family Income : There is no restriction. The main emphasis is that no deserving student is denied an opportunity to pursue higher education for want for financial support.
* Place of availment : The loan is to be availed from the branch nearest to the place of domicile of the student.
* Course of study in India : Diploma/Graduation/Post graduation courses in various disciplinesComputer Certificate courses in reputed institutes accredited to the Department of Electronics.
* Course of study abroad : Job-oriented professional/technical courses offered by reputed universities, MCA,MBA, MS etc.Courses conducted by CIMA – London, CPA in USA etc.
* BPLR = 12.00 %

http://www.indian-bank.com/loans.php?by=12&ty=1

Apply Online

Sorapedia

Career, Jobs & Trending News

Share
Published by
Sorapedia

Recent Posts

Supreme Court Admit Writ Petition of B.Ed. Candidates in Bihar Teacher Recruitment

Supreme Court Admit Writ Petition of B.Ed. Candidates in Bihar Teacher Recruitment case - The…

2 years ago

Bihar BPSC Teacher Exam Answer Key, Cutoff & Details

BPSC has conducted the teacher vacancy recruitment exam on 24th & 25th of Aug 2023.…

2 years ago

Discussion – KVS Librarian Cut Off Marks For 2023

Discussion on KVS Librarian Cut Off Marks recruitment exams. The answer key and response sheet…

2 years ago

Google layoffs 453 Indian Employees

Google layoffs 453 Indian Employees from various departments in India. Google CEO Sundar Pichai had sent…

2 years ago

Disney to Lay off 3.6% of Workforce

Disney to Lay off 7,000 Employees to restructure their business and an effort to save…

2 years ago

Dell to Lay off 6,650 Employees

Dell to Lay off 6,650 Employees form it's PC division - Computer manufacturer Dell has…

2 years ago