Indian Bank Education loan

Educational Loan

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.
Amount 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	Please see the Interest Rate link on home page
Repayment	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.
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.
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.