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Indian Bank provides convenient educational loans for meritorious/deserving students to acquire knowledge and skill in the field of their interest. By playing beacon, new-generation's quest for success is ably supported, paving way for Generation Banking.

CLICK HERE to apply for educational loan online through Vidyalakshmi Portal

Revised IBA Model Educational Loan Scheme (2015)

For studies in India and Abroad:

Eligibility > The applicant should be an Indian National.
> Should have secured admission to a higher education course in recognized institutions in India or Abroad through Entrance Test/ Merit Based Selection process after completion of HSC (10 plus 2 or equivalent).
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 Up to 15 years
Security a. For the loans (limit upto Rs.7.50 lakh) covered Credit Guarantee Fund Scheme for Educational Loans (CGFSEL) – No third party guarantee / collateral to be obtained. Only the parents/guardian/spouse to be the joint/ co-borrowers.

b. For loans NOT covered under Credit Guarantee Scheme:
> Upto Rs.4.00 lakhs – Co-obligation of parents.
> Above Rs.4.00 lakhs and upto Rs.7.50 lakhs – Co-obligation of parents together with collateral in the form of a satisfactory third party guarantee.
> Above Rs.7.50 lakhs – Co-obligation of parents together with tangible collateral security of suitable value along with the assignment of future income of the student for payment of installments.
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 > Application has to be applied online at www.vidyalakshmi.co.in mandatorily.
> Holiday Period : Course period plus 1 year
> Course of study in India: Diploma/Graduation/Post graduation courses in various disciplines 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.
> Click here for the checklist of documents required.
> Interest Subsidy is available, subject to scheme guidelines.

IB Educational Loan Prime

Eligibility > The applicant should be an Indian National.
> Students joining any full time course in one of the premier institutions as listed in LIST A and LIST B
Amount of Loan Need based loan limit up to Rs.30.00 lakh
Category of Educational Institution Collateral free loan amount upto
List A Rs. 30.00 lakh
(Rs.35.00 lakh for ISB only)
List B Rs.7.50 lakh
Margin NIL
Interest Rates
Category of Educational Institution Collateral free loan amount upto
List A MCLR 1 year
Presently 8.50%
List B MCLR 1 year + 0.60%
Presently 8.50%+0.60% = 9.10%
Repayment Up to 15 years
Security Nil (Father’s/ Guardian’s/ Spouse’s co-obligation is sufficient)
Category of Educational Institution No tangible collateral required. Parents/ spouse/ guardian will be co-obligant, for limit upto With tangible collateral with market value equal to the loan limit, above
List A Rs. 30.00 lakh
(Rs.35.00 lakh for ISB only)
Rs. 30.00 lakh
(Rs.35.00 lakh for ISB only)
List B Rs.7.50 lakh Rs.7.50 lakh
Processing charges Nil
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. Interest Subsidy is available, subject to scheme guidelines.
Documents requirement > Application has to be applied online at www.vidyalakshmi.co.in mandatorily.
> Admission offer letter from the institution and Programme Fees details.
> Scholarship details, if any.
> Copy of marks sheet and pass certificate from class 10th onwards.
> PAN Card (for student and co-applicant both)
> Address proof (for student and co-applicant both)
> Photographs: 4 (for student and co-applicant both)
> Details of all existing Loans (for student and co-applicant both)
> ITR/Form-16/ Salary Slips, if available (for co-applicant)
> 6 Months' Bank Statement (for co-applicant)

IB Educational Loan Prime – NIT

Eligibility > The applicant should be an Indian National.
> Students joining any full time course in one of the prime institutions. Click for the list.
Amount of Loan Need based loan limit up to Rs.30.00 lakh
Margin NIL
Interest Rates Click for the details
Repayment Up to 15 years
Security Nil (Father’s/ Guardian’s/ Spouse’s co-obligation is sufficient)
Processing charges Nil
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. Interest Subsidy is available, subject to scheme guidelines.
Documents requirement > Application has to be applied online at www.vidyalakshmi.co.in mandatorily.
> Admission offer letter from the institution and Programme Fees details.
> Scholarship details, if any.
> Copy of marks sheet and pass certificate from class 10th onwards.
> PAN Card (for student and co-applicant both)
> Address proof (for student and co-applicant both)
> Photographs: 4 (for student and co-applicant both)
> Details of all existing Loans (for student and co-applicant both)
> ITR/Form-16/ Salary Slips, if available (for co-applicant)
> 6 Months' Bank Statement (for co-applicant)

IB Skill Loan Scheme

Eligibility Any individual who has secured admission in a course run by Industrial Training Institutes (ITIs), Polytechnics or in a school recognized by central or State education Boards or in a college affiliated to recognized university, training partners affiliated to National Skill Development Corporation (NSDC)/ Sector Skill Councils, State Skill Mission, State Skill Corporation, preferably leading to a certificate / diploma / degree issued by such organization as per National Skill Qualification Framework (NSQF).
Amount of Loan Minimum- Rs.5000/-
Maximum- Rs.1.50 Lakh
Margin 10%
Interest Rates Click here for the details
Repayment Loans upto Rs.50,000         : Upto 3 years
Loans between Rs.50,000 to Rs.1 lakh    : Upto 5 years
Loans above Rs.1 lakh         : Upto 7 years
Security Nil
Credit Guarantee Fund Scheme for Skill Development (CGFSSD) is available.
Salient Features To meet the cost of education covering fee payable to Tuition / course fee, Any other reasonable expenditure found necessary for completion of the course including but not limited to assessment fee, Examination fee, Library charges, Laboratory fee, Caution deposit, Purchase etc.
Other Requirements/Details > Application has to be applied online at www.vidyalakshmi.co.in mandatorily.
> Click here for the checklist of documents required.
 
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