Indian Bank Education Loan

1. There is no security or margin required for loans up to Rs.4 lakhs. 

1. Parental co-obligation is mandatory for loans up to Rs.4 lakhs. 

1. Repayment tenure of a maximum of 15 years. 

1. The moratorium period includes the entire course period and one additional year. 

1. Provides complete Interest subsidy for students from weaker sections of society. 

Expenses Covered Under Indian Bank Education Loan

1. Tuition Fees 

1. Living and travel expenses 

1. Hostel and boarding charges 

1. All deposits and funds required by the institution. 

1. All purchases related to the course including books, gadgets, and uniform. 

Indian Bank Education Loan Schemes 

Indian Bank offers a variety of education loans. Listed below are the types of education loans provided by the Indian Bank and their features: 

Indian Bank Skill-Based Education Loan (IB Skill Loan)

The IB Skill Loan provided by the Indian Bank is an education loan that supports students opting for vocational training and skill development courses. This scheme offers loan amounts ranging from a minimum of Rs.5000 to a maximum of Rs.750000 with a repayment tenure of 3 to 7 years. The interest rate for the IB Skill Loan is 10.20% p.a.

Eligibility Criteria for IB Skill Loan 

1. Indian nationals with admission to recoganised institutions like ITIs and Polytechnics. 

1. Institutes offering NSQF aligned (National Skill Qualification Framework) and non-NSQF aligned courses. 

1. No age restrictions 

1. No collateral needed 

Indian Bank Education Loan-Subsidy Scheme 

This education loan is provided for students enrolled in professional and technical courses in India. It is linked to the IBA education loan scheme and offers an interest subsidy to the students. 

Eligibility Criteria for Indian Bank Education Loan Subsidy Scheme

1. Indian nationals who have secured admission in recognised universities in India. 

1. Family income not more than Rs.4.50 lakh. 

1. Admissions for courses obtained under the management quota are not eligible for this scheme. 

1. This scheme is not applicable for studies abroad. 

Documents Required for Indian Bank Education Loan Subsidy Scheme

1. Identity proof 

1. Parents’ income proof 

Apply Online for Indian Bank Education Loan via PM Vidya Lakshmi Scheme

The Indian Bank offers the PM-Vidyalaxmi education loan to individuals for higher education. Graduation, post-graduation, and diploma courses are eligible for loans under this scheme. The interest rate for this loan scheme is 7.80% p.a. to 9.20% p.a. There is no maximum limit set for the loan amount, and it has a repayment tenure of up to 15 years.

Eligibility Criteria for PM Vidya Lakshmi Scheme (Indian Bank Education Loan)

1. Must be an Indian national who secures admission to recoganised universities through entrance exams. 

1. Students who get admission to the QHEIs (Quality Higher Educational Institutions) in India. 

1. No family income limit to apply. 

Indian Bank Education Loan (IBA Model)

The IB education loan by the Indian Bank is an education loan scheme to support students to access quality higher education. The interest rate for IB Education loan ranges from 7.80% p.a. to 10.90% p.a. The loan can be availed for studies abroad and in India, if the applicant meets the eligibility criteria set by the Indian Bank.

Eligibility Criteria for IB Education Loan (IBA) 

The Indian bank provides education loans with certain rules and regulations. They are as follows: 

1. The applicant can be an Indian citizen, NRI, Overseas Citizen of India (OCI), Person of Indian Origin (PIO), or a student born abroad. 

1. Must secure admission to recognised educational institutions in India or abroad. 

1. No age restrictions 

Eligible Courses for IB Education Loan (IBA) 

Students can take education loans for a wide range of courses from the Indian Bank. Down below is the list of courses that students can take out a loan for: 

1. Full-time graduate and postgraduate degree courses. 

1. ICWA, CFA, and CA courses. 

1. PG Diploma courses except diploma in Teacher Training. 

1. Degree/ diploma courses in shipping, pilot training, aeronautics, etc. 

1. Courses offered by institutions such as IIT, NIFT, IIMs, NIDs, etc. 

1. Courses offered by reputed foreign universities in India. 

Documents Required for IB Education Loan (IBA) 

1. Admission details 

1. Family Income proof 

1. Residence proof 

1. Fee details 

1. Passport and Visa (for education abroad) 

1. Collateral requirement 

1. Guarantee details 

Benefits of Indian Bank Education Loan 

The education loans provided by the Indian Bank can be termed as one of the best education loans available in India. It helps students to pursue the dream of higher education from prestigious universities across the globe. With 100% coverage of educational expenses and an extended repayment tenure, the Indian Bank education loans offer many benefits to their clients. 

How to Apply for an Indian Bank Education Loan

Applying for Indian Bank education Loan is an easy process. Here are the steps to follow to apply: 

Step 1: Visit the nearest Indian bank Branch and fill out the application form. 

Step 2: Submit the required documents. 

Step 3: Once reviewed, the loan will be sanctioned. 

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