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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.
Eligibility
The applicant should be an Indian National.
He / She should have secured admission to professional / technical courses in India or abroad through Entrance Test / Merit based selection process.
Age of the Student - 15 to 30 Years (For Studies in India)
Age of the Student - 18 to 35 Years (For Studies in Abroad)
Maximum Permissible Amount of Loan Place of availment
For Studies in India - Rs.10.00* lakhs
For Studies Abroad - Rs.20.00* lakhs
* Higher quantum of loan also can be considered in deserving and meritorious cases.
Security *
Documents should be executed both by the student and parent / guardian as joint borrower.
1. Upto Rs. 4 lacs - No security
2. Above Rs. 4 lacs & Upto Rs.7.50 lacs - Collateral in the form of satisfactory third party guarantee
3. Above Rs.7.50 lacs - Co-obligation of parents / guardians together with tangible collateral security of suitable value along with assignment of future income of the student for payment of installments.
* In case of receipt of application for more than one loan from students from a family, the 'family' as a unit will be taken into account for considering the loan and security will be taken in realtion to the total quantum of finance disbursed, subject to margin and repaying capacity of the parent/student.
Holiday Period & Repayment Insurance
The course period PLUS 1 year or 6 months after getting a job, whichever is earlier.
Repayable in 5– 7 years.
For more details, visit http://www.indian-bank.com/educational_loan.htm
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