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Resources » Articles/Knowledge Sharing » Educational Loans »
IDBI Bank's Educational Loan's for Student's
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Purpose
IDBI offers a loan facility to deserving candidates for Professional / Management / Foreign University education.
Courses Approved
Indian Universities :
* Professional Courses i.e. BE, BTech, and MBBS
* Post Graduate Courses i.e. ME, MTech, MS, MD, MBA, and MCA recognised by AICTE
* Part time/on-line distance learning courses (subject to terms & conditions)
Foreign Universities :
For Graduate/Post Graduate/Research/Doctorate studies that insist on TOEFL, GRE, GMAT scores.
Eligibility
Indian Universities
* For Graduate courses: at least 75% in the +2 stage
* For Post Graduate Courses: first class graduates
Foreign Universities
* Proof of TOEFL, GMAT, GRE score card, and 1-20 admit card
* Age of the applicant should not be more than 30 years for Indian Universities and 35 for Foreign Universities
* Age of the parent/guarantors should be below 55 years. The annual income of the family should not be less than Rs.3 lakh
Amount of Loan
* For Indian Universities, actual tuition and other fees, but not exceeding Rs.5 lakh for the entire duration of the course
* For Foreign Universities, considering that in addition to fees, there are travel/preparatory expenses, the loan amount shall not exceed Rs.15 lakh, in all.
Interest rates
* Long term Prime Lending Rate + 1% pa + taxes
* Processing Fees : Rs.1000 at the time of application, and Rs.500 pa thereafter
* Cost of documentation/legal expenses at actual
Period of Loan
Graduate Studies : Maximum moratorium period of 5 years including the actual duration of the course. After which the loan should be repaid within the next 3 years.
Post Graduate Studies : Moratorium period of 2 years i.e. the course duration. Loan repayment within the next 3 years. No prepayment penalties levied
In fact, there are incentives for prompt repayment. Like refund of the entire processing fee, if not a single installment is missed/delayed
For updated information please visit IDBI Bank http://indiaeducation.net/rd.asp?url=http://www.idbi.com/
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