IDBI Bank’s Financing for Higher Education 2023 –Hi Everyone! Hope you are all doing well. Welcome back to another blog. So, guys are you looking for an opportunity that shares your burdensome educational expenses? If yes, then you are at the right platform, read the whole blog carefully and get all the details related to the IDBI Bank which provides a lot of schemes or programs to facilitate students to share their educational expenses. They provide the least interest rates, simple processing, and easy repayment facilities to students after the completion of their degree, even after getting the job. They also provide opportunities to those students that are willing to study abroad, but due to high expenses, are not ready to come forward. So, take the education loan from IDBI Bank, make your future bright, and lead your career.
Details of IDBI Bank Education Loan
|Maximum Loan Limit||Rs. 20 lacs|
|Processing Fee||No Processing Fee|
|Loan repayment||15 years|
|Loan collateral||Up to Rs. 4 lacs no collateral
Rs. 4 Lacs to 7.5 Lacs – Third-party guarantee
Above Rs.7.5 Lacs – 100% loan amount tangible collateral
|Interest rate||9 – 12 %|
About IDBI Education Loan
IDBI Bank is a leading public sector bank in India that offers education loans to students who want to pursue higher education in India or abroad. IDBI education loans provide financial support to students who want to pursue undergraduate, postgraduate, professional, vocational, or other courses approved by UGC/AICTE/AIBMS/ICMR, etc. The loan covers expenses such as tuition fees, hostel fees, examination fees, and other related expenses required to complete the course. The loan amount can vary based on the course, institution, and the borrower’s creditworthiness. IDBI education loans offer flexible repayment options, including the moratorium period, which allows the borrower to start repaying the loan after they complete their course. The interest rates for IDBI education loans are competitive, and the bank also offers special schemes and discounts for female students and students from economically weaker sections.
IDBI Bank Education Loans
4 types of loan schemes are provided by the IDBI Bank, which are:
- Loans for vocational education/ courses
- Loan for non-vocational courses
- Education Loan under Financial Inclusion Program (FIP)
- Loan for other students who receive admission to their desired institute from the management quota.
IDBI Bank is a leading public sector bank in India that offers education loans to eligible students who want to pursue higher education in India or abroad. The IDBI education loan scheme aims to provide financial assistance to students who are unable to afford the high cost of education.
IDBI Education Loan for Study Abroad
IDBI Bank offers education loans to eligible students who want to pursue higher education abroad. The IDBI education loan for studying abroad provides financial assistance to students who are unable to afford the high cost of education and living expenses in a foreign country.
|Undergraduate Courses||Job-oriented professional/
technical courses from recognized institutions
|Postgraduate Courses||Courses accredited as Post Graduate
Diploma courses such as MCA, MBA, MS, etc.
|Courses in UK &
|Accredited by CIMA- London & CPA in the USA|
|Special Courses||Aeronautical, pilot training, shipping, etc.
from recognized institutions.
IDBI Education Loan Amount
IDBI Bank offers education loans to eligible students who want to pursue higher education in India or abroad. The loan amount that you can get from IDBI Bank for an education loan depends on various factors such as the course you are pursuing, the institution you are studying in, your academic record, and your financial standing. Here are some general guidelines about the IDBI education loan amount:
- For studies in India: IDBI Bank offers education loans up to Rs. 20 lakhs for studies in India.
- For studies abroad: IDBI Bank offers education loans up to Rs. 40 lakhs for studies abroad.
However, the loan amount can vary based on the course, institution, and the borrower’s creditworthiness. In some cases, IDBI Bank may also consider providing a higher loan amount based on the applicant’s financial standing and the collateral provided. It is advisable to check with IDBI Bank for the specific loan amount that you are eligible for based on your circumstances.
IDBI Education Loan Interest Rate
IDBI Bank offers education loans to eligible students who want to pursue higher education in India or abroad. The interest rates for IDBI education loans vary based on the loan amount, repayment tenure, and the borrower’s credit score. Here are some general guidelines about the IDBI education loan interest rates:
- For loans up to Rs. 7.5 lakhs: The interest rate for IDBI education loans is up to Rs. 7.5 lakhs is currently 7.45% per annum.
- For loans above Rs. 7.5 lakhs and up to Rs. 20 lakhs: The interest rate for IDBI education loans is above Rs. 7.5 lakhs and up to Rs. 20 lakhs is currently 7.95% per annum.
- For loans above Rs. 20 lakhs and up to Rs. 40 lakhs: The interest rate for IDBI education loans above Rs. 20 lakhs and up to Rs. 40 lakhs is currently 8.45% per annum.
|Non-Vocational Courses||8 – 9%|
|Vocational/ Skill Development Courses||9 – 10%|
|Premier Education Institutes courses||7 – 8%|
To apply for an IDBI education loan, you can follow these steps:
- Step 1: Visit the IDBI Bank website and navigate to the education loan section.
- Step 2: Read through the eligibility criteria and documents required to apply for the loan.
- Step 3: Download the application form for the education loan.
- Step 4: Fill in the application form with accurate and complete information.
- Step 5: Attach the necessary documents as mentioned in the application form, such as proof of identity, address, income, and education.
- Step 6: Submit the application form along with the supporting documents at your nearest IDBI Bank branch.
- Step 7: Once the application is submitted, IDBI Bank will review your application and the attached documents.
- Step 8: If your application is approved, IDBI Bank will disburse the loan amount directly to the educational institution or as per your request.
It is important to note that IDBI education loans require collateral security, which can be in the form of immovable property, fixed deposits, or any other acceptable asset. The loan repayment tenure can extend up to 15 years, depending on the loan amount and other factors. It is advisable to check with IDBI Bank for the specific loan terms and conditions that apply to your circumstances.
To apply for an IDBI education loan, you will need to submit the following documents along with your application:
- Address proof
- Identification card
- Application form
- Passport-size photographs
- Admission Letter
- Income proof of the guarantor
- Collateral Security documents
- GRE/IELTS/TOEFL/GMAT Score
- 10th and 12th exam mark sheets
EMI Payment Methods
Now I will tell you the methods that are offered by the IDBI Bank, to refund the loan amount;
- Standing Instruction (SI): If you have an account with IDBI Bank, Standing Instruction is the best method to refund your debt. At the end of every month, your EMI payment will be inevitably subtracted from your IDBI Bank account.
- Electronic Clearing Service (ECS): If you have a non-IDBI Bank account then your refund payment is directly subtracted from your account at the end of every month.
- Post-Dated Cheques (PDCs): Post-dated EMI checks from a non-IDBI Bank account can be delivered to your local IDBI Bank Loan Centre.
In case of any interrogation or uncertainties, you can contact IDBI bank by contacting them at their 24/7 Toll-Free number 1800-209-4324.
FOR MORE VISIT OUR OFFICIAL WEBSITE.