IDBI Bank Education Loan for Abroad Studies

The list of documents required for the IDBI Bank overseas education loan depends on a case-to-case basis. However, an indicative list of documents is as follows - 
 

General Documents

• Completed application form
• A declaration/ affidavit from the borrower confirming that no educational loans have been availed from other banks.
• Collateral documents

Documents required from applicant:

• Age Proof
• ID proof
• Address proof
• Mark sheets of last qualifying examination
• Proof of admission (before disbursement), scholarship, etc.
• Schedule of expenses for the specified course

Documents required from co-applicant:

• Age proof
• ID proof
• Signature proof
• Address Proof
• Employment or Business or Income Proof

Co-applicant’s income proof requirements
Salaried (Any one of below)

1. last 3 month salary slip
2. Salary Account statement for last 3 months with salary credits.

If income in addition to salary like pension, rent, etc. is considered - documentary evidence viz. ITR or bank account statement or rent agreement, etc. to be obtained.
SEP and SENP – Audited/ CA Certified P & L and BS for last 2 years. 

Others –
Income Certificate by Competent Authority (Tahasildar and above, BPL Card issuing authority, etc.)

In case of education loan for studies in abroad, following documents are mandatory –

1. Self attested valid passport;
2. self attested I-20 form (wherever applicable)

The margin money for loan amount up to INR 4 lakhs is NIL for IDBI Bank study loans, whereas for a loan amount above INR 4 lakhs is 15%. It means that the student’s contribution to the entire expenses incurred would be 15%. 

Types of collateral accepted by IDBI Bank are - 

• Immovable property - house, flat, apartment, or a plot with boundary.
• Liquid assets - LIC Policy, Fixed Deposit, government bonds, etc. 

For loan amount up to INR 10 Lakhs, the maximum possible repayment tenure is 10 years, whereas for amount more than that, the maximum possible loan tenure is 15 years.