- What are the loan eligibility criteria for the IDBI Bank Education loan?
- Which courses and universities are eligible for the IDBI Bank abroad Education Loan?
- What are the expenses covered in the IDBI Bank overseas Education Loan?
- How much loan amount is possible from the IDBI Bank education loan for abroad studies?
- What is the IDBI Bank Education loan interest rate?
- What are the documents required for IDBI Bank Student Loan for Study Abroad?
- What is the margin money in the IDBI Bank education loan?
- What collateral is accepted by the IDBI Bank for abroad education loans?
- What is the maximum possible repayment tenure of IDBI Bank education loans?
- What is the prepayment penalty on IDBI Bank education loans?
- Which subsidiary schemes are applicable on IDBi Bank education loans?
- The applicant must be an Indian citizen.
- The applicant must be above the age of 17 but below the age of 35.
- The applicant must have secured admission to a recognized overseas university/college/school.
- The applicant must have a valid admission confirmation letter from the concerned university.
- The applicant must have a valid passport and visa.
- Tuition fees
- Examination fees
- Study tours, project work
- Cost of books, stationery
- Equipment essential for the course
- Caution Deposits/ Building Funds/ Refundable Deposits supported by institution bills/receipts.
- The cost of Hostel fees, air passage, and maintenance of health insurance are also included.
- Completed application form
- A declaration/ affidavit from the borrower confirming that no educational loans have been availed from other banks.
- Collateral documents
- 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
- Age proof
- ID proof
- Signature proof
- Address Proof
- Employment or Business or Income Proof
- last 3 month salary slip
- Salary Account statement for last 3 months with salary credits.
- Self attested valid passport;
- self attested I-20 form (wherever applicable)
- Immovable property - house, flat, apartment, or a plot with boundary.
- Liquid assets - LIC Policy, Fixed Deposit, government bonds, etc.
- Central Interest Subsidy Scheme on Education Loan
- Padho Pardesh Scheme on Education loan
- Dr. Ambedkar Central Sector Scheme of Interest Subsidy
Updated on: 16 Jan 2023
Table of Content Looking for an abroad education loan? We know that getting an education loan sanctioned is not a walk in the park. Especially when you are unaware of the options available. Education loans can help you seize your education dreams. Studying abroad is, no doubt, expensive, but has equally great returns on investment. There are many banks in India that can help you get funds for your foreign studies. One such public-sector bank is IDBI Bank. In this blog, we have listed down the features, details, and eligibility criteria for IDBI Bank education loans. The IDBI Bank Education loan eligibility criteria are as follows - IDBI Bank offers education loans for all the recognized courses from the recognized universities abroad. However, before approval, the expected future earning is kept under consideration by the bank. The expenses covered by an education loan from IDBI Bank are - The maximum amount that you can borrow for studies overseas is INR 20 lakhs. The student will have to pledge collateral to support the loan amount. The bank offers the loans only on the basis of collateral security. For studies in India, the maximum amount that can be borrowed from IDBI Bank is INR 10 Lakhs. The interest rate offered by the IDBI Bank depends on the loan amount. If the quantum of finances is up to INR 7.5 lakhs, the interest rate is 8.65%. If the quantum of finance is above INR 7.5 lakhs, the interest rate is 9.15%. IDBI Bank Education Details Maximum Loan Amount INR 20 lakhs Eligibility Must be an Indian citizen Interest Rate For loan amount up to INR 7.5 lakhs - 8.65% Margin Money For loan amount up to INR 4 lakhs - NIL Repayment Period Up to INR 7.5 Lakhs: 10 Years Moratorium Period Course period + 6 months 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 Documents required from applicant: Documents required from co-applicant: Co-applicant’s income proof requirements 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. Others – In case of education loan for studies in abroad, following documents are mandatory – Fill the form and get free expert help 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 - 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. There is no prepayment penalty on the loans taken through IDBI Bank. Following 3 subsidiary schemes of the Indian government are applicable on IDBI Bank study loans: Read Also:
What are the loan eligibility criteria for the IDBI Bank Education loan?
Which courses and universities are eligible for the IDBI Bank abroad Education Loan?
What are the expenses covered in the IDBI Bank overseas Education Loan?
How much loan amount is possible from the IDBI Bank education loan for abroad studies?
What is the IDBI Bank Education loan interest rate?
Should have secured admission to a recognized and a reputed institute.
Must have a valid passport and visa.
Student’s age should not be below 17 years and not be above 35 years.
For loan amount above INR 7.5 lakhs - 9.15
For loan amount above INR 4 lakhs - 15%
More than INR 7.5 Lakhs: 15 Years
What are the documents required for IDBI Bank Student Loan for Study Abroad?
Salaried (Any one of below)
SEP and SENP – Audited/ CA Certified P & L and BS for last 2 years.
Income Certificate by Competent Authority (Tahasildar and above, BPL Card issuing authority, etc.)
Looking for an abroad education loan?
What is the margin money in the IDBI Bank education loan?
What collateral is accepted by the IDBI Bank for abroad education loans?
What is the maximum possible repayment tenure of IDBI Bank education loans?
What is the prepayment penalty on IDBI Bank education loans?
Which subsidiary schemes are applicable on IDBi Bank education loans?
Get in touch with GyanDhan and get overseas education loans from top government banks- SBI & BOB, private-sector banks- Axis Bank & ICICI Bank, and NBFCs- HDFC Credila. Our study loan assistance service is totally free of cost. We have partnerships with popular financial lenders in India to provide the best deals on overseas education loans. For both with and without collateral abroad education loans, you can check your loan eligibility and get a callback from us.
First published date: 25 May 2021
