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Get the details of the Indian Bank education loan for studies in India & abroad. Know the interest rate, eligibility criteria, margin money, repayment tenure, and more.
Did you know that in the last 10 years, the number of students taking abroad education loans from public sector banks has increased three times and similarly the loan amount being sanctioned has also increased six times. One of the major players in this overall increase is the Indian Bank and its abroad education loan offering. For the FY 2021-22, the Indian Bank disbursed around 284 Cr to students who wanted to study abroad. The average lending amount comes to 11 Lakh per student. In order to provide you with more clarity on Indian Bank’s abroad education loan process and its offering, we have compiled all the information and integrated it into this blog.
Founded in 1907, Indian Bank has established a robust network of branches spanning across the entire nation. However, a pivotal development took place in 2020 when Indian Bank merged with Allahabad Bank. This merger had the consequential effect of transferring all customers of Allahabad Bank to Indian Bank, effectively bringing an end to the independent operations of Allahabad Bank. Indian Bank provides education loans to study both in India and abroad as well.
Following are the eligibility criteria that you need to fulfill in order to get an abroad education loan from Indian Bank. There can be more specific criteria, which banks can put in front of you while applying. The general criteria are -
Check Your Education Loan Eligibility
The different expenses that will be covered when you take an abroad education loan through Indian Bank will be -
This bank just like other public sector banks is preferred when an individual needs to take a secured education loan that is a loan with collateral. The main reason for this preference is that when you decide to take a secured education loan then the loan amount that can be approved is more, the interest rate is low, and more such benefits. The details of Indian Bank’s abroad education loan are given below -
Feature | Detail |
---|---|
Loan Amount |
7.5 Lakh to 100% of collateral value |
Minimum age of the applicant |
18 years |
Interest rate type |
Floating |
9.20% - 11.40%* |
|
Interest rate incentive |
0.50% for female applicants |
Loan Tenure |
15 years |
Course + 12 months |
|
Payment during the moratorium period |
May require SI only |
Processing time |
10 - 12 days |
Yes |
|
Prepayment penalty |
No |
15% |
*Interest Rate as of August 2023
The different documents that will be required in order to apply for an abroad education loan via Indian Bank are -
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The application process for the Indian Bank abroad education loan is simple. You can apply for the loan by visiting the branch directly, or you can also apply via an online application form and then move forward as required by the bank officials. The steps for the same are -
Choosing the perfect lender requires careful consideration of various factors to meet your specific requirements. Public sector banks are a reliable option for education loans with collateral, but alternatives like SBI and UBI offer competitive rates. Therefore, it's essential to evaluate factors such as interest rates, loan amounts, eligibility criteria, margin money, processing fees, and more before finalizing a lender. We understand that assessing all these factors can be challenging, which is why GyanDhan is here to assist you in finding the best lender tailored to your needs. All you need to do is check your eligibility, and you can secure your abroad education loan with ease.
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Yes, the Indian Bank can give you an education loan with and without collateral. You can get up to 7.5 Lakh without collateral whereas with collateral you can get up to 100% of your collateral value.
The interest rate for the Indian Bank can range between 9.20% - 11.40%. The interest rate that you can get depends on the application profile, targeted university/college, country, and more.
You can get your loan approved via Indian Bank in about 15-20 working days once all the documents have been submitted to the bank officials.
Female applicants are eligible for an interest rate concession of 0.50% on the applicable interest rate.
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