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Indian Bank Educational Loan

Eligibility

The applicant should be an Indian National.
He / She should have secured admission to professional / technical courses in India or abroad through Entrance Test / Merit based selection process.
Age of the Student - 15 to 30 Years (For Studies in India)
Age of the Student - 18 to 35 Years (For Studies in Abroad)

Purpose

· To meet the cost of education covering fee payable to college / school / hostel, exam fees, purchase of books / equipment’s, travel expenses / passage money for studies abroad, purchase of computers essential for completion of the course etc. Caution Deposit, Building fund/ refundable deposit supported by institution bills/receipts, subject to a maximum of 10% of total tuition fees for the entire course.

· Insurance premium for student borrower.

Course of Study

Studies in India

Diploma/Graduation/Post-graduation courses in various disciplines.
Computer certificate courses of reputed institutes accredited to The Department of Electronics.

Studies Abroad

Job-oriented professional/technical courses offered by reputed universities.
MCA, MBA, MS etc.
Courses conducted by CIMA – London, CPA in USA etc

Maximum Permissible Amount of Loan

For Studies in India - Rs.10.00* lakhs
For Studies Abroad - Rs.20.00* lakhs

* Higher quantum of loan also can be considered in deserving and meritorious cases.

Place of availment
The loan can be availed from the branch nearest to the place of domicile

Margin

Upto Rs.4.00 lakhs - NIL
Above Rs.4.00 lakhs
For Studies in India - 5%
For Studies Abroad - 15%

Rate of Interest

Upto Rs.4.00 lakhs -12.50 % p.a. at present
Above Rs.4.00 lakhs -13.00 % p.a. at present
Floating Rate linked with Benchmark Prime Lending Rate (BPLR) of the Bank and liable to undergo changes whenever there is a change in BPLR.

Holiday Period & Repayment
The course period PLUS 1 year or 6 months after getting a job, whichever is earlier. Repayable in 5– 7 years.

Insurance
Life Insurance cover available to the student borrowers under 'IB Jeevan Vidya' Insurance Scheme

Security *
Documents should be executed both by the student and parent / guardian as joint borrower.
1. Upto Rs. 4 lacs - No security
2. Above Rs. 4 lacs & Upto Rs.7.50 lacs - Collateral in the form of satisfactory third party guarantee
3. Above Rs.7.50 lacs - Co-obligation of parents / guardians together with tangible collateral security of suitable value along with assignment of future income of the student for payment of installments.
* In case of receipt of application for more than one loan from students from a family, the 'family' as a unit will be taken into account for considering the loan and security will be taken in realtion to the total quantum of finance disbursed, subject to margin and repaying capacity of the parent/student.

Particulars/Documents to be submitted

Sl. No.	Particulars	For studies in India	For studies Abroad
1	2	3	4
1.	Proof of residence	Xerox copies of Ration Card or Voters Identity Card or Passport or Electricity or Telephone bill or any such document acceptable to the bank	Same as in Col.3
2.	Academic record	Copy of the Xth std/XIIth std mark list, for under graduates. Degree mark list/provisional certificate for post graduates	Same as in Col.3
3.	a. Date of birth/age b. Community (for statistical purpose only)	SSLC/TC/Mark list Community Certificate	Same as in Col.3 besides Passport
4.	Family Income	Salary certificate/Pension certificate/Auditor's certificate in case of business category/IT return filed/any other proof for the income stated	Same as in Col.3
5.	Admission	Admission letter/Bonafide student certificate from the College/University	Certificate/I 20 from the College/University
6.	Fee structure	Letter/Certificate from the College/University	Certificate/I 20 from the College/University
7.	Passport/VISA	Not applicable	Copies to be enclosed
8.	Guarantee/Co-obligation	Parent's/Guardian's Co-obligation to be furnished	Same as in Col.3
9.	Collateral, wherever required	LIC policy (surrender value of which should be not less than the loan amount at the time of availing the loan) /Share certificates/Units of UTI etc. Valuation certificate from Bank's approved panel valuer and legal opinion from Bank's panel advocate in case of land/buildings.	Same as in Col.3
10.	Margin (Above Rs.4.00 lakhs) For studies in India: 5% For studies abroad: 15%	Details regarding source of funds for meeting the margin furnished alongwith documentary evidence	Same as in Col.3
11.	Declaration/affidavit stating that no Educational Loan is availed from any other bank by the applicant and his parent	To be submitted	To be submitted
12.	Documents to be enclosed	A & L of the student/parent/guardian/guarantor Details of securities in Col.9	Same as in Col.3