Indian Bank Abroad Education Loan

Indian Bank is a state-owned financial institution in India. It was established in 1907 and is headquartered in Chennai, Tamil Nadu. The bank has a network of over 6,000 branches and 8,000 ATMs across India, making it one of the largest banks in the country. The process of Indian Bank Abroad education loan offers a wide range of bank services to its customers, including personal banking, corporate banking, and international banking. Its banking services include savings accounts, current accounts, fixed deposits, loans, and credit cards. The bank also offers various online banking services such as Internet banking, mobile banking, and SMS banking.

Bank Name India Bank 
Eligible Course UG and PG
AgeNo Specific Restritriction 
MarginLoan Upto 4Lakh-0%Loan Above 4Lakh- 7.50Lakh- 15%5Loan Above 7.50Lakh- 20%
Repayment Period5 to 15 Years depending upon the amount 

About Indian Bank Education Loan

Indian Bank’s education loan scheme offers competitive interest rates, which are generally lower than those of other private lenders. Indian Bank offers education loans to students who wish to pursue higher studies in India and abroad. The loan is available for undergraduate, postgraduate, and doctoral courses in various fields such as engineering, medicine, management, law, etc. The loan amount can range from Rs. 50,000 to Rs. 80 lakhs, depending on the course and the country of study.

Benefits of Indian Bank Education Loan

There are several benefits of availing an education loan from the Indian Bank for higher studies in India or abroad:

  • Indian Bank offers education loans at competitive interest rates, which are generally lower than those of other private lenders. This makes it an affordable option for students who need financial assistance for their higher studies.
  • Indian Bank offers education loans ranging from Rs. 50,000 to Rs. 80 lakhs, depending on the course and the country of study. This makes it possible for students to cover all the expenses related to their education.
  • Indian Bank offers flexible repayment options for its education loans. The repayment period can range from 5 to 15 years, depending on the loan amount and the repayment terms. This makes it easier for students to repay the loan without any financial burden.
  • Indian Bank has a simple and hassle-free application process for its education loans, and the loan disbursement is usually done in a timely manner. This ensures that students have access to the funds when they need it.

Also, Read- The Best Education Loan in India for Study Abroad Purposes

Indian Bank Abroad Education Loan Loan Amount 

Indian Bank abroad education loans offers ranging from Rs. 20 lakhs to Rs. 1.5 crores, depending on the course and the country of study. 

  • The loan amount is decided based on the student’s academic record, the course and college selected, and the co-applicant’s financial status.
  • Indian Bank also offers a margin for abroad education loans, which means that the student needs to pay a percentage of the total expenses from their own pocket, and the bank covers the remaining amount through the loan. The margin amount varies from 5% to 15% depending on the loan amount.
  • It is important to note that the loan amount is subject to the bank’s discretion and may vary from one case to another. It is advisable to check the bank’s website or visit the nearest branch to get accurate information on the loan amount and other details.

Expense Covered 

The loan amount covers various expenses related to the course, such as tuition fees, travel expenses, accommodation expenses, exam fees, and other related expenses. The loan amount can also cover other expenses such as books, equipment, and other study-related costs. Extra expenses may include:

  • Tuition Fee 
  • Hostel Fee 
  • Travel expenses, passage money, living expenses
  • Insurance premium
  • Caution Deposit/ refundable deposit/ building Fund
  • Purchase book/Uniforms/Instruments 

List of Eligible Courses and Not Eligible Courses

Here is the list of Eligible courses and not eligible courses 

Eligible Not Eligible 
UG and PG courses in 
Engineering 
Medical/ Para Medical 
Agriculture 
Law
Dental
Management 
PG Diploma courses approved by AICET/UGC
Courses Pursued without completing 12th class
Music Diploma courses
Teacher Traning Courses
Vocational Courses 
Skill development Courses 

Indian Bank Abroad Education Loan Eligibility

To be eligible for an Indian Bank abroad education loan from Indian Bank, the applicant must fulfill the following criteria:

  • The applicant must be an Indian citizen.
  • The applicant must be between 18 and 35 years of age.
  • The applicant must have secured admission to a recognized university or college in a foreign country for a course approved by Indian Bank.
  • The course selected by the applicant must be job-oriented and lead to a degree or diploma.
  • Indian Bank requires a co-applicant to support the loan application. The co-applicant can be a parent, spouse, or any other close relative who has a regular source of income and can repay the loan in case the applicant is unable to do so.
  • The applicant and the co-applicant must meet the bank’s financial eligibility criteria based on their income, assets, and liabilities.
  • The applicant and the co-applicant must have a good credit history and credit score.

Also, Read- Education Loan in USA for International Students 

Application Process

If you want to apply for an Indian Bank Abroad education loan you first have to submit the loan request with KYC documents and Financial proof,  You have to submit proof of admission for the loan process including academic details such as Admission proof, Fee structure, Passport, address proof, etc. here are the simple steps how to apply in Indian bank for abroad education loan 

  • Go to the official page of the Indian Bank education loan
  • Check the eligibility and list of required documents for an education loan 
  • Fill in all the required details in the application form
  • Once you are done with the application, you will get a call from the Indian Bank for further processing.

Documents Required

The documents required for an Indian Bank Abroad Education Loan include

  • Admission letter from a foreign university, 
  • proof of academic record, 
  • KYC documents, 
  • income proof of the co-applicant, 
  • collateral documents (if required), 
  • Admission Details 
  • Fee Details 
  • Passport /VISA
  • Guarantee Details 

Co-applicant Documents 

  • 2 Passport size photographs
  • If the loan is taken out before 1 Year bank statement

Indian Bank Education Scheme and Interest Rate

This is the table of Indian  Bank Education Loan interest rate 

SchemeLoan Amount Interest Rate 
Indian Bank Student Loan Rs. 20 Lakhs 10.05%
Indian Bank Scholar Loan Rs. 40 Lakhs 8.95%-9.25%
Indian Bank Skill Loan Rs. 1.5 Lakhs 9.55%
Indian Bank Take over Education Loan Rs. 1.5 Crore10.05%

Indian Bank Abroad Education Loan Processing fee 

Indian Bank charges a processing fee for its abroad education loans. The processing fee is a one-time charge that is levied on the loan amount and is non-refundable. The processing fee varies based on the loan amount and is subject to change from time to time.

  • As of March 2023, Indian Bank charges a processing fee of 1% of the loan amount, subject to a minimum of Rs. 5,000 and a maximum of Rs. 20,000 for abroad education loans. 
  • This means that if a student avails a loan of Rs. 20 lakhs, the processing fee would be Rs. 20,000 (1% of the loan amount). If the loan amount is higher, the processing fee would be calculated accordingly.
  • It is important to note that the processing fee is in addition to any other charges that may be applicable, such as documentation charges, stamp duty, and other statutory charges
  • The bank may also charge a penal interest if the borrower defaults on the repayment of the loan. It is advisable to check the bank’s website or visit the nearest branch to get accurate information on the processing fee and other charges.

Also, Read-  Kotak Mahindra Bank Education Loan

FAQs

Q1. What is the repayment period for Indian Bank Abroad Education Loans?

Ans. The repayment period for Indian Bank Abroad Education Loans can range from 5 to 15 years, depending on the loan amount and the repayment terms.

Q2. Is collateral required for Indian Bank Abroad Education Loans?

Ans. Indian Bank Abroad Education Loans above Rs. 7.5 lakhs require collateral security, which can be in the form of property or any other asset. Loans up to Rs. 7.5 lakhs may or may not require collateral, depending on the bank’s discretion.

Q3. What is the margin requirement for Indian Bank Abroad Education Loans?

Ans. Indian Bank requires a margin for Abroad Education Loans, which means that the student needs to pay a percentage of the total expenses from their own pocket, and the bank covers the remaining amount through the loan. The margin amount varies from 5% to 15% depending on the loan amount.

This was all about Indian Bank Abroad Education Loans if you are also looking for abroad education, contact Leverage Edu, our study abroad experts will guide and help you with a smooth process 

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