Education Loan helps you to make your higher education more affordable especially if you want to study abroad in a foreign university. Sometimes, the students require a small amount of education loan but the scheme of the loan may not be suitable due to the minimum and maximum requirements criteria. In this case, you can take a personal loan for education.
IndusInd Bank is one of the leading banks in India that provides personal loans for education at affordable rates of interest. In this blog, we will discuss all the major features, eligibility, and interest rates of Indusind Personal Loan for education to study abroad.
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Looking for an education loan from Government Bank? Check this blog on YONO SBI Education Loan to Study Abroad
What is Indusind Bank Personal Loan for Education?
Indusind Bank Personal Loan for Education is provided by the Indusind Bank to the students who want to pursue higher education abroad or in India. The interest rate for this category of personal is usually less from the regular personal loan. Also, personal loan for educational purposes covers beyond the things that are usually covered under education loan.
- Indusind Personal Loan for education will also provide funds to consolidate any ongoing loan, credit card bill etc with any bank or financial institution.
- You can also ask for an emergency fund to cover medical expenses or any other unprecedented expense.
- The application process of the loan is completely online and the loan gets approved instantly.
- The bank offers a flexible repayment period of 12 to 72 months for the loan.
- You can apply for any amount between INR 30,000 to 5 lakhs
- You can get an interest rate as low as 10.5% p.a. for personal loan from Indusind Bank
Indusind Personal Loan for Education: Eligibility Criteria
As per the guidelines provided by the Reserve Bank of India, Indusind Bank has laid down some essential eligibility criteria in order to avail a personal loan for educational purposes. Before applying for the loan, check the eligibility and make sure that you are fulfilling all the eligibility criteria. Rejection of loan due to eligibility may negatively impact your credit history and credit score. Check major eligibility criteria below:
- You must have secured admission to a university abroad
- Minimum age of the applicant should be 21 years.
- The applicant must be earning not less than INR 25000 per month. Both salaried and self-employed applicant can apply for the loan
- The earning applicant must have completed minimum 2 years in the job and minimum 1 year in the current organisation
- The student should have completed at least 1 year at the current resident
Expenses Covered Under Indusind Bank Personal Loan for Education
The personal loan for education covers more categories as compared to a usual education loan. Check the list of expenses covered below:
|Cover for Living Expenses
|Cost of Textbooks and other Supplies
|Existing Debt Consolidation Cover
|Visa and Flight Expenses
|Emergency Funds based on requirement
Loan getting costlier due to high interest rate? Check this blog on How to Apply for Education Loan Refinance and get information on balance transfer
How to Apply for an Indusind Personal Loan?
You can apply online for an IndusInd Bank personal loan for educational purposes. You just need to visit the official website of the bank and fill out the online loan application form. On the home page, you can also calculate the EMI by entering the required amount and the repayment period. Check the steps involved in applying for Indusind Bank Personal Loan:
- Visit the official website of IndusInd Bank
- Go to the loans category and click on ‘personal loan’
- Select personal loan for debt consolidation and click on personal loan for education
- Check all the details on the loan mentioned on the page and click on Apply Now
- Enter details like name, contact number, email id, PAN etc
- Submit the form and upload all the documents
- Wait for loan approval
All the documents mentioned by the bank shall be submitted online. Make sure that the copy of the document that you are uploading is clearly visible and self-attested. Check the list of documents required for education loan below:
- Application form with passport-sized photograph
- Self-attested copies of Proof of Identity from any one of the following:
- Driving licence
- Voters ID
- Valid identity/Residence/Signature proof for KYC
- Form 16/ITR for last 3 years and Latest 3 months salary slip for income proof
- Last 3 months’ Bank Statement in which the salary is being credited.
It is very important to understand all the terms and conditions specified by the bank in the loan agreement. Never apply for a loan without understanding important information such as repayment period, EMI amount, additional charges and penalties etc. You can also compare a normal education loan to study abroad without parental income from a personal loan. Knowing about the procedures after taking the loan is very important. Check some of the important guidelines for Indusind Bank personal loan for educational purposes:
- Always compare the terms and conditions of a normal education loan and personal loan for educational purposes.
- Compare the interest rates between the two and try to negotiate the interest with the lender.
- Try to keep the repayment period shorter as it will help you in saving money which you have to pay as interest.
- If you are not doing any job, try to negotiate with the bank so that the loan can be sanctioned based on the income of the co-applicant/parent.
You can get a personal loan for education from Indusind Bank up to INR 5 lakhs. The minimum amount of the loan is INR 30 lakhs. If you require more, then look for a normal education loan scheme of Indusind Bank.
Indusind Bank provides loans at 10.5% interest rate p.a. The interest rates are subject to revision as per the directions and regulations of the Reserve Bank of India.
Under the personal loan for education, Indusind Bank also provides coverage for any existing debt including loans and credit card bills etc. However, you can also get a personal loan for debt consolidation separately from the bank.
The application process for Indusind Bank personal loan for education is completely online. You can simply visit the official website of the bank and apply for the loan.
Indusind Bank offers a flexible repayment period starting from 12 months to 72 months. You can choose the term as per your requirement.
Indusind Bank offers easy paperless personal loans for education up to INR 5 lakhs to working individuals. Always check the terms and conditions mentioned in the loan agreement and then apply for the loan.
To know more about the loan application process, the best bank accounts for students, forex and banking experience for global students or international money transfers, reach out to our experts at 1800572126 to help ease your study abroad experience.
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