IDBI Bank Education Loan
Education loans from IDBI Bank aim at providing financial support to deserving / meritorious students for pursuing higher education in India and abroad. With an array of services to choose from and easy repayment options, IDBI Bank makes sure you get complete financial backing. However, the facility is also being offered to the meritorious students secured admission through Management Quota.

The Courses for which an Education Loan from IDBI Bank can be availed are:
a. ForStudies in India:

• Graduation courses: BA, B.Com., B.Sc., etc.
• Post Graduation courses: Masters and Phd
• Professional courses: Engineering, Medical, Agriculture, Veterinary, Law, Dental, Management, Computer etc
• Computer certificate courses of reputed institutes accredited to Dept. of Electronics or institutes affiliated to university
• Courses like ICWA, CA, CFA etc.
• Courses conducted by IIM, IIT, IISc, XLRI. NIFT etc
• Courses offered in India by reputed foreign universities
• Evening courses of approved institutes
• Other courses leading to diploma / degree etc. conducted by colleges / universities approved by UGC / Govt. / AICTE/ AIBMS / ICMR etc.
• Courses offered by National Institutes and other reputed private institutions.

b. For Studies abroad:

• Graduation: For job oriented professional /technical courses offered by reputed universities
• Post graduation: MCA, MBA, MS, etc. Courses conducted by CIMA- London, CPA in USA etc.

c. Special Courses:

• Regular Degree / Diploma courses like Aeronautical, pilot training, shipping etc., approved by Director General of Civil Aviation/Shipping. In case the course is pursued abroad, the competent local aviation / shipping authority should recognize the Institute.

Educational Loan Amount
Maximum loan amount:

• Study in India- Rs.10 lakhs
• Study Abroad- Rs. 20 lakhs

Loan Margin

• Upto Rs. 4 lac - Nil
• Above Rs. 4 lac

- studies in India - 5% of the total course expenditure
- studies abroad - 15% of the total course expenditure
- studies partly in India and partly Abroad : 5% of the total course expenditure

Expenses Covered under Loan

• Fee payable to college / schoo l/ hostel
• Examination / Library / Laboratory fee
• Purchase of books / equipments / instruments / uniforms
• Caution deposit / building fund / refundable deposit supported by Institution bills / receipts
• Travel expenses / passage money for studies abroad
• Purchase of computers - essential for completion of the course
• Any other expense required to complete the course - like study tours, project work, thesis, etc.
• Insurance premium for student borrower, if insurance cover sought

Repayment Terms
The repayment of loan to begin after the course period + 1 year or 6 months after getting a job, whichever is earlier.The maximum repayment tenor starting from the date of commencement of EMI are as under:

• For loans up to Rs. 7.5 lakhs: up to10 years
• For loans above Rs. 7.5 lakhs: up to15 years

Education Loan Rate of Interest

Loan amount	Rate of Interest (RoI)
Loans qualifying as Priority Sector Lending(PSL) : Up to Rs. 10 lakhs for studies in India Up to Rs. 20 lakhs for studies Abroad	BR+1% (currently 11.25%) (Floating)
Loan amounts not qualifying as Priority Sector Lending(PSL) : Above Rs. 10 lakhs for studies in India Above Rs. 20 lakhs for studies abroad	BR+2% (currently 12.25%) (Floating)

Collateral Security

Up to Rs. 4 lacs	No security
Above Rs. 4 lacs and up to Rs. 7.5 lacs	Collateral in the form of a third party guarantee
Above Rs. 7.5 lacs	Collateral security in the form of Land/ building, (The minimum value shall be 1.33 times the amount of loan sought). Govt. securities/ Public Sector Bonds/ Units of UTI, NSC, KVP, LIC policy, gold, shares/ debentures, bank deposit in the name of parent/ guardian or in the name of the co-applicant (The minimum value shall be 1.1 times of the amount of loan sought).

Wherever the land / building is already mortgaged, the unencumbered portion can be taken as security on IInd charge basis provided it covers the required loan amount. In case the loan is given for purchase of a computer the same to be hypothecated to the Bank.
Disclaimer:
     Since the rules, regulations, eligibility conditions, repayments and interests rates etc are revised by the banks from time to time in keeping pace with the changing capital market conditions, students and parents are advised to thoroughly check the terms and conditions of educational loan scheme on offer at the time of application.