Education Loan
Indian Bank provides convenient educational loans for meritorious/deserving students to acquire knowledge and skill in the field of their interest. By playing beacon, new-generation's quest for success is ably supported, paving way for Generation Banking.

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

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

• 50 % p.a. at present (irrespective of the loan limit sanctioned under both IBA as well as non-IBA scheme)
• Concession of 0.50% in applicable rate of interest will be allowed on fresh Educational Loans under IBA Scheme to Girl Students for studies in India and Abroad with effect from 1st July 2009. This interest concession will not be applicable to Education Loans under non-IBA scheme.
• Educational Loan borrowers who are enjoying finer rate of interest allowed to select premier educational institutions.
• Floating Rate linked with Base Rate (BR) of the Bank and liable to undergo changes whenever there is a change in BR.

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 'New IB Jeevan Vidya' Insurance Scheme.

Security *
Documents should be executed both by the student and parent / guardian as joint borrower.

• Upto Rs. 4 lacs - No security
• Above Rs. 4 lacs & Upto Rs.7.50 lacs - Collateral in the form of satisfactory third party guarantee
• 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.

Particulars/Documents to be submitted

Particulars	For studies in India	For studies Abroad
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
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
a. Date of birth/age b. Community (for statistical purpose only)	SSLC/TC/Mark list Community Certificate	Same as in Col.3 besides Passport
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
Admission	Admission letter/Bonafide student certificate from the College/University	Certificate/I 20 from the College/University
Fee structure	Letter/Certificate from the College/University	Certificate/I 20 from the College/University
Passport/VISA	Not applicable	Copies to be enclosed
Guarantee/Co-obligation	Parent's/Guardian's Co-obligation to be furnished	Same as in Col.3
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
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
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
Documents to be enclosed	• A & L of the student/parent/guardian/guarantor • Details of securities in Col.9	Same as in Col.3

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.