IDBI Bank Education Loans 2024: Unlocking Easy Educational Dreams For Student

IDBI Bank extends various student IDBI Bank education loans designed to empower deserving scholars to pursue advanced academic endeavors, whether domestically or internationally.

Through its suite of services, IDBI Bank ensures comprehensive financial support and flexible repayment options, offering holistic financial assistance tailored to meet diverse student needs.

These education loans serve as a vital financial bridge, granting access to critical funding for academic pursuits.

Interest Rates for IDBI Bank Education Loan Schemes

IDBI Bank’s current interest rates for student education loans are detailed below. Still, it’s recommended to consult the official website for the most updated information, as rates may fluctuate over time:

Various IDBI Bank Education Loan Schemes

IDBI Bank offers an array of education loan programs, broadly categorized into four distinct schemes:

1. Overseas Education Loan Scheme
2. Domestic Study Loan – General & Professional Offers (CA/CS/ICWA)
3. Study Loans for Premier Institutes
4. Skill Development Loans

Overseas IDBI Bank Education Loan Scheme

The Overseas Education Loan Scheme aims to make global education more financially feasible. It offers loans up to £60,000 for UK-based students under IDBI’s educational finance program.

This loan is available to qualified Indian nationals and NRIs admitted through either entrance exams or merit-based criteria post their HSC (10+2).

Eligible courses encompass degrees and diplomas in specialized fields such as aeronautics, pilot training, and shipping, provided relevant regulatory bodies recognize them.

This scheme also supports postgraduate courses at accredited institutions, leading to advanced degrees or diplomas.

Eligibility factors include future employability and earning potential, assessed upon completion of the chosen academic program.

Courses Covered by IDBI Bank Education Loans

Loan Assessment Criteria | IDBI Bank Education Loan

Upon completing the course, the student’s employability and earning capacity will be evaluated as part of the loan eligibility review process.

Loan Quantum and Covered Expenses

IDBI Bank offers need-based financial aid, with loan amounts adjusted according to the country and course of study. Eligible expenses include tuition, examination fees, lodging, boarding, and other study-related costs.

Loan Repayment Terms | IDBI Bank Education Loan

Repayment begins after a moratorium period, with loans repayable over 15 years. The moratorium typically includes the course duration plus one additional year.

Interest Rates and Security

The interest rates are fixed and linked to the Repo Linked Lending Rate (RLLR). Collateral is required for loans exceeding INR 7.5 lakh, with security options ranging from immovable property to government securities.

Balance Transfer Option

A balance transfer option is available for fully disbursed loans if the applicant has maintained a clean 12-month repayment track record without defaults.

Processing Fee | IDBI Bank Education Loan

The processing fee for IDBI Bank student loans is 1% of the loan amount, subject to applicable taxes, capped at INR 5000.

Required Documentation

Applicants must provide a range of documents, including proof of age, identity, admission letters, and relevant financial documents depending on their profile.

Specific Loans for CA/CS/ICWA Students

IDBI Bank also offers loans for accredited graduate and post-graduate degrees, diplomas, and certificates from recognized institutions. These loans cover government-subsidized professional courses and courses from prestigious institutions like IITs, ISB, IITs, and NIFT, among others. Both domestic and international programs are eligible under this scheme.

Eligibility for this loan is based on employability upon course completion, and loans exceeding specified limits are evaluated on a case-by-case basis.

Expenses Covered by CA/CS/ICWA Loans

Tuition, exam fees, caution deposits, academic fees, project costs, and other expenses are eligible for coverage.

Repayment Terms

After the moratorium period, repayment can extend up to 15 years. An additional one-year grace period is applied post-course completion.

IDBI Bank Education Loans for Premier Institutes

IDBI Bank offers a tailored loan scheme for students admitted to premier institutions in India. Loan amounts can go up to INR 40 lakhs or 100% of program costs, whichever is lower, covering tuition fees, accommodation, and essential study materials.

Eligibility Criteria

• Admission to an institution on IDBI’s approved list.
• Co-applicants are required for all loans.
• For loans exceeding INR 40 lakhs, collateral and assignment of future income are mandatory.

Loan Repayment and Interest Rates

The loan repayment period spans 15 years, and the interest rate is linked to the RLLR. Concessions are offered to girls, minorities, and physically challenged students.

Processing Fee and Subsidies

IDBI Bank typically waives the processing fee for premier institutions, and subsidies under the Central Sector Interest Subsidy Scheme are available to eligible borrowers.

For detailed information or to apply, visit your nearest IDBI Bank branch or explore the official website.

Important Links