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Indian Bank provides convenient educational loans

Started by sukishan, Aug 21, 2009, 07:48 PM

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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.
Age of the Student - 15 to 30 Years (For Studies in India)
Age of the Student - 18 to 35 Years (For Studies in Abroad

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.

Studies in India
Diploma/Graduation/Post-graduation courses in various disciplines.
Computer certificate courses of reputed institutes accredited to The Department of Electronics.

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.

Upto Rs.4.00 lakhs   -12.00 % p.a. at present
Rs.4.00 lakhs upto Rs.7.50 lakhs -12.00 % p.a. at present
Above Rs.7.50 lakhs -12.25 % p.a. at present

Rate of Interest

Concession of 0.50% in applicable rate of interest will be allowed on fresh Educational Loans to Girl Students for studies in India and Abroad with effect from 1st July 2009. This interest concession will not be applicable to
- Existing female educational loan borrowers
- Educational Loan borrowers who are enjoying finer rate of interest allowed to select premier educational institutions.

Floating Rate linked with Benchmark Prime Lending Rate (BPLR) of the Bank and liable to undergo changes whenever there is a change in BPLR.

A good beginning makes a good ending


If the company is not willing to reduce your interest rate, explore the option of transferring the balance to a 0% interest card without annual or joining fees. However, do this only if you are confident of clearing all the balances by the time the term of the card expires as the renewal rates could shoot up as high as 30%. So make sure you read the fine print!

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