IDBI Bank Student Education Loans

IDBI Bank Student Education Loans :There are several Student Education Loans from IDBI Bank

With IDBI Bank education loans, deserving students are given the means to pursue higher education both domestically and overseas.

IDBI Bank ensures you receive complete financial assistance through an array of services and flexible repayment plans, providing all-round financial support.

IDBI Bank Student Education Loans provide access to student education funding.

What are the Interest rates for schemes for IDBI Bank Student Education Loans ?

The latest rates of Interest rates for IDBI Bank student Education Loans are shown below, however they may vary from time to time , you can check it on official website for more information.

Schemes	Interest Rates
Loans for Non-Vocational Courses	8.50% p.a. to 11.10% p.a.
Loans for Vocational/ Skill Development Courses	11%
Loans for Premier Education Institutes courses	9.10%

What are the Various IDBI Bank Student Education Loans ?

 The IDBI is offering the various types of Education Loan Programs ,they were 

             Education Loans come in four different types:

1.Overseas Education Loan Scheme

2.Study in India with an Education Loan – General Offer & CA/CS/ICWA Offer

3.Study Loans for Premier Institutions

4.Scheme for Skill Loans

for more information CLICK HERE

What is Overseas Education Loan Scheme?

The Overseas Education Loan Scheme can make studying abroad much more affordable for UK-based families, offering loans up to PS60,000 as part of an education loan programme.

Education loans are available to eligible Indian nationals and NRIs who have met admission requirements through either an entrance test or merit-based selection following completion of HSC (10+2) exams.

Eligible courses for funding include degrees and diplomas in aeronautics, pilot training, shipping and shipping if they have been recognised by relevant regulatory bodies.

Additionally, this loan covers postgraduate studies at respected institutes/universities that lead to degrees and diplomas at postgraduate level.

Assessment for eligibility takes into account factors like employability and earning potential, which will be assessed upon completing the course.

Candidate for an education loan

Nationals of India (including NRIs)

Entrance Test/Merit-Based Selection process after completing HSC (10 plus 2)

What are Courses eligible for IDBI Bank Student Education Loans ?

The Courses eligible for IDBI Bank Student Education Loans are mentioned below

Level of Education	Courses	Considerations for Loan Amount
Graduation	Job-oriented professional/technical courses abroad	–
Post-graduation	MCA , MBA, MS	–
Courses Conducted	CIMA- London, CPA (USA), etc.	Examination fees, travel costs
Degree/Diploma	Aeronautical, pilot training, shipping, etc.	Recognized by competent regulatory bodies (India/abroad)
Postgraduate Studies	PG degrees and PG diplomas	Offered by reputed institutes/universities

Criteria for assessment

At the end of the course, your employability and earning potential will be assessed.

The quantum of finance

Depending on the country/course of studies, need-based finance is available.

Loan-covered expenses

According to the country of studies/course, tuition fees, examination fees, lodging and boarding fees, etc. will vary.

Terms of repayment

After a moratorium period, the loan can be repaid after 15 years.

A moratorium period of one year is added to the course period.

Rates of interest

Fixed Rate of Interest: Linked to RLLR (Repo Linked Lending Rate).

Security and margin

Total Course Fee (including Living Expenses) minus sanctioned loan amount.

For amounts over Rs.7.5 lakh, collateral is required.

The following collateral options are available: Immovable property, fixed deposits, LIC policies, NSC/KVP, government securities.

Facility for Balance Transfers

A fully disbursed loan before balance transfer, a minimum 12-month repayment track record, and no instances of cheque bounces/installation defaults make this option available.

What is the processing Fee for IDBI Bank Student Education Loans ?

The Processing Fee for IDBI Bank Student Education Loans is 1% of the loan amount, plus applicable taxes, up to Rs.5000.

What are the Required Documents for IDBI Bank Student Education Loans ?

There are a variety of documents required, including proof of age, proof of identity, admission letters, and financial documents (depending on the applicant’s profile).

IDBI Bank Student Education Loans-CA/CS/ICWA ,General Offers & Criteria

This loan covers accredited graduate/post-graduate degrees, diplomas/certificates from recognized institutions at both graduate/post-graduate degree and certificate levels. This includes both professional and technical fields that receive subsidies from the government as well as esteemed institutions like IIMs, ISB, IITs, IISC XLRI NIFT NID among many others. Both domestic and international degree/diploma courses are eligible. Eligibility criteria is determined based on employability/earning potential of program completion for each specific course with applicable limits applied; cases exceeding these limits will be evaluated on an individual basis.

Eligibility Criteria for IDBI Bank Student Education Loans-CA/CS/ICWA

Residentsof India and NRIs (for studies in India and abroad).

Indian studies are available to PIOs and OCIs.

An entrance test or merit-based selection process was used after completing the HSC (10 plus 2 or equivalent).

What are the Courses eligible for IDBI Bank Student Education Loans-CA/CS/ICWA ?

Accredited courses leading to graduate/postgraduate degrees, PG diplomas/certificates.

Government subsidized professional and technical courses.

IIMs, ISBs, IITs, IISCs, XLRIs, NIFTs, NIDs offer courses.

Courses offered by reputed foreign universities as well as regular degree/diploma courses in India.

Criteria for assessment

As a result of completing the course, the student will be employable and have an opportunity to earn a living.

Finance’s quantum

Financing based on course and ceiling requirements.

Finances above specified ceilings are considered on a case-by-case basis.

What are the Loan-covered expenses IDBI Bank Student Education Loans ?

The following fees are charged: tuition, examination fees, library fees, caution deposits, building funds, purchases of books/equipment/instruments, academic and maintenance fees, study tours, project work, thesis, exchange programs, etc.

What is Repayment Term?

After a moratorium period of up to 15 years.

A moratorium period of one year is added to the course period.

what are the Charges for processing of IDBI Bank Student Education Loans-CA/CS/ICWA ?

No processing fee. Vidyalakshmi Portal Fees: Rs.100 plus applicable taxes.

Security & Margin

A margin is calculated by subtracting the sanctioned loan amount from the total course fee (including living expenses).

For amounts over Rs.7.5 lakh, collateral is required.

Affection

The floating rate is linked to the repo linked lending rate (RLLR).

Facility for reimbursement

Documentation must be provided within six months of the actual expense.

Loans for top-ups and second loans

The option to increase the course fee or pursue another course/post-graduation is available.

Subsidy scheme of the government

The Central Sector Interest Subsidy Scheme is available to eligible borrowers.

Is there any Documents Requried ?

Yes,the document required are Proof of age, identity, admission letters, and financial documents.

Transfer of balances

BT norms must be followed.

Study Loans for Non-Vocational Courses at Premier Institutions

The bank’s education loan is tailored to students accepted into prestigious institutions in India listed on its approved roster. Funding provided will not exceed either Rs.40 lakhs or 100% of the program costs (including insurance premiums), whichever is lesser. Depending on the institution in which it’s being applied for, different levels of security may be necessary. ISB and IIM students applying for loans of Rs.40 lakhs or less require co-applicants as part of the application process, while no collateral may be necessary if their parent who serves as co-borrower has sufficient net worth. For amounts exceeding Rs.40 lakhs, tangible collateral and an assignment of future income are mandatory requirements. Loans of this size cover expenses such as college/school/hostel fees, exam/library/lab fees, deposits and essential items like books, equipment, instruments uniforms computers. Academic and maintenance fees, study tours, project work, thesis writing and exchange programs (up to 20% of total tuition fees) are also covered in the loan amount along with service tax/ cess/insurance premium coverage for student borrowers.

Eligibility Criteria :

Applicants securing admission to premier Indian institutions on the bank’s approved list.

It is mandatory to have a co-applicant.

Loan-covered expenses:

The fee is payable to the college/school/hostel.

Fees for examinations, libraries, and laboratories.

Building fund/refundable deposit (up to 10% of tuition fees).

Purchasing books, equipment, instruments, uniforms, and computers if necessary.

Expenses such as academic and maintenance fees, study tours, project work, thesis, and exchange programs (up to 20%).

If applicable, service tax and cess will be charged.

Student borrower’s insurance premium.

The quantum of finance is:

The lower of Rs.40 lakhs or 100% of the total program cost (inclusive of insurance coverage).

The Indian School of Business (ISB) – Hyderabad and Mohali campuses, and the Indian Institutes of Management (IIMs):

If the applicant’s parent is a co-borrower, there is no need for security if the parent has a satisfactory net worth/means.

The student must provide tangible collateral security along with assignment of future income for payment of instalments above Rs.40 lakhs.

Other premier institutes besides ISB and IIM:

Co-borrowers are required up to Rs.25 lakhs. No security is required if the applicant provides proof of the parent’s net worth or means.

A co-applicant is mandatory for loans above Rs.25 lakhs, along with tangible collateral security and future income assignment.

Coverage type for collateral and security:

Immovable property is worth 1.33 times the loan amount as security.

Deposit with IDBI Bank, LIC Policy, NSC/KVP, Government Securities/Public Sector Bonds.

After deducting any applicable margin, collateral should cover 100% of the loan amount.

Terms of repayment:

Repayment of the loan in equated monthly instalments over a 15-year period.

A moratorium period of one year is added to the course period.

It is optional to service interest during the moratorium period.

Interested in:

A floating rate linked to the RLLR (Repo Linked Lending Rate).

Interest rate concessions for existing customers, girls, minorities, SC/STs, and physically challenged.

If interest is serviced during the moratorium, there is an interest concession.

Facility for reimbursement:

A loan for reimbursement of eligible expenditures can be obtained within 6 months of the actual expense, as long as proper documentation is provided.

Processing Charges for IDBI Bank Student Education Loans

There is no processing fee. Vidyalakshmi Portal Fees: Rs.100/- plus applicable taxes.

Subsidies offered by the government:

Eligible borrowers can receive subsidies under the Central Sector Interest Subsidy Scheme.

Second Loan/Top-Up Loan:

The loan can be used for an increase in course fees or to pursue another course/post-graduate degree.

The following documents are required:

As per KYC norms, Age Proof and Proof of Identity and Address must be based on official documents.

The mark sheets from Class 10th to the last qualifying examination, and the entrance exam results.

The institution’s Offer Letter/Admission Letter is proof of admission.

Course expenses schedule.

Photographs of passport size.

Previous/existing loans from banks/lenders, if any.

Pan card and Aadhaar (required for government subsidies).

Documents related to security, if applicable.

The Sanctioning Authority may specify any other document.

Transfer of balance:

The facility is available subject to compliance with applicable BT standards.

1. What is the maximum loan amount one can get in an IDBI Bank Student Education Loans ?

Answer: The maximum loan amount that can be availed with IDBI Bank for education in India typically goes up to INR 10 lakhs and for studying abroad it can go up to INR 20 lakhs. However, higher loan amounts may be considered on a case-to-case basis.

2. What types of courses are covered under IDBI Bank Student Education Loans ?

Answer: IDBI student education loans cover a wide range of courses including graduate, post-graduate, professional, and vocational courses that are offered by recognized institutions in India and abroad.

3. Is collateral required for availing of an education loan from IDBI?

Answer: Collateral is usually not required for loans up to a certain amount (e.g., INR 4 lakhs). For higher amounts, collateral in the form of fixed deposits, property, or other acceptable forms may be required.

4. What is the repayment period for an IDBI education loan?

Answer: The typical repayment period of an IDBI education loan starts after the course period plus the grace period (which could range from 6 months to 1 year post-completion of the course) and can extend up to 10-15 years, depending on the loan amount and terms agreed.

5. Does IDBI bank provide a moratorium period for education loans?

Answer: Yes, IDBI Bank provides a moratorium period which is usually the course duration plus 6 months to 1 year after the course ends or after the student secures a job, whichever is earlier.

6. Are there any tax benefits on the repayment of an IDBI education loan?

Answer: Yes, under Section 80E of the Income Tax Act, the interest paid on the education loan can be claimed as a deduction from the total income without any upper limit.

7. What is the average interest rate for an IDBI education loan?

Answer: The interest rate for IDBI education loans is typically linked to the Marginal Cost of Funds based Lending Rate (MCLR) and can change periodically. The bank offers a concession of 0.50% to female students and has different rates for different loan amounts.

8. Can one prepay the IDBI student education loan without any prepayment penalty?

Answer: Yes, IDBI Bank allows prepayment of the education loan without any prepayment charges under most circumstances.

9. What are the processing fees for IDBI education loans?

Answer: IDBI may charge a nominal processing fee for education loans; however, they occasionally run special promotions where they may waive this fee for students securing admission to premier educational institutions.

10. How does one apply for an IDBI student education loan?

Answer: An applicant can apply online through the IDBI Bank website or visit a nearby branch. They will need to provide requisite documents such as proof of admission, academic records, residence proof, and income/financial status of the co-borrower or guarantor among others.