Rules For Education Loan In Indian Bank - 2017-2018 StudyChaCha

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Old November 13th, 2017, 03:18 PM
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Default Rules For Education Loan In Indian Bank

I want to apply for Education Loan In Indian Bank so can you please provide me the details of the loan?
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Old November 13th, 2017, 03:38 PM
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Default Re: Rules For Education Loan In Indian Bank

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.

Education Loan

Eligibility -

The applicant should be an Indian National.
Should have secured admission to a higher education course in recognized institutions in India or Abroad through Entrance Test/ Merit Based Selection process after completion of HSC (10 plus 2 or equivalent).

Margin -

Upto Rs.4.00 lakhs - Nil.
Above Rs.4.00 lakhs:
For Studies in India - 5%.
For Studies Abroad - 15%.

Repayment Up to 15 years

Security

a. For the loans (limit upto Rs.7.50 lakh) covered Credit Guarantee Fund Scheme for Educational Loans (CGFSEL) – No third party guarantee / collateral to be obtained. Only the parents/guardian/spouse to be the joint/ co-borrowers.

b. For loans NOT covered under Credit Guarantee Scheme:

Upto Rs.4.00 lakhs – Co-obligation of parents.

Above Rs.4.00 lakhs and upto Rs.7.50 lakhs – Co-obligation of parents together with collateral in the form of a satisfactory third party guarantee.

Above Rs.7.50 lakhs – Co-obligation of parents together with tangible collateral security of suitable value along with the assignment of future income of the student for payment of installments.

Other Requirements/Details -

Holiday Period : Course period plus 1 year

Course of study in India: Diploma/Graduation/Post graduation courses in various disciplines in reputed institutes accredited to the Department of Electronics.

Course of study abroad: Job-oriented professional/technical courses offered by reputed universities, MCA, MBA, MS etc. Courses conducted by CIMA - London, CPA in USA etc.

Contact-

Corporate Office - Postal Address

Indian Bank, Corporate Office,
PB No: 5555, 254-260, Avvai Shanmugam Salai,
Royapettah, Chennai - 600 014

Corporate Office - Phone Number
044 28134300
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