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Old January 16th, 2018, 03:30 PM
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Join Date: Dec 2011
Default Re: IDBI Education Loan for MBA

Education loans from IDBI Bank aim at providing financial support to deserving / meritorious students for pursuing higher education in India and abroad.

With an array of services to choose from and easy repayment options, IDBI Bank makes sure you get complete financial backing.

Education loan

Education Loans for students studying in Premier Education Institutes including ISB, Hyderabad

Facility Purpose-

Granted to Students who are Indian Nationals –

Studying in premier educational institutes like IIMs & ISB (Full time executive and
regular programs only), IITs (full time engineering and management courses
only) and, Top Medical Institutes, Indian Institute of Foreign Trade (IIFT), Top
Management Colleges.

Quantum of finance

Rs. 30 Lakhs or 100 % of the total cost of the program (Inclusive of insurance
cover) whichever is lower.

Security

Co-applicant is mandatory in each case, irrespective of loan amount.
Collateral security:

No security for loans up to Rs. 30 lakhs for students who have secured
admission to Indian School of Business (ISB)-Hyderabad and Mohali Campus
and the following Indian Institutes of Management (IIMs): Ahmedabad,
Bangalore, Kolkata, Kozhikode, Indore and Lucknow provided the loan
applicant provides satisfying net worth/ means of the parent who is the joint
borrower.

For other Premier Institutes:

 Loans up to Rs. 20 Lakhs: No security provided the loan applicant provides
satisfying net worth/ means of the parent who is the joint borrower.
 Loans exceeding Rs. 20 Lakhs:
• Parent(s) to be joint borrower(s)
• Tangible collateral security, along with the assignment of future income of
the student for payment of installments.

Repayment Term
Moratorium period: Course period + 1 year.
Repayment tenor: Repayment of the loan will be in equated monthly installments
for a period of up to 15 years after completion of moratorium period.

Balance Transfer from other FI to IDBI Bank
Allowed subject to complying norms for Balance Transfer.

Applicable heads of expenses
i. Fee payable to college/ school/ hostel.
ii. Examination/Library/Laboratory fee.
iii. Caution deposit, Building fund / refundable deposit supported by
Institution bills/receipts.
iv. Travel expenses/ passage money for studies abroad.
v. Purchase of books/ equipments/ instruments/ uniforms.
vi. Purchase of computer at reasonable cost, if required for completion of the
course.
vii. Any other expense required to complete the course - like study tours,
project work, thesis, etc.
viii. Insurance premium for student borrower, if applicable.
*Conditions apply

Contact-

Registered Office:
IDBI Bank Ltd.
IDBI Tower, WTC Complex,
Cuffe Parade, Colaba, Mumbai 400005.

Customers can contact our 24 X 7 Phone Banking numbers
from any Landline / Mobile number, our Toll free numbers are as follows:
1800-200-1947
1800-22-1070
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