Indian Bank learning loan is offered for a number of courses.
- You can apply for the education loan of Indian Bank if you want to pursue a graduate, diploma or post graduate program.
- The loan is also sanctioned for studying computer certificate courses of recognized bodies, which are accredited to the Department of Electronics.
- If you plan to study employment-oriented vocational or professional course, a program of CPA in the US or CIMA-London or specialized programs like MBA or MCA, you can apply for a loan in Indian Bank.
Learning Loans are offered by Indian Bank to only Indian Nationals. The applicant should get admission to a professional or vocational course through a selection procedure based on merit or entrance test. The student will be considered eligible for studying in India if aged 15 to 30 years. A student should be aged between 18 to 35 years, if applying for studies abroad.
Expenses taken into account:
The educational loan covers insurance premium for the student as well as caution deposit, refundable deposit or building fund up to 10%. The educational cost of the course including travel expense, cost of essential purchases and fee of college, hostel, school and exam are taken into consideration.
Amount of Loan and Repayment:
You can borrow an education loan of maximum Rs 10 lacs for studying in India whereas a maximum amount of Rs 20 lacs can be borrowed for studying in abroad. The amount may increase in special cases.
- For loans above Rs 4 lacs taken for studying in India and abroad, there is a margin of 5% and 15% respectively. The loan can be repaid in 5 to 7 years.
- If you borrow a loan of above Rs 4 lacs, then you should provide the bank with a guarantee of a 3rd party.
- If the amount borrowed is more than Rs 7.5 lacs, then the co-obligation of parents or guardian of the student along with a collateral security need to be guaranteed.
The future income of the student also needs to be assigned for paying the installments.