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IB Educational Loan Prime

IB Educational Loan Prime

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.

CLICK HERE to apply for educational loan online through Vidyalakshmi Portal

Eligibility

  • The applicant should be an Indian National.
  • Students joining any full time course in one of the premier institutions as listed in

List A and List B

Amount of Loan

  • Need based loan limit up to Rs.30.00 lakh
Category of Educational Institution Collateral free loan amount upto
List ‘A’ Rs. 30.00 lakh
(Rs.35.00 lakh for ISB only)
List ‘B’ Rs.7.50 lakh

Margin

  • NIL

Interest Rates

Category of Educational Institution Collateral free loan amount upto
List ‘A’ MCLR 1 year
Presently 8.50%
List ‘B’ MCLR 1 year + 0.60%
Presently 8.50%+0.60% = 9.10%

Repayment

  • Up to 15 years

Security

  • Nil (Father’s/ Guardian’s/ Spouse’s co-obligation is sufficient)
Category of Educational Institution No tangible collateral required. Parents/ spouse/ guardian will be co-obligant, for limit upto With tangible collateral with market value equal to the loan limit, above
List ‘A’ Rs. 30.00 lakh
(Rs.35.00 lakh for ISB only)
Rs. 30.00 lakh
(Rs.35.00 lakh for ISB only)
List ‘B’ Rs.7.50 lakh Rs.7.50 lakh

Processing charges

  • Nil

Salient Features

  • To meet the cost of education covering fee payable to college/school/hostel, exam fees, purchase of books/equipments, travel expenses/passage money for studies abroad, purchase of computers essential for completion of the course etc. Interest Subsidy is available, subject to scheme guidelines.

Documents requirement

  • Application has to be applied online at www.vidyalakshmi.co.in mandatorily.
  • Admission offer letter from the institution and Programme Fees details.
  • Scholarship details, if any.
  • Copy of marks sheet and pass certificate from class 10th onward.
  • PAN Card (for student and co-applicant both)
  • Address proof (for student and co-applicant both)
  • Photographs: 4 (for student and co-applicant both)
  • Details of all existing Loans (for student and co-applicant both)
  • ITR/Form-16/ Salary Slips, if available (for co-applicant)
  • 6 Months’ Bank Statement (for co-applicant)

( Last modified on Sep 03, 2018 at 06:09:41 PM )