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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

Interest Rates

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

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

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.