Purpose

IDBI offers a loan facility to deserving candidates for Professional / Management / Foreign University education.

Courses Approved

Indian Universities :

• Professional Courses i.e. BE, BTech, and MBBS
• Post Graduate Courses i.e. ME, MTech, MS, MD, MBA, and MCA recognised by AICTE
• Part time/on-line distance learning courses (subject to terms & conditions)

Foreign Universities :

For Graduate/Post Graduate/Research/Doctorate studies that insist on TOEFL, GRE, GMAT scores.

Eligibility

Indian Universities

• For Graduate courses: at least 75% in the +2 stage
• For Post Graduate Courses: first class graduates

Foreign Universities

• Proof of TOEFL, GMAT, GRE score card, and 1-20 admit card
• Age of the applicant should not be more than 30 years for Indian Universities and 35 for Foreign Universities
• Age of the parent/guarantors should be below 55 years. The annual income of the family should not be less than Rs.3 lakh

Amount of Loan

• For Indian Universities, actual tuition and other fees, but not exceeding Rs.5 lakh for the entire duration of the course
• For Foreign Universities, considering that in addition to fees, there are travel/preparatory expenses, the loan amount shall not exceed Rs.15 lakh, in all.

Interest rates

• Long term Prime Lending Rate + 1% pa + taxes
• Processing Fees : Rs.1000 at the time of application, and Rs.500 pa thereafter
• Cost of documentation/legal expenses at actual

Period of Loan

Graduate Studies : Maximum moratorium period of 5 years including the actual duration of the course. After which the loan should be repaid within the next 3 years.

Post Graduate Studies : Moratorium period of 2 years i.e. the course duration. Loan repayment within the next 3 years. No prepayment penalties levied

In fact, there are incentives for prompt repayment. Like refund of the entire processing fee, if not a single installment is missed/delayed

For updated information please visit IDBI Bank