Are you Planning to study abroad but worried about finances? IDBI Abroad Education Loan can be your perfect financial companion. With rising tuition fees and living expenses in foreign countries, an education loan becomes essential for many students. IDBI Bank offers customized education loan schemes to help students pursue higher education abroad without financial stress.
Features
IDBI Bank provides loans for various courses abroad including undergraduate, postgraduate, and professional courses. Here are the key features of the IDBI Education Loan:
- Loan Amount: Up to ₹20 lakh or more depending on the course and country.
- Coverage: Tuition fees, accommodation charges, travel expenses, examination fees, and other related costs.
- Interest Rate: Competitive interest rates with the option of floating or fixed rates.
- Repayment Tenure: Up to 15 years with flexible repayment options.
- Moratorium Period: Course duration plus 6-12 months grace period before EMI starts.
Eligibility Criteria
To apply for an IDBI Education Loan, the student must:
- Be an Indian citizen.
- Have secured admission to a recognized university or institution abroad.
- Have a co-applicant (parent/guardian) with a stable income source.
- Provide collateral for higher loan amounts, if required.
Documents Required
Here’s the list of documents typically required for an IDBI Education Loan:
- Admission letter from the foreign institution.
- Passport-size photographs.
- KYC documents (ID proof, address proof).
- Income proof of co-applicant.
- Academic records.
- Bank statements.
- Collateral documents (if applicable).
How to Apply
You can apply for an IDBI Abroad Education Loan both online and offline. Visit the nearest IDBI Bank branch or apply through the official website. Fill out the application form, upload required documents, and wait for loan approval. Once approved, the funds are disbursed directly to the institution or as per need.
Conclusion
IDBI Education Loan is a reliable option for students aiming for international education. With flexible terms, reasonable interest rates, and quick processing, IDBI Bank supports your dream to study abroad. Start your journey today by securing your finances with IDBI Bank’s education loan.
FAQs
Q.1. What is the maximum amount I can get under IDBI Abroad Education Loan?
Ans: You can get up to ₹20 lakh or more depending on the course and location.
Q.2. Is collateral required for IDBI Abroad Education Loan?
Ans: Collateral may be required for higher loan amounts, usually above ₹7.5 lakh.
Q.3. How long does IDBI Bank take to process the education loan?
Ans: Generally, loan processing takes 7-10 working days after document submission.
Q.4. Can I prepay the IDBI Abroad Education Loan?
Ans: Yes, IDBI Bank allows prepayment with minimal or no charges.
Disclaimer
This blog is for informational purposes only. Loan terms and conditions are subject to change. Please visit the official IDBI Bank website or contact the branch for the most accurate and updated information regarding IDBI Education Loan.
Hello! I’m Pinky Roy, The founder of Bnkfo.com. Here, you’ll find banking insights, All Type government job updates, and real-time job alerts to help you stay ahead in the competition.
