Important steps related to Indian Bank Education Loan 2023 need to be known from this article. From here you can know the eligibility criteria, Intrest Rate and Repayment Method.
Students often look towards education loans for higher education. Although many banks provide loans for higher education. So that students can achieve their academic goals. But every bank has a different procedure in the matter of giving education loan. In this article, we will explore all the important details related to Indian Bank Education Loan, including eligibility criteria, application process, repayment options, etc.
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Indian Bank Education Loan 2023 Brief Summary
All you need to know is the brief summary of Indian Bank Education Loan 2023 from this table.
|Ambedkar Awas Navinikarn Yojana||Sarkari Yojana|
|Maruti Suzuki Jobs||Defence Job|
|Private Jobs||Senior Citizen Roadways Bus Pass|
|PSU Jobs||HDFC Scholarship|
|Bank Name||Indian Bank|
|Education Loan Best Rate||8.50%-9.65%|
|Indian Bank Education Loan Repayment||Starts After 1 year of course completion OR|
6 months after getting a job
|Indian Bank Official Website||indianbank.in|
Indian Bank Education Loan Eligibility
To avail an education loan from Indian Bank one has to fulfill the eligibility criteria of the bank. In this way, the eligibility criteria for education loan is almost the same for all banks. Still there are some factors which differ from one bank to another.
- Student must be a resident of India.
- 12th pass with minimum 60% marks is mandatory.
- The student should have been admitted into an institute approved by the bank.
Indian Bank Education Loan Amount
Indian Bank provides education loan on the basis of many schemes. Check out the following education loan schemes and interest rates.
|Schemes Name||Maximum Loan Amount||Interest Rates|
|Indian Bank Student Loan||Rs.20 lakh||10.05%|
|Indian Bank Scholar Loan||Rs.40 lakh||8.95% to 9.25%|
|Indian Bank Global ED-Vantage||Rs.1.5 crore||10.05%|
|Indian Bank Skill Loan||Rs.1.5 lakh||9.55%|
|Indian Bank Take Over of Education Loan||Rs.1.5 crore||10.05%|
Indian Bank Education Loan Calculator
Do you want to know the anticipated amount of your loan repayments before applying for an Indian Bank Education Loan? Using the Indian Bank Education Loan Calculator, you may estimate your monthly installment and organise your money accordingly. You may use the calculator to evaluate your potential payback responsibilities by inputting the loan amount, interest rate, and loan term.
Document List of Indian Bank Education Loan
You should collect the following documents while taking an education loan from Indian Bank.
Documents List (From Both Applicant & Co-applicant)
|KYC Documents||PAN Card|
|Address Proof||Aadhar Card|
Valid water/electricity/ LPG Bill
Voter’s ID card
Current House Lease Agreement
|Academic Documents (From Applicant)||All Academic Documents|
Proof of Admission
Financial Documents (From the Co-Applicant)
|For Salary Person||Salary slips|
Copy of Form 16 for last 2-3 years
IT Returns for last 2-3 financial years
Bank account statement
|For Self-employed Person||Business address proof (If Applicable)|
TDS Certificate (Form 16A, if applicable)
Last 3 years ITR
Bank Account statement for the last 6 months
Benefits of Indian Bank Education Loans
- Education loan provided by Indian Bank is affordable because of its competitive interest rates.
- Indian Bank has flexible repayment methods.
- Indian Bank’s Student Education Loan scheme covers a wide range of education expenses.
- Under Section 80E of the Income Tax Act, borrowers can avail tax deductions on the interest paid on education loans, reducing the overall financial burden.
Indian Bank Education Loan Apply Online
Applying for an education loan from Indian Bank is easy, you can apply online by following a few simple steps given below.
- It is important to research the interest rates, repayment terms, loan amounts and additional benefits before applying for an education loan from Indian Bank.
- Visit the official website (indianbank.in/category/loans/education/) of Indian Bank to apply for education loan online.
- Check eligibility criteria. You have to make sure that you fulfill all the criteria like age, educational qualification and admission in a recognized educational institution.
- After checking the eligibility criteria all the required documents have to be collected.
- Fill the online application form for education loan carefully. Upload your document.
- Do a review before submitting the application.
FAQs about IB Education Loan
Indian Bank Education Loan caters to all your educational needs. This is an important step in realizing your dream of higher education. Here you can get a suitable and right education loan through simple online application process and Indian Bank Education Loan Calculator.
What is the maximum education loan I can get from Indian Bank
The maximum education loan from Indian Bank depends on several factors such as: type of course, institute, course duration etc.
What is the Indian Bank education loan interest
Education loan can have a floating interest rate of 8.50%-12.5% per annum.
Indian bank provides education loan to which colleges
Science, Commerce, and Arts college
Physical education college