IDBI Education Loan Rate of Interest
IDBI Bank offers education loan to meet financial needs of students for maximum loan amount upto 15 Lacs
- EMI for a maximum of 7 years.
- Maximum loan limit of INR 15 Lacs.
- No margin.
Rate of Interest charge by the bank depends on the base rate set by IDBI Bank as per the guidelines set by RBI
- The 1-year MCLR is 9.00%.
- For loan up to INR 10 Lacs, the RoI is 1 year MCLR+0.85%.
- For loan above INR 10 Lacs, the RoI is 1 year MCLR+1.45%.
CALCULATE YOUR EDUCATION LOAN EMI
1,000 per month
1,000
1,000
Looking for admission for India and Abroad?
IDBI Education Loan Eligibility
- Indian National. The applicant should be a citizen of India or should hold the Indian passport.
- Course. The student should be seeking admission into a graduation or post-graduation course.
- 10+2 pass. The student should have cleared 10+2 with a minimum passing criterion.
- Admission basis. The admission should have been on the basis of an entrance exam or merit-based admission.
- University. The admission should be in a well recognized foreign university/institute.
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| Bank / Financer |  Change bank |  Change bank |  Change bank |  Change bank |  Change bank |
| Applicable Rate of Interest | For loan up to INR 10 Lacs:1 year MCLR+0.85% For loan above INR 10 Lacs: 1 year MCLR+1.45%. | 1.70% above the base rate | up to INR 7.5 Lacs: MCLR + 2.00% above INR 7.5 Lacs: 2.60% | Upto 4 Lacs- 16.50% Upto 7.5 Lacs- 17.50% Above 7.5 Lacs- 15.50% | |
| Max Loan with Collateral | 30 Lacs | For Abroad: 30 Lacs | For Abroad: 20 Lacs | For India: 10 Lacs For Abroad: 20 Lacs and beyond based requirement | |
| Max loan without collateral | 30Lacs | For Abroad: 30 Lacs | For Abroad: 20 Lacs | For India: 10 Lacs For Abroad: 20 Lacs and beyond based requirement | |
| Processing Fee | Nil | INR 10,000 | Nil | Nil | |
| Repayment Period | 15 years. | 15 years | 15 years | 7 years | |
| Loan for top institutions | no | Yes, SBI Scholar Loan Scheme | Yes, PNB Pratibha | No | |
| Margin | Up to INR 4 Lacs: Nil Above INR 4 lacs: 15% | 15% | Up to INR 4 Lacs - NIL Above INR 4 Lacs - 15% | Upto loan 4 Lacs: No margin Above 4 Lacs: for India: 5% for Abroad: 15% | |
| Age Limit | No Minimum age limit Maximum (at time of loan maturity)- 50 years | no age limit | No age limit | No | |
| Loan Security | Up to INR 4 Lacs: No security required From INR 4 to 7.5 Lacs: Third Party Guarantee Above INR 7.5 Lacs: Tangible security with suitable margin. Building/ Land equal to 1.33 times of actual loan | Tangible collateral security is required Collateral security by third party are also accepted | Upto INR 7.50 Lacs: Parent(s)/guardian be made joint borrower (s). No tangible Security and /or 3rd party guarantee is required. Above INR 7.50 Lacs: Parent(s)/guardian be joint borrower(s). Tangible collateral security of suitable value acceptable to bank. | Third party guarantee Collateral security Additionally, assignment of LIC policy in favor of bank amounting 100% of education loan amount Assignment of Future salaries in favor of Axis Bank | |
| Eligibility concession for SC/ST | No | No | 50% for SC/ST, and;60% for General category. | No | |
| Processing Time | 15 days | 20 days | 15 days | 14 Days | |
| Prepayment charges | Nil | Nil | Nil | Nil | |
| Penal charges | 2% p.a. for loans above 4 lakhs for the amount or period overdue. | Penal interest @ 2% to be charged for loans above Rs.4 lacs for the overdue amount and overdue period | Nil | @ 2% per month on the overdue installment/s | |
| Mandatory insurance cover | Not mandatory | Yes | yes | yes | |
| Travel expeneses | Yes | yes | yes | yes | |
| Bank transfter allowance | No such clause mentioned | available | available | No such clause mentioned | |
| Top up loan availability | Available | yes | available | unavailable | |
| Interest Subsidy Schemes | Padho Pradesh | Padho Pardesh CSIS Skill Loan Scheme | Padho Pardesh CSIS Skill Loan Scheme | CSIS | |
| Tax benifit | Yes | yes | yes | yes | |
| Concession/benefits | Reasonable Rate of Interest. IDBI Bank offers around 9.45% of interest. Loan for students who take admission in management quota Zero Pre-payment or documentation charges | Concession to girl students 1% concession if interest is serviced during moratorium period including course period | 0.5% concession to girl students 0.5% concession if interest is serviced during moratorium period including course period Online application | There is no processing fee charged No pre- payment charges are applied No pre- closure charges are applied Loan Disbursal period is 15 working days from the date of final submission of documents |
How to apply for IDBI Education Loan ?
IDBI Education loan application form can be available online or offline at Bank branches.
Visit the official website for IDBI Bank Education Loan.
Click on Apply Now
Fill out the form with essential details.
Upload the mandatory documents required.
Submit the form and take out a print out of the application.
Visit the bank's branch for further formalities.
Applicants can directly visit the nearest branch and ask for an application form. The bank representative will then guide them with all the necessary information regarding eligibility, documents required and also which loan is best suitable.
IDBI Education Loan Details
Above INR 4 lacs: 15%
From INR 4 to 7.5 Lacs: Third Party Guarantee
Above INR 7.5 Lacs: Tangible security with suitable margin.
Building/ Land equal to 1.33 times of actual loan
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Expenses covered under IDBI Student Loan Scheme
- Tuition Fee
- Examination Fee
- Library/ Laboratory Fee
- Hostel Fee and other charges applicable like Hostel Mess etc.
- Cost of Books, equipment, instrument or uniforms
- Miscellaneous expenses- study tours, project work, thesis, etc.
- Additional expenses like building fund, caution deposit, refundable deposit, etc.
- A reasonable cost of computer or laptop (if required)
- Expenses for one way travel
Courses Covered Under IDBI Student Loan Scheme
In Abroad
Graduation, Post-Graduation, Doctorate courses
Technical, Professional or any other Job Oriented courses
Degree/ Diploma courses approved by Indian authorities
Post-graduation courses- MCA, MBA, MS, etc.
Post Graduate Diploma courses approved by reputed foreign universities or organizations.
Courses conducted by CIMA, London or CPA, USA etc.
Education Loan Documents Required ?
Duly filled IDBI application form.
Attested copies of age proof, residence proof
Two recent passport size photographs of applicant, co-applicant and guarantor
Mark sheet of Mark sheets of last qualifying examination.
Income Proof of parents/ guardians along with income tax statement for the last 2 years.
Confirmation of admission to the institute
Copy of passport and visa and also an I-20 form.
Interest Subsidy Schemes
Padho Pardesh
Formulated under the Prime Minister's 15 point programme, this subsidy scheme benefits the students of the minority community who want to study abroad. Such students are provided 100% interest subsidy.
Frequently Asked Questions
What schemes does IDBI Bank considers for its education loans?
+ -In whose name is the loan granted?
+ -Is the loan contract executed only in student's name?
+ -What is the age limit for availing loan in IDBI Bank?
+ -Are minors eligible to apply for IDBI Bank Education Loan?
+ -What does margin on any loan mean?
+ -Should the student's margin be paid upfront in the starting?
+ -Where can I avail IDBI Bank Education Loan?
+ -Is there any provision to apply for loan online?
+ -Can I view my loan statement online if I am an existing education loan borrower?
+ -Is there any minimum aggregate marks to meet the eligibility criteria to avail IDBI Bank education loan?
+ -What is the discount/ rebate offered by IDBI Bank?
+ -What all is included in tangible collateral security?
+ -Can I place my family property as collateral?
+ -Is scholarship or assistantship included in the margin?
+ -What is Moratorium Period?
+ -What is tenure of an education loan?
+ -What does MCLR stands for?
+ -What all expenses are covered under this course?
+ -I have taken admission through management quota. Am I eligible?
+ -What do you mean by reputed or recognized institutes?
+ -Are there any special benefits if I have secured admission to one of the top premier institutes?
+ -What is the processing fee or prepayment charges?
+ -Will cost of my computer be covered under the loan sanctioned?
+ -Why is Pan Card necessary?
+ -Are diploma or certificate courses considered under IDBI Bank education Loan (both for India and Abroad)?
+ -Is a co-borrower necessary for loan?
+ -Who can be my co-borrower?
+ -What all documents are required from the co-borrower?
+ -How many guarantors do I need to borrow loan from IDBI Bank?
+ -What is the KYC requirement in education loan?
+ -What are maximum term for repayment?
+ -How can I repay the loan?
+ -What is EMI? How are they calculated?
+ -What are the charges for late EMI payment?
+ -Is the loan disbursed in name of individual applicant or to the institute/ university directly?
+ -If I am unable to complete my course in given tenure, will my repayment term be extended?
+ -What is method of application of interest on education loan?
+ -If I am joining the course soon after current course, can I get an extension?
+ -What is interest rate of education loan?
+ -What is interest subsidy on education loan?
+ -What documents do I need to submit to avail interest subsidy scheme?
+ -What is employment verification in an education loan?
+ -Are there any tax benefits in education loans?
+ -Is it necessary to have bank account with the bank while availing loan from that particular bank?
+ -Why do banks require insurance policy as security?
+ -Are there any additional benefits on availing loan from IDBI Bank?
+ -What is credit score? Is it important for education loan?
+ -If a student have any query, where or whom to contact?
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