Every child has the right to study. In simple words, every child needs education to get success in his/her life. Unfortunately, we are living in an era where everything has a price, and we should have to pay to get anything done. Similarly, in education as well, we cannot afford the higher costs of educations sometimes, and this results in not giving proper education to our child. Therefore, the education loan scheme started by the government to fund those families who cannot afford their child education. Today we are going to talk about one of such banks, IDBI bank. IDBI Bank is providing the education loan facility as lower interest rates.
The interest charged on education loans ranges from 9 to 9.50%. Depend upon the course you are opting and whether you need funds to study in the best university in India or abroad.
IDBI Bank Education Loan Eligibility:
There is a list of eligibility to get your education loan approved from IDBI bank.
- Your age should not be greater than 35 in case. You are not a working employee or up to 45 if you are self-employed or employed.
- Anyone can apply who has reserved admission seat in any higher particular university or person who employed for more than three years and now looking for attaining higher education. Therefore, you need to reserve your admission seat.
- The maximum loan amount you can get from IDBI bank is 10 Lakh for study in India and 20 lakh for education abroad. In few case cases, 10 lakh for IIT, IIM etc. These amounts can vary depending upon the bank and person need.
- Repayment of the loan starts after one year of completing any particular course or after six months of getting a job whichever is earlier.
- You can avail up to 15 years of the repayment period for study in India or abroad. It depends upon the duration of your course as well.
The education loan can be used to pay your admission fees, buy your books or school uniforms or any other things you need during the duration of your course.
Also, Check – How to Activate the IDBI Bank Online Banking Services.
How To Apply for IDBI Bank Education Loan?
If you are under the eligibility mentioned above criteria, then you can think for the application of education loan in IDBI bank. Before that, let me tell you some of the essential documents you need during application.
- You must carry all the original documents with your like aadhar card, pan card, school certificates.
- You should have your property in India and must have valid property documents.
- You must agree to repay the loan on time.
- You must not carry any previous loan, or any of your family cibil score should not affect.
- Admission letter of any particular university with properly mentioned fees and other details.
If you do have all these things handy with you then, let’s come to the first part for the application of education loan from IDBI bank.
- You can apply it by visiting your branch or online through the websites.
- If visiting branch, then ensure that you have an account with them.
- Ask them for the current scheme by the government for education loans.
- Provide all the documents and then wait for the approval.
- Prior approval, the loan will get disbursed in your bank.
Interest Rates on Education Loans:
The standard interest rate charged by the IDBI bank is 9.50%. It should get changed depend upon the current government scheme.
Education is right for every deserving child. Every child should educate higher to get success and comfortable life for the rest of the period. Therefore, to comply with this need, IDBI bank comes with the platform for the deserving children and providing education loans at lower interest rates. You should need to eligible first for this scheme and the same we have mentioned above.
I am Arjun Kumar. I am the owner and administrator of Finance Gradeup. I have completed my education in Arts & Technology. Arjun Kumar usually has interests in playing games, reading and writing. He was a brilliant student during his college days. He also works for many private companies, but the main interest of Arjun Kumar is digital marketing. He thinks that reading is a must before providing any quality information to his readers. You can find Arjun Kumar on much social media handles online, or you can learn more about him in about us page.