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Educational Loans in India By IDBI Money Scholar

IDBI Money Scholar

Purpose

IDBI has structured a loan facility for Professional / Management / Foreign University education.

Courses approved

Indian Universities

For Professional Courses i.e. B.E., B.Tech., M.B.B.S. Post Graduate Courses i.e. M.E., M.Tech., M.S., M.D., M.B.A., M.C.A., etc. recognized by AICTEFor 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 lakhs.

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% p.a. + taxes
• Processing Fees: Rs. 1000 at application, and Rs. 500 p.a. thereafter
• Cost of documentation / legal expenses at actuals Period of loans
• 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.

Educational Loans by Other Banks
	Bank of India		Central Bank
	Dena Bank		Punjab National Bank
	State Bank of Hyderabad		State Bank of India
	Allahabad Bank		Bank of Baroda
	HDFC		UCO Bank
	IDBI Money Scholar		Vijaya Bank
	Indian Bank		Federal Bank Ltd.
	State Bank of Mysore		Citibank