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 lac.
  

Loan Amount

• For Indian Universities, actual tuition and other fees, but not exceeding Rs. 5 Lac 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 Lac, in all.
  

Security

• A Equitable mortgage of property or other security having market value of 150% of loan amount or
  
• Pledge of Bank Deposits / NSC / Kisan Vikas Patra or any other Government Securities with face value of not less than 100% of the loan amount or
  
• Should be a mortgage of property / pledge of securities.
  
• Insurance cover for the student borrower in addition.
  

Student Eligibility

• A Students can apply for the loan singly or jointly with parents/guardians/third party guarantors.
  

Loan Charges

• For Loans upto Rs. 4 Lac, Long term Prime Lending Rate.
  
• For Loans above Rs. 4 Lac, Long term Prime Lending Rate + 1% P.A.
  
• Processing Fees will be 0.5% of the loan amount.
  
• Cost of documentation / legal expenses at actuals.
  

Repayment terms

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.
  

Speciality

• Well, IDBI bank has structured this special loan facility around the student's needs and the family's repayment capacity.
  
• Loan is available for part-time courses and on-line education too (subject to terms & conditions).
  
• Flexible repayment options.
  
• No prepayment penalties levied.
  
• Incentives for prompt repayment, like refund of the entire processing fee, if not a single installment is missed / delayed.