Purpose
IDBI offers a loan facility to deserving candidates for Professional / Management / Foreign University education.
Courses Approved
Indian Universities :
Professional Courses i.e. BE, BTech, and MBBS
Post Graduate Courses i.e. ME, MTech, MS, MD, MBA, and MCA recognised by AICTE
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.
Professional Courses i.e. BE, BTech, and MBBS
Post Graduate Courses i.e. ME, MTech, MS, MD, MBA, and MCA recognised by AICTE
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 lakh
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 lakh
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% pa + taxes
Processing Fees : Rs.1000 at the time of application, and Rs.500 pa thereafter
Cost of documentation/legal expenses at actual
Period of Loan
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
For updated information please visit: http://www.idbibank.com/products/educationalloan.asp
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