Indian Bank Education Loan

Under the Indian Bank Abroad education loan scheme, all Indian residents are eligible to apply for an educational loan. Indian Bank offers both collateralized and non-collateralized education loans under this product to students to study in their preferred countries like France, Sweden, or even Ireland. Take a look at the loan scheme details like the loan amount offered, Interest Rate, Moratorium period, and more before checking to see if you meet the eligibility criteria.

Loan Margin for Indian Bank Education Loan Scheme for Study Abroad:

Eligible courses of study 

1. Graduation: Students can pursue STEM courses with specialization in subjects with high employability in the future.
2. Courses run by CPA in the USA and CIMA in London etc
3. Study programs offered under Government Subsidy schemes
4. MBA, MS, MCA, etc courses as study programs for post-graduation
5. For any accredited or recognized courses
6. Degree or diploma courses like aeronautical, shipping, pilot training, etc.

Acceptable Institutes:

Only Institutes ranked from 1 to 1000 colleges as per the latest World Ranking issued by the Bank’s accepted websites are benefited to get the loan under Indian Bank study loan scheme for study abroad.

Indian Bank student loan scheme is for all NRI, persons of Indian origin, overseas citizens of India, students born abroad, and Indian residents taking admission into higher education courses in popular states like Karnataka, Tamil Nadu, West Bengal, and others in India. Here are the loan amounts offered along with the interest rates and other loan scheme details to check before you consider this scheme.

Eligible Courses for Study

1. Courses covered under various Government subsidy schemes.
2. Courses acceptable for diploma, graduate, and postgraduate levels, which are approved by UGC, or Government of India, or Indian Council of Medical Research (ICMR), the All India Council for Technical Education (AICTE), AIB Merchant Services, etc.  
3. Standard degree or diploma course in streams like aeronautical engineering, pilot training, coast, shipping, etc.
4. Courses offered by prestigious foreign universities in India.
5. Executive management programs and MBA 
6. Courses including CA, CFA, ICWA, etc

If your course is not in the above-mentioned list of eligible courses, still no need to worry, we’ve got you covered. Get in touch with your financial officer at WeMakeScholars to learn about other lenders who provide student loans for your preferred course. Request a callback or fill out the common application form.

Loan Margin:

The Indian bank loan procedure is as follows, both ways are mentioned below:

Offline Application Process

1. Reach out to your nearest Indian Bank branch, after speaking to the loan officer ask for the required documents
2. Visit the bank again to submit the required documentation to get your education loan process started 

Online Application Process with WeMakeScholars:

• Step 1: Request a Callback or fill out the online application form to get in touch with your financial officer
• Step  2: Give details about your loan profile, over the call

Your financial officer will analyze your profile details and suggest to you all possible lenders.

• Step 3: Either go to the bank to submit those documents or take advantage of the power of digitalization and upload your document on the WeMakeScholars documents portal and stand one step ahead of the crowd.
• Step 4: Sit back and relax, your financial officer will take care of the entire process from here and will keep you posted about all the updates in the process.
• Step 5: You can contact your financial officer at any time in the process to check for updates
• Step 6: Collect your loan sanction letter from your selected bank, within 15-20 days after submitting the documents.

The process of applying for a study loan is simple, and it gets even simpler when you choose WeMakeScholars as your education loan partner. Because with WeMakeScholars you get the following benefits:

1. Expert guidance - Your financial officer at WeMakeScholars will analyze your loan profile and provide you with the best guidance as per your eligibility to help you get the best student loan deal.
2. Consistent availability - Our team of financial officers and student support are available from 9 AM to 9  PM to process your education loan, give you updates and provide support to you at any and every step of your loan application process
3. Minimal Processing time - With our years of experience we hold expertise in getting an education loan sanctioned within 15-20 days of submitting your documents, from a government bank, and within 7 days from private banks or NBFCs
4. Digitized application process - Being a digital platform ourselves, we empower you to apply and get your loan sanctioned via online application
5. Tax benefits - We help you save your income tax, under sections 80E and 80C of the income tax department, by providing you necessary information regarding the process of claiming the benefits.
6. Negotiation support - While processing your application, if possible your financial officer will negotiate with the Indian Bank lenders team, regarding the rate of interest and other bank policies to get your student loan sanctioned. 
7. Cashback offer - You get a chance to get up to Rs 3,000 from us, as cashback at the time of your loan disbursement.

Compared to the following issues that you will surely face if you go directly go to the banks to get your education loan sanctioned:

• Lack of proper customer services
• No particular list of required documents
• Unavailability of correct information
• No clear idea about the eligibility for education loan
• Multiple visits to the banks, delay the process
• Issues in legal and valuation reports
• Lots and lots of documentation

All the premium class services of WeMakeScholars are entirely free of cost for the students. To start your study loan process today, request a callback or fill out the common application form to get your education loan sanctioned at the earliest.

The education loan repayment process of Indian banks has to be completed within 15 years after the moratorium period ends. However, the repayment duration for EMBA courses is only 10 years, starting immediately after disbursement of loan.

Suppose, a loan amount of Rs 50 lacs is taken to pursue a 2-year MBA in the USA at a 12% rate of interest for repayment duration of 15 years, then the amortization table will look like the following:

Students will be provided an amortization table like such in their education loan sanction letter, as per their loan parameters to give details of monthly EMI amount for their entire repayment duration.

However, students can repay the loan, earlier as well by the following methods:

• Pre-payment or part-payment
• Opting for shorter repayment periods
• Considering transferring your education loan

WeMakeScholars is India’s leading education loan processing partner, we are impanelled with 14+ public and private banks in India and have successfully processed thousands of loan files over the years. If you also want to get your higher studies loan sanctioned at complete ease without any hassle, request a callback or fill out the common application form to start your education loan process with WeMakeScholars.

1. Padho Pardesh Scheme

The Ministry of Minority Affairs announced the scheme for education loans to benefit abroad study aspirants belonging to the EWS category of notified minority communities.

Padho Pardesh Scheme eligibility parameters

• Students should pursue courses at M.Phil, Ph.D. levels, and Masters.
• Students should have taken the loan from a scheduled bank as per the Indian Banks Association guidelines.
• The total family income of the student should not be more than Rs 6 lacs per annum.
• Government-approved income certificate is mandatory.

2. Dr. Ambedkar Interest subsidy scheme for OBC and EWS students

The Ministry of Social Justice and Empowerment announced the scheme for students hailing from OBC and EBC categories of the society, to give exemption on their interest on their education loan within the moratorium period. This interest subsidy scheme for education loans is only for eligible students going to study abroad.

Dr. Ambedkar Interest subsidy scheme eligibility parameters

• Students should have secured admission in the approved courses at M.Phil, Masters, or Ph.D. levels abroad
• Family income of the student should not be more than Rs 8 lacs per annum for the EBC category and OBC category
• Caste certificate is mandatory for students belonging to the OBC category.
• Loans taken from scheduled banks as per the Indian Banking Association guidelines are only acceptable

3. Central Scheme for Interest Subsidy (CSIS)

Run by the Ministry of Education, this interest subsidy scheme for education loans grants interest subsidies on the loans to students belonging to the EWS section of society. 

Eligibility criteria for CSIS

• Courses to study in India are considered under this scheme.
• Students should have a government-approved certificate of belonging from the EWS section of society.
• Family income of the student should not exceed Rs 4.5 lacs per annum.