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Purpose
IDBI has structured a loan facility 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 for 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
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 IDBI Bank |
