Industrial Development Bank of India (IDBI) Education Loan

Processing Fee: 2.25% of the Loan Amount

Documentation Fees:

Upto 1 Lac Loan Amount: Rs. 850

2 Lac Loan Amount: Rs.1100

3 Lac Loan Amount: Rs.1400

3 Lac Loan Amount: Rs.1650

Insurance Charges:

Upto 1 Lac Loan Amount: Rs. 825

2 Lac Loan Amount: Rs.575

3 Lac Loan Amount: Rs.875

5 Lac Loan Amount: Rs.1125

7.5 Lac Loan Amount:Rs.1495

7.5 Lac - 10 Lac Loan Amount: Rs.1995

Up to Rs 4 lacs: No security

Above Rs 4 lacs and up to Rs. 7.5 lacs Collateral in the form of a third party guarantee

Above Rs 7.5 lacs Collateral security in the form of Land/ building, (The minimum value shall be 1.33 times the amount of loan sought).

Govt. securities/ Public Sector Bonds/ Units of UTI, NSC, KVP, LIC policy, gold, shares/ debentures, bank deposit in the name of parent/ guardian or in the name of the co-applicant (The minimum value shall be 1.1 times of the amount of loan sought).

Wherever the land/ building is already mortgaged, the unencumbered portion can be taken as security on II nd charge basis provided it covers the required loan amount. In case the loan is given for purchase of a computer the same to be hypothecated to the Bank.

Eligible Courses

1. Studies in India: Graduation courses; Post Graduation courses; Professional courses : Engineering, Medical, Agriculture, Veterinary, Law, Dental, Management, Computer etc; Computer certificate courses of reputed institutes accredited to Dept. of Electronics or institutes affiliated to university; Courses like ICWA, CA, CFA etc; Courses conducted by IIM, IIT, IISc, XLRI. NIFT etc; Courses offered in India by reputed foreign universities; Evening courses of approved institutes; Other courses leading to diploma/ degree etc. conducted by colleges/ universities approved by UGC/ Govt./ AICTE/ AIBMS/ ICMR etc; Courses offered by National Institutes and other reputed private institutions. Banks may have the system of appraising other institution courses depending on future prospects/ recognition by user institution.

2. Studies abroad: Graduation; Post graduation: MCA, MBA, MS, etc. Courses conducted by CIMA- London, CPA in USA etc.

3. Special Courses: Regular Degree/Diploma courses like Aeronautical, pilot training, shipping etc., approved by Director General of Civil Aviation/Shipping. In case the course is pursued abroad, the Institute should be recognized by the competent local aviation/shipping authority .