Indian Bank Education Loan (IBA)

The selected candidates will receive a loan ranging from INR 4 lakh to INR 25 lakh. The candidates who are pursuing Executive Management Program/Executive MBA across India will receive a maximum loan limit is INR 25 lakh.

Candidates must fulfil the following margin money as per the percentages mentioned below:  

• Up to INR 4 lakh - 0% margin money to study in India and abroad
• Between INR 4 lakh and INR 7.5 lakh - 5% margin money (to study in India) and 15% (to study abroad)
• Above INR 7.5 lakh - 15% margin money (to study in India) and 20% (to study abroad)
• Up to INR 25 lakh (for Executive Management Program/Executive MBA) - 25% margin money (to study in India only)

Additional benefits include: 

• Tuition fees
• Tour fee
• Insurance premium (if any)
• Academic and maintenance fee
• Hostel fees or lodging and boarding charges
• Living expenses and travel expenses/passage money
• Caution money/building fund/refundable deposit
  • Fund to purchase books/uniform/equipment/instruments
  • Money to purchase a computer/laptop at an affordable price
  • Project or thesis expenses and other miscellaneous expenses

Credit Guarantee Cover:

The credit guarantee cover for IB Education Loan will be applicable for 75% of the defaulted amount. Below are the specific details regarding the guarantee cover. 

• Educational loans granted up to INR 7.5 lakh limit under the Indian Bank Education Loan scheme are eligible under the Credit Guarantee Fund Scheme for Educational Loans (CGFSEL).
• The requirement for a third-party guarantee or collateral is waived for this loan scheme.
• Parents/spouses of borrowers are required to act as co-obligates or joint borrowers.
• Applicants can apply for education loans to study in India as well as abroad.
• The annual guarantee fee will be 0.5% per annum for the outstanding loan amount, which the bank will absorb.
• The guarantee cover will be provided for 75% of the defaulted loan amount.

Important Note – The above-listed covered expenses are tentative and subject to the bank’s lending policy. The bank reserves the right to set limitations on these expenses.

• Application form with three passport-size photographs
• Assets and liabilities statement in the bank’s prescribed format from the applicant(s), co-applicant(s), and guarantor(s)
• Aadhaar card/Permanent Account Number (PAN) card/voter identification card/passport/driving license
• Admission letter/bonafide student certificate from the college/university (must include fee structure)
• Details regarding the source of funds to meet the margin (must be supported by documentary evidence)
• Declaration/affidavit stating that no other educational loan has been availed from any other bank by the applicant and their parents
• Copy of sale deed and related documents (if immovable property is offered as collateral security)
• Recent telephone bill/electricity bill/property tax receipt
• Marksheet (Class 10, 12, graduation, or last qualifying examination)
• Community certificate (if applicable)
• Income certificate issued by the designated authority 
• Passport and visitors International Stay Admission (VISA) to study abroad
• Details of parents/guardian/co-obligation/guarantor
• Copy of liquid securities (if offered as collateral)
• Income proof 

Eligible candidates can apply for the loan programme by following the below steps:

• Visit the official website of the Indian Bank Education Loan (IBA).
• Scroll and click on the ‘Apply for Loan’ button.
• For Existing Customers of Indian Bank – 
  • Choose the ‘Yes’ option and enter ‘SB Account Number.’ 
  • Indian Bank Education Loan - SB Account Number
  • Click on the ‘Generate OTP’ button. 
  • Applicants will receive an OTP on the registered mobile number or email ID. 
  • Enter the OTP and click on the ‘Submit’ button. 
  • Now, fill in the required details. 
  • Applicants will receive a call from the bank agent regarding the IB Education Loan.
• For Non-Existing Customers of the Indian Bank 
  • Choose the ‘No’ option and enter a 10-digit mobile number. 
  • Click on the ‘Generate OTP’ button. 
  • Indian Bank Education Loan - Generate OTP
  • Applicants will receive an OTP on their registered mobile number. 
  • Enter OTP, it will redirect to a new page. 
  • Indian Bank Education Loan - online application form
• Fill in the required details on the online application form.
• Now, select ‘I permit the bank to reach me by phone number or email’ and choose a preferred time of contact (morning, afternoon, or evening).
• Now, click on the submit button. 
• Applicants will receive a call from the bank agent regarding the IB education loan.