Indian Bank provides an education loan to students looking to pursue their studies in various institutions across various disciplines.

Eligible courses:

1. Education in India:

Students applying for diploma, undergraduate or postgraduate courses regardless of the discipline are eligible to avail an Indian Bank education loan.

Education loans can also be availed for computer certificate courses from institutions accredited to The Department of Electronics.

All applicants are required to be Indian citizens.

2. Education Abroad:

Indian Bank educational loans are offered for job-oriented professional or technical courses offered by universities.

Students applying for an MBA, MCA, MS and courses conducted by CIMA - London and CPA in USA are also eligible to avail an Indian Bank educational loan.

Terms of Education loan

1. Rate of Interest:

Indian Bank offers education loans at a floating interest rate of 12.50% per annum with a concession of 0.50% on the interest rate under the IBA scheme for female students.

2. Loan Margin:
Borrowers are not required to cover any amount as loan margin for education loans taken up to Rs 4 lakhs.

3. Quantum of Loan:
Indian Bank sanctions loan amounts up to Rs 15 lakhs for admissions in India and up to Rs 25 lakhs for students applying for institutions abroad.

4. Loan Repayment:

Repayment of an Indian Bank education loan can be initiated either after the completion of the course or a year after the applicant has got a job.

Loan amounts up to Rs 7.50 lakhs have to be repaid within a period of 10 years and loans availed above Rs 7.50 lakhs can be repaid within 15 years.

5. Insurance Cover:
Indian Bank also provides life insurance coverage to student borrowers under the 'New IB Jeevan Vidya' scheme.