Indian Bank has decreased its education loan interest rates by 0.20%, or 20 basis points with effect from Sunday, May 07, 2017. This interest rate cut will reduce the cost of funds for those people who want to avail education loans for their higher studies.
Indian Bank – Current Education Loans or Student Loans Interest Rates
New Delhi (Delhi, India), February 24, 2018
Indian Bank Cuts Education Loan Interest Rate to 12.05% Per Annum
The Indian Bank has decreased its education loan interest rates by 0.20 percent, or 20 basis points with effect from Sunday, May 07, 2017.
Indian Bank has revised its minimum education loan interest rate from 12.25 percent to 12.05 percent per annum for female and male students for the education loan amount up to Rs. 750,000 and from 12.25 percent to 12.05 percent per annum for male and female students for the education loan amount above Rs. 750,000.
Indian Bank’s current interest rate cut will reduce the cost of funds for those people who want to avail education loans for their higher studies.
Indian Bank Student Loan Scheme – Current Education Loan Interest Rates for Various Category of Borrowers
Indian Bank Student Loan Scheme Interest Rate for Female Students:
12.05% Per Annum for Indian Bank Education Loan Amount up to Rs. 4,00,000
12.05% Per Annum for Indian Bank Education Loan Amount Rs. 400,001 to Rs. 750,000
12.05% Per Annum for Indian Bank Education Loan Amount above Rs. 750,000
Indian Bank Student Loan Scheme Interest Rate for Male Students:
12.05% Per Annum for Indian Bank Education Loan Amount up to Rs. 4,00,000
12.05% Per Annum for Indian Bank Education Loan Amount Rs. 400,001 to Rs. 750,000
12.05% Per Annum for Indian Bank Education Loan Amount above Rs. 750,000
Indian Bank Student Loan Rate of Interest is Floating or Fixed: Fixed Interest Rate
Indian Bank Education Loans Minimum Borrowing Amount: Minimum Education Loan Amount is Rs. 50,000
Indian Bank Education Loans Maximum Borrowing Amount: Maximum Education Loan Amount is Rs. 15,00,000 for studies in India and Rs. 25,00,000 for studies abroad.
Indian Bank Education Loan Margin Amount:
Minimum 0% Margin of the Education Expenses for Loan up to Rs. 4,00,000
Minimum 5% Margin of the Education Expenses for Loan above Rs. 4,00,000 for Studies within India
Minimum 15% Margin of the Education Expenses for Loan above Rs. 4,00,000 for Higher Studies Overseas.
Indian Bank Education Loan Mode of Loan Amount Disbursal: Direct Credit to the Student’s Educational Institute
Indian Bank Student Education Loan Processing Fee and Documentation Charges: Nil Fee or Charges
Minimum Age Limit of Applicants for Getting the Indian Bank Education Loan Sanctioned: Minimum Age 18 Years at the Time of Education Loan Commencement
Maximum Age Limit of Applicants for Getting the Indian Bank Education Loan Sanctioned: Maximum Age 35 Years for Non-Employed Personnels and 45 Years for Working Employees or Executives at the Time of Education Loan Commencement
Maximum Tenure for the Indian Bank Student Education Loan:
Maximum Education Loan Tenure is 10 Years for Education Loan up to Rs. 750,000
Maximum Education Loan Tenure is 15 Years for Education Loan above Rs. 750,000
Indian Bank Student Education Loan Pre Closure Charges or Prepayment Penalty: Nil Charges or Penalty
Indian Bank Education Loan EMI Cheque, SI, or ECS Bounce Charges: Rs. 500 plus GST
Charges for Indian Bank Education Loan EMI Late Payment: Minimum 2% Per Month of the Indian Bank Education Loan EMI Outstanding Amount (Minimum Rs. 500 plus GST)
Guarantor Requirement for the Indian Bank Education Loan: Guarantor is Required – The parent(s) or guardian of the student needs to be co-applicant(s) of the student loan
Eligible Courses for the Indian Bank Student Education Loan: Regular career-oriented full-time degree and diploma courses for studies in India and abroad.
Indian Bank – Deposits and Loans Interest Rates
Current Deposits and Loans Interest Rates of Indian Bank