IDBI Education Loan for Non-Vocational Courses for Offered by ICAI, ICWAI and ICSI
This loan is meant for students pursuing a Chartered Accountant, Cost and Works Accountant or Company Secretary course from ICAI, ICWAI and ICSI respectively. The maximum loan amount is capped at Rs. 3 lakh or the 100% cost of the programme whichever is lower.
Features of Education Loan for Professional Courses from ICAI, ICWA or ICSI
Why this Loan?
- The loan is meant for you if you have gained admission into a course offered by Chartered Accountants of India (ICAI), Institute of Cost and Works Accountants of India (ICWAI) or Institute of Company Secretaries of India (ICSI)
- The IDBI Education Loan for Courses from ICAI, ICWAI and ICSI is disbursed to the institution as required to pay the fees or other approved charges such as initial registration fees, purchase of computer or laptop up to Rs. 40,000, money spent on course books, fees for tuition conducted by ICAI, etc.
- The maximum loan amount is capped at Rs. 3 lakh
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- The interest rate applicable to this loan is 8.65%
- The repayment period for this loan is 15 years
- The loan amount for each year is repayable in 12 EMIs, with the first instalment becoming due after the end of moratorium period
- The moratorium period for this loan is course duration + 12 months
- The bank only accepts Standing Instructions (SI) as a mode of loan repayment
- Prepayment is accepted by the bank subject to a minimum of Rs. 25,000
- No prepayment or foreclosure charges are levied by the bank
- No security is required. Parents must be co-borrowers
- The applicant must be an Indian national
- The student should have gained admission into a course offered by the Institute of Chartered Accountants of India (ICAI), Institute of Cost and Works Accountants of India (ICWAI) or Institute of Company Secretaries of India (ICSI)
- If the student is a minor, parents can execute the loan. Once the student turns 18, a ratification letter is obtained by the bank from the student
- The co-borrower must be in the age group of 21 – 70 years
- Chartered Accountant course offered by Chartered Accountants of India (ICAI)
- Cost and Works Accountant course from the Institute of Cost and Works Accountants of India (ICWAI)
- Company Secretary course from the Institute of Company Secretaries of India (ICSI)
Borrower Contribution to Total Cost (Margin Money)
- Borrowers do not have to pay margin money on this loan
Note: Margin money refers to the amount the borrower contributes to the overall amount required.
Processing and Other Charges
- The borrower is required to pay documentation charges and stamp duty wherever applicable
- For enhancement of loan amount, the borrower is required to pay Rs. 500 + taxes
Uses of the Loan
- Initial registration fee payable to the institute, and exam and library fees for each course or stage
- Cost of books, conveyance, etc. will be capped at a maximum of the total course registration fee
- Cost of computer, laptop or tablet if required for the course subject to an upper limit of Rs. 40,000
- Hostel fees or paying guest accommodation charges will be limited to the total course registration fee
- The loan can be used to pay for any insurance premium if it is opted for by the student
- Expenditure on Live Virtual Classes supported by the institution’s bills or receipts and cost of tuitions conducted by the institutes are allowed
- However, external coaching or tuition fees are not allowed
Other Features to Know
- During application, the borrowers should provide an affidavit that they have not taken an education loan from another bank for the same child. In case they have, balance transfer is allowed
- The student’s progress report may have to be submitted with the bank at regular intervals
- The loan is disbursed directly to the college, bookseller or publisher, computer seller, and so on and not to the applicant(s)
- Application Form duly filled and signed by applicant and/or guarantor along with details of applicant and/or guarantor and family
- A declaration/ affidavit from the borrower confirming that, no educational loans have been availed from other banks
- Two Passport Size Photographs of student, applicant and/or guarantor
- Photocopy of PAN Card of the student that needs to be submitted at the time of application or during the course period
- Personal Identification Proofs (Any One): Electoral I-Card, Passport, Driving License, PAN Card or Aadhaar Card
- Residential Address Proof (Any One): Electricity Bill, Landline Telephone Bill, Electoral or Voter ID Card or Passport
- Admission Letter, Course Details and Prospectus as proof of admission
- Fee Details with Demand of Fee by the Institution
- All Proofs of Past Academic Record including Mark Sheets and Certificates
- For the co-borrower, documents as age, ID, signature, address and employment, business or income proofs are required. Income proof for salaried includes last 3 months salary slips and salary account statement with salary credits while for pensioners or those with rental income, income tax proofs, bank account statement, rent agreement, etc. will be needed. Self-employed borrowers need to show audited financial statements for the last 2 years. An income certificate will also be needed by civic authorities authorised to provide the same
- IDBI Bank Website: www.idbibank.in and www.inet.idbibank.co.in (net banking)
- Headquarters: Mumbai, Maharashtra
- Call Centre Toll-Free Number: 1800 209 4324, 1800 22 1070