Looking for an Education Loan from IndusInd Bank?

You will find your answers here. This page summarises all the information you will need on IndusInd Bank’s Education Loan

IndusInd Bank Education Loan for Higher Studies in India and Abroad

IndusInd Bank, labelled the new generation bank of India, offers a wide range of financial products to different segments of its customers. These loans are aimed at providing financial support to customers for different purposes such as purchasing a house, purchasing a car, arranging for a child’s wedding, pursuing higher education for themselves or their children, etc. As of November 2020, the bank has a special scheme in its retail loan segment called the Personal Loan for Education that students can avail to pay for higher education.

The education loan scheme from IndusInd Bank:

  1. IndusInd Bank Personal Loan for Education

As of November 2020, the bank does not offer any other education loan scheme or Government of India Interest Subsidy Schemes on education loans.

IndusInd Bank Personal Loan for Education

ThisIndusInd Bank study loan helps students finance their education and realise their dreams of pursuing higher education at recognised educational institutions in India and abroad. The maximum loan amount you can get is Rs. 15 lakh. Parents can also avail this loan to fund their child’s education. The loan is offered to customers living in specific Indian cities.

Features of IndusInd Bank Personal Loan forEducation

Why this Loan?

  • The loan is meant to help students who have secured admission into a higher education course in a recognised institution in India or abroad
  • The bank offers loan amount up to Rs. 15 lakh under this loan scheme. This IndusInd Bank Personal Loan for Education is offered to people living in select Indian cities. Please check the list on the bank’s website here.
  • The loan can be availed for all expenses directly related to the course including for fees, purchase of books, laptops, hostel fees, lab fees, examination fees, etc.

Loan Amount

  • The maximum loan amount you can get is Rs. 15 lakh for studying in India or abroad

Interest

  • The interest rate applicable on this loan starts from 11.0% and can go up to 23.0%

Moratorium

  • As of November 2020, these details are not provided by the bank. Please get in touch with the bank for details

Repayment

  • The repayment period for this loan can be anywhere from 1 year to 5 years
  • The loan amount for each year is repayable in 12 EMIs

Security Needed

  • The bank does not ask for third-party guarantee or collaterals for this loan

Eligibility

  • The applicant must be an Indian national
  • Salaried professionals applying for this loan should be at least 21 years of age and completed at least 2 years in employment with minimum of 1 year in the current organisation
  • Self-employed professionals such as doctors, lawyers, CAs, etc. applying for this loan should be at least 25 years of age and have an annual net income Rs. 4.8 lakh after tax deductions. They must have 4 years of post-qualification experience
  • Self-employed individuals applying for this loan should be at least 25 years of age and have an annual net income Rs. 4.8 lakh after tax deductions. They must have 5 years of post-qualification experience
  • The applicant must have completed 1 year of stay at their rented residence if a permanent address is not available
  • The maximum age at the time of loan maturity should be 60 years for salaried professionals and 65 years for self-employed professionals and individuals

Borrower Contribution to Total Cost (Margin Money)

  • As of November 2020, these details are not listed on the bank’s website. Please get in touch with the bank for details

Note: Margin money refers to the amount the borrower contributes to the overall amount required. Suppose a course costs Rs. 20 lakh in which case if the borrower has to pay 5% margin, then they will have to pay 5% of Rs. 20 lakh which is Rs. 1 lakh. The bank will cover the rest.

Processing and Other Charges

  • The higher of 2.5% of the total loan amount or Rs. 1,000, plus tax must be paid as processing charges to IndusInd Bank for this loan
  • Stamp duty and legal charges are taken at actuals
  • The bank has defined charges for payment dishonour (Rs. 450 plus tax), penal charges (Rs. 150 plus tax for every EMI after 5 days), loan cancellation (Rs. 1,000 plus taxes) and so on

Other Features to Know

  • The bank may ask for the student’s progress report to be submitted with the bank at regular intervals
  • The minimum loan amount is Rs. 50,000
  • There are no pre-payment charges for the loan
  • The loan must be repaid via ECS or by setting up Standing Instructions (SI) from your IndusInd Bank account

Documents Needed

  • Application Form duly filled and signed by applicant and/or guarantor along with details of applicant and/or guarantor and family
  • Two Passport Size Photographs of applicant
  • 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
  • Income Proof for Salaried Employees: Latest 3 month salary slip, Bank Statement of last3 months of salary account and Latest Form 16
  • Income Proof for Self-employed Professionals: Business/Current Account Bank Statement of last 6 months, ITR of last 2 years along with computation of income and Proof of Highest Professional Degree
  • Income Proof for Self-employed Individuals: Business/Current Account Bank Statement of last 6 months,  ITR of last 2 years along with computation of income and Business Continuity proof

Reference Facts:

  • IndusInd Bank Website: www.indusind.com
  • Headquarters: Mumbai, Maharashtra
  • Call Centre Toll-Free Number: 1860 500 5004