IDBI Bank Students Personal loan

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IDBI Bank's student loan is designed to empower students aiming for higher education in India and overseas by offering them the necessary financial support. Understanding the importance of education and the impact of financial barriers on academic pursuits, IDBI Bank instant student loan provides a comprehensive suite of services to ensure students can access quality education without financial strain. The loans come with attractive interest rates, making them an appealing option for many. With flexible tenure options, students and their families can plan repayments according to their financial capacity, easing the burden of immediate repayment. IDBI Bank also offers unique features, such as the takeover of existing education loans, providing a streamlined way to manage financial commitments more efficiently.

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Table of Content

1. IDBI Bank Personal Loan for Students Highlights

2. Compare IDBI Bank Student Loan from Other Bank

3. IDBI Bank Student Personal Loan Online Fees & Charges

4. IDBI Bank Student Personal Loan Documents Required

5. IDBI Bank Student Personal Loan Eligibility

Written By

Thejus KS

A mechanical engineer turned history buff with a sprinkle of financial brilliance. Thejus’s expertise comes with a unique blend of engineering precision, timelines, and the power of numerals. He knows that numbers are the pulse of our globe. Attention to detail and extensive research are the key elements of his writing.

Reviewed By

Piyush Bothra

Chief Financial Officer, Square Yards

Piyush Bothra is the Chief Financial Officer at Square Yards, bringing over two decades of rich experience in finance and leadership. He is an MBA graduate from the prestigious IIM Lucknow and holds a BE in Information Technology from Sardar Vallabhbhai Patel Institute of Technology. He has played pivotal roles in scaling businesses and driving financial strategies. At Square Yards since 2015, Piyush is known for his strategic vision, strong financial knowledge, and valuable financial insights, significantly contributing to the company's growth and success.

IDBI Bank Personal Loan for Students – Highlights

Here is a rundown of highlights about IDBI Bank instant loans for students.

Maximum Loan Amount	Up to ₹40 lakhs or 100% of total program cost
Maximum Loan Tenure	15 years
IDBI Bank Student Personal Loan Interest	8.50% p.a. to 11.10% p.a.

Compare IDBI Bank Student Loan from Other Bank

Here’s a quick snapshot of IDBI Bank student instant loan comparison with other banks and NBFCs.

Banks	Interest Rates	Processing Fees
Union Bank of India	8.15% p.a. to 12.55% p.a.	Nil
Punjab National Bank	4% p.a. to 11.25% p.a.	Nil
IDFC FIRST Bank	10% p.a. to 15% p.a.	Up to 1.5% of the loan amount
Canara Bank	8.60% p.a. to 11.35% p.a.	0.50% of sanctioned limit (Max. Rs.20,000)
Bank of Maharashtra	9.45% p.a. onwards	Nil
HDFC	9.50% p.a. onwards	As per the criteria of the bank
Indian Overseas Bank	6.90% p.a. onwards	Contact the bank
ICICI Bank	9.50% p.a. onwards	Up to 2% plus GST
Karur Vysya Bank	12.05% p.a. to 14.55% p.a.	Nil
Axis Bank	13.70% p.a. to 15.20% p.a.	2% of the loan amount plus GST
Federal Bank	12.55% p.a. onwards	Contact the bank
Kotak Mahindra Bank	Up to 16% p.a.	Nil

IDBI Bank Student Personal Loan Online – Fees & Charges

Take a look at the fees & charges for IDBI Bank personal loans for students.

Processing Fees	1% of the loan amount or up to 5,000 + applicable taxes
Part-payment/Pre-payment norms and charges	A charge of 2% will be applied to the prepayment amount if it is prepaid or foreclosed within six months from the EMI start date.
Penal Charges	2% to be charged for loans above 4 lakh
ECS Return Charges due to financial reasons: Insufficient Funds Exceed arrangement Effect not cleared, etc.	₹300/-
Duplicate statement charges	₹115/-
Re-issuance of DD/ PO	₹115/-

IDBI Bank Student Personal Loan Documents Required

The following documents are required for IDBI Bank education loans for students:-

Age Proof, Identity, and Address Verification using Officially Valid Documents as per KYC standards.
Academic Transcripts from Class 10 onwards, including results from the entrance examination.
Evidence of secured admission: Offer or Admission Letter from the educational institution.
Detailed breakdown of course expenses.
Passport-size photos.
Information on any prior or current loans from banks or lenders.
PAN Card and Aadhaar (required for government subsidy schemes).
Security-related documentation, if needed.
Additional documents as required by the Approving Authority.

IDBI Bank Student Personal Loan Eligibility

Take a look at the eligibility criteria for IDBI Bank Personal loan for students.

Applicant must be an Indian resident.
Confirmed admission to accredited educational institutions in India or abroad is necessary.
Pursuing an undergraduate/postgraduate degree or a postgraduate diploma.
Admission must be secured in a college or university recognised by the UGC/AICTE/Government, etc.
The co-applicant is required to have a stable source of income.
A strong academic background aids in the swift processing of the loan.