Indian Bank Students Personal loan

Indian Bank, which recently completed a merger with Allahabad Bank, is one of the nationalised banks in India. The Bank provides financial assistance to diverse sections of society to meet various fund needs. Indian Bank understands students' needs, and the bank ensures financial support to the students in need through the Indian Bank Student Personal Loan under the IB Education Loan scheme. With eligibility extending to a wide array of courses in India and abroad, including prestigious institutions and professional courses, the scheme ensures accessibility to education financing. Flexible repayment options, including a moratorium period and the choice to service interest during study periods, provide students with financial flexibility. 

Indian Bank Lakh Personal Loan for Students – Highlights

The highlights and special features of the Indian Bank Student Personal Loan are given below. 

Compare Students Loan from other Banks  

Below is the table describing student loan offerings from other banks for comparison with Indian Bank Student Personal Loan 

Indian Bank Personal Loan for Students – Fees and Charges 

There are related charges and fees at the time of availing of the Indian Bank Student Personal Loan

Indian Bank Student Personal Loan – Documents Required 

Listed below are the documents required while the application is to be submitted for the Indian Bank Student Personal Loan

• Proof of Identity and Address: Valid government-issued ID cards such as Aadhaar Card, Passport, Voter ID Card, or Driving License.
• Academic Records: Documents verifying educational qualifications, including certificates or mark sheets from previous academic institutions.
• Admission Offer Letter: Official admission letter from the educational institution confirming enrollment in the desired course.
• Statement of Cost of Study/Schedule of Expenses: This is a detailed breakdown of tuition fees, accommodation charges, and other related expenses for the duration of the course.
• Passport-sized Photographs: Recent passport-sized photographs of the applicant(s).
• Proof of Existing Loans (if any): Documents about previous or existing loans, if applicable.
• Passport (for Studies Abroad): Mandatory passport submission for students pursuing studies abroad.
• Permanent Account Number (PAN): The PAN card must be submitted along with the application or before the first disbursement.
• Email Address and Social Media Details: For future communication, contact information, including email address and social media profiles.

Documents Required for Co-applicants/Guarantors

The following documents are required for co-applicants for an Indian Bank Student Education Loan. 

• Proof of Identity and Address: Co-applicants/guarantors, like students, are required to have valid government-issued ID cards.
• Passport-sized Photographs: Recent passport-sized photographs of co-applicants/guarantors.
• Proof of Existing Loans (if any): Documents about previous or existing loans, if applicable.
• Permanent Account Number (PAN): Mandatory submission of PAN card.
• Any Other Specified Documents: Additional documents specified by the bank or financial institution.

Security Requirements

• Primary Security: Assignment of the future income of the student borrower and joint/co-borrowership of parent(s)/guardian(s)/spouse.
• Collateral Security: Depending on the loan category, collateral security may be required in land, buildings, securities, or gold jewellery.

Indian Bank Personal Loan for Students – Eligibility Criteria

The details below will help you understand the eligibility criteria for the Indian Bank Student Personal Loan.

• Indian nationals and Non-Resident Indians (NRIs) are eligible.
• Recognised courses in India and abroad approved by regulatory bodies such as UGC, AICTE, etc.
• Admission through a merit-based selection process or entrance test conducted by recognised institutions.
• Applicants must meet the minimum age requirement of 18 years.