Indian Bank Education Loan For Abroad Studies: A Complete Guide

Did you know that in the last 10 years, the number of students taking abroad education loans from public sector banks has increased three times and similarly the loan amount being sanctioned has also increased six times. One of the major players in this overall increase is the Indian Bank and its abroad education loan offering. For the FY 2021-22, the Indian Bank disbursed around 284 Cr to students who wanted to study abroad. The average lending amount comes to 11 Lakh per student. In order to provide you with more clarity on Indian Bank education loan details, process and its offering, we have compiled all the information and integrated it into this blog.

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Overview of Indian Bank

Founded in 1907, Indian Bank has established a robust network of branches spanning across the entire nation. However, a pivotal development took place in 2020 when Indian Bank merged with Allahabad Bank. This merger had the consequential effect of transferring all customers of Allahabad Bank to Indian Bank, effectively bringing an end to the independent operations of Allahabad Bank. Indian Bank provides education loans to study both in India and abroad as well.

Eligibility Criteria for Indian Bank Abroad Education Loan

Following are the education loan eligibility in Indian Bank that you need to fulfill in order to get Indian Bank education loan. There can be more specific criteria, which banks can put in front of you while applying. The general criteria are -

• You should be an Indian student with a minimum age of 18 years or above.
• You should have a good past academic score. 
• Must have cleared all necessary tests like IELTS, TOEFL, GRE, or GMAT. 
• Should be admitted to a reputed university abroad. 
• Eligible courses - full-time graduate/postgraduate courses, PG diploma courses, and more.
• The target universities should be selected from institutes ranked within the top 1,000 colleges according to the latest World Ranking issued by the bank's accepted websites.

Expenses Covered Under Indian Bank Education Loan for Abraod

The different expenses that will be covered when by Indian Bank Education loan will be - 

• Tuition Fees
• Accommodation charges
• Travel expenses
• Living cost
• Purchase of study-related materials like books, laptops, or more. 
• Registration or subscription fee for things like library, laboratory, and more. 
• Any other charges or costs like security deposit, healthcare, or any other important thing.

Features of Indian Bank Education Loan for Abroad

This bank just like other public sector banks is preferred when an individual needs to take a secured education loan that is a loan with collateral. The main reason for this preference is that when you decide to take a secured education loan then the loan amount that can be approved is more, the interest rate is low, and more such benefits. The details of Indian Bank education loan are given below -

*Indian Bank education loan interest as of 2023

Exploring ways to fund your education? Watch our video to learn about education loans to study abroad

Indian Bank Education Loan Documents Required

The different documents that will be required in order to apply for an Indian Bank education loan are - 

• Address proof: passport, voter ID, electricity bill, etc.
• Academic record: 10th/12th mark sheet for undergrad students and graduation degree & mark sheet for PG students.
• Age proof
• Community certificate
• Family income proof: ITR, salary certificate, pension certificate of parent/guardian.
• Admission certificate or I20 from the college/university
• Tuition Fee details
• Collateral documents (if applicable): LIC policy, valuation certificate, registry documents, etc.
• An affidavit declaring that no study loan is availed from any other bank by the student and his/her parents.

How to Apply Education Loan in Indian Bank?

Wondering - How to get education loan in Indian Bank? The application process for the Indian Bank education loan is simple. You can apply for the loan by visiting the branch directly, or you can also apply via an online application form and then move forward as required by the bank officials. The steps for the same are - 

1. Visit the Indian Bank’s website. 

2. From the options given on the horizontal bar, choose the product and then choose the loan product. 

3. Once you have clicked on it, you will see different loan products that are offered by Indian Bank. 

4. From the given list you will have to choose the education loan option. 

5. A new page will open in which you will find an option “Apply for Loan”, click on it, and then you will be redirected to a new page. 

6. Fill in the required details and attach the required documents. Once all of this is done your application can be successfully submitted to the bank. 

Choosing the perfect lender requires careful consideration of various factors to meet your specific requirements. Public sector banks are a reliable option for education loans with collateral, but alternatives like SBI and UBI offer competitive rates. Therefore, it's essential to evaluate factors such as interest rates, loan amounts, eligibility criteria, margin money, processing fees, and more before finalizing a lender. We understand that assessing all these factors can be challenging, which is why GyanDhan is here to assist you in finding the best lender tailored to your needs. All you need to do is check your eligibility, and you can secure your abroad education loan with ease.

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Frequently asked questions