IndusInd Bank Education Loan for India and Abroad

Studying in India or abroad can be a costly decision, but with the right education loan, you can manage the financial aspect of your journey. The IndusInd Bank education loan for abroad studies or for higher studies in India, it covers all your major expenses, from tuition fees to living costs, ensuring that your focus remains on your education rather than your finances.

Overview of the IndusInd Bank education loan for studying abroad:

Let us understand various parameters like IndusInd Bank education loan interest rate, loan limit, processing fee and other details from the table below:

With the IndusInd bank loan interest rates, you do not need to worry about covering your study expenses whether in India or abroad, as the loan takes care of everything, including travel(in case of abroad studies), health insurance, and tuition fees. Competitive Indusind bank loan interest rates and a flexible repayment period of up to 15 years along with 1 year moratorium period allow you to manage repayments comfortably after your course is completed. Now, let us talk about the eligibility criteria for the IndusInd Bank education loan.

IndusInd Bank Education Loan Eligibility Criteria

To get an IndusInd Bank student loan, there are certain eligibility criteria that you need to meet. Let us understand the eligibility criteria for the IndusInd Bank education loan:

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  Nationality: Indian

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  Age: 18 - 35 years

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  Collateral: None, please note that IndusInd bank requires no collateral for education loans upto INR 50 Lakhs

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  Academics: Good performance and academics in school and college

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  Admission letter: Confirmed admission in a recognized university in India or abroad.

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  Co-applicant: Parents, parents-in-law, spouse, siblings

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  Co-applicant income: Stable with a 3-year ITR record

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  CIBIL score: Greater than 700

IndusInd Bank Education Loan Documents Required

Once your eligibility criteria are met, then you need to submit documents as required by IndusInd Bank to process and disburse your education loan for abroad or for studies in India. Let us properly understand each and every document requirement:

List of basic documents required for applicant and co-applicant:

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  Duly filled out the IndusInd bank education loan application form
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  2 passport-size photographs
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  Address proof (any of the following): Voter identification card, Passport, Aadhar card, Telephone bill, Ration card, Electricity bill, Bank account statement 
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  Proof of Identification: PAN Card, Passport and Aadhar Card
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  Personal Asset and Liability Statement may also be required
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  Bank statement of the past 6 months is required if the co-applicant is salaried.

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  Bank statements of the past 12 months must be shown if the co-applicant is self-employed.

List of academic documents required for applicant and co-applicant:

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  Proof of admission (admission letter) from a recognized university in India or abroad
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  The fee structure of the entire course (for the USA, it is mentioned in an I20 Form)
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  Marksheets of GRE/IELTS/GMAT
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  Mark sheets of 10th, 12th, and undergraduate.

List of financial documents required for co-applicant:

For salaried co-applicants:

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  Form 16 of the previous 2 years.
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  Employer details including GST number
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  The last two years ITR
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  Most recent pay slips (for the last 3 months)

For self-employed:

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  3 years profit & loss account and the balance sheet (only if self-employed businessman)
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  Past three years ITR
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  Proof of company address/ Business address
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  3 years Profit & Loss account and the balance sheet (only if self-employed businessman)

These are the lists of documents required, but please note that this is not an exhaustive list, as certain documents may be asked by the bank at the time of application submission.

For example, if you or your co-applicant has missed any EMI of a previous loan, then you have to provide a reason for missing the EMI. Apart from this, there can be a requirement of other documents as well, which will be communicated as per the bank’s process. Now, let us understand the collateral requirements for an IndusInd bank education loan.

Schedule of Charges for IndusInd Bank Education Loan

Following is the list of charges that are applicable depending on the type and situation. We can see the list of charges from the table below:

IndusInd Bank Education Loan Processing Fees

When applying for an IndusInd Bank education loan application process, please note that the bank charges a processing fee of 3.5% of the sanctioned loan amount. Also, there is a pre-payment fee of 4% on the outstanding amount, however, please note that prepayment is allowed only after 12 monthly EMIs.

IndusInd Bank Education Loan Insurance Requirement

IndusInd Bank education loan requires students to take loan insurance, which is around 1%-2% of the sanctioned loan amount. This insurance helps protect both the borrower and the lender in case of any unforeseen event like disability or death.

IndusInd Bank Education Loan Repayment Terms and Moratorium Period

The IndusInd Bank education loan comes with a moratorium period that lasts for the course duration plus one year. This means your loan repayment will start after 1 year of your course completion. Also, the repayment period is 15 years, which is a comfortable window to repay your education loan without putting financial stress on you or your co-applicant.

Comparison of IndusInd Bank Education Loan with Other Banks

Let us compare the education loans offered by other banks to that of IndusInd bank education loan from the table below:

How GyanDhan Can Help You Secure the Best Education Loan

Securing the right IndusInd education loan can be challenging, given that many loan options are available in the market. Now, we do not want to confuse you but want to assure you that we can help you get the best market deal when it comes to education loans. GyanDhan is here to simplify the process for you and make your higher education journey stress-free. We can help you get the best education loan deal by providing free assistance. Here is how we can assist you:

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  Loan Comparison: Using our loan eligibility tool, you can check your loan eligibility from various banks, including IndusInd Bank, ensuring you get the best IndusInd bank loan interest rates and terms.

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  Expert Guidance: Our team of financial experts offers personalized guidance to help you choose the best loan and manage the application process. Also, you can live-track your multiple loan applications on a single dashboard and IndusInd Bank education loan processing time is also reduced due to extensive networking with all prominent lenders in India.

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  Post-Loan Support: GyanDhan provides ongoing support even after you secure the loan, ensuring the loan disbursement process goes smoothly.

The best part is our services are completely free of charge, making it easier for you to focus on your studies while we handle all the paperwork.

Frequently Asked Questions