<\/span><\/h1>\nIDBI (Industrial Development Bank of India) Bank is an Indian government-owned financial service corporation. It was established in 1964 as per the Parliament Act to provide credit and other financial facilities for developing the fledgling Indian industry and the citizens of India. IDBI is the 10th largest development bank in the world, with 3000 ATMs and 1900 branches, including one overseas branch in Dubai.<\/span><\/p>\n<\/span>Benefits of taking an education loan from IDBI Bank<\/span><\/span><\/h1>\nLet us look at some benefits of taking an <\/span>education loan<\/b> from IDBI bank for domestic and overseas education.<\/span><\/p>\n<\/span>Financial aid for girl education<\/span><\/span><\/h2>\nBeing a country with an age group of 18-35, a financial institution like the IDBI focuses on providing complete financial assistance for girl education. Therefore, the bank provides a 0.5% concession on the Return on Investment for girl education.<\/span><\/p>\n<\/span>High Loan Margin<\/span><\/span><\/h2>\nIDBI Bank has high loan margins compared to other government-owned financial service corporations. The bank provides <\/span>education loans <\/b>for up to 4 lakhs. However, the case may vary depending on the candidate\u2019s eligibility to meet the requirements. The bank provides loans above four lakhs with 5% interest for domestic education and 15% for overseas education.<\/span><\/p>\n<\/span>Education expenses covered<\/span><\/span><\/h2>\nThe IDBI bank <\/span>education loan <\/b>schemes cover education-related expenses, including college fees, book purchases, electronic device purchases, travel expenses, and other education-related expenses.<\/span><\/p>\n<\/span>Interest Rates<\/span><\/span><\/h2>\nThe IDBI bank interest rate depends on the loan amount required for education. If the quantum of <\/span>education loans<\/b> is up to 7.5 lakhs, the interest rate is 8.65%. If the quantum of <\/span>education loans<\/b> is above 7.5 lakhs, the interest rate is 9.15%.<\/span><\/p>\n<\/span>General documents required for education loan from the IDBI Bank<\/span><\/span><\/h1>\nThe documents required for the IDBI Bank overseas education loan depend on a case-to-case basis. However, an indicative list of documents is as follows –<\/span>\u00a0<\/b><\/p>\n<\/span>General Documents:<\/span><\/span><\/h2>\n\n- Completed application\u00a0<\/span><\/li>\n
- Affidavit from the borrower confirming that no <\/span>educational loans<\/b> have been availed from other public or private banks.<\/span><\/li>\n
- The borrower must provide the security documents if the borrower takes a collateral <\/span>education loan<\/b>.<\/span><\/li>\n<\/ul>\n
<\/span>The Applicant\u2019s documents:<\/span><\/span><\/h2>\n\n- Age Proof<\/span><\/li>\n
- ID proof<\/span><\/li>\n
- Residential Address proof<\/span><\/li>\n
- Mark sheets of the last qualifying examination<\/span><\/li>\n
- Proof of admission, such as scholarship, acceptance letter, etc.<\/span><\/li>\n
- Schedule of expenses for the selected course.<\/span><\/li>\n<\/ul>\n
<\/span>Co-applicant\u2019s Documents:<\/span><\/span><\/h2>\n\n- Age proof<\/span><\/li>\n
- ID proof<\/span><\/li>\n
- Signature\u00a0<\/span><\/li>\n
- Address\u00a0<\/span><\/li>\n
- Employment or Business or Income Proof.<\/span><\/li>\n<\/ul>\n
<\/span>Co-applicant’s income proof:\u00a0<\/span><\/span><\/h2>\n\n- Last three-month salary slip.<\/span><\/li>\n
- Salary Account statement for last three months with credits.<\/span><\/li>\n<\/ul>\n
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