Indian Bank Study Abroad Loan
Turn your overseas admission into a funded study plan with an Indian Bank abroad education loan for higher education expenses.
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Indian Bank Study Abroad Loan Highlights
The Indian Bank education loan for abroad studies is need-based, which assists qualifying students in meeting the costs involved in the pursuit of education in institutions abroad.
Interest rate starting from
7.05%
Max loan amount
Up to ₹25 lakhs
Processing fee
0% to 15%(of Loan Amount)
Repayment tenure
Up to 15 Yrs
Moratorium
12 Months
Key Features of Indian Bank Study Abroad Loan
An Indian Bank study abroad loan is structured around the actual cost of education rather than a standard funding amount for every student.
Need-Based Finance
The loan amount is assessed according to course expenses and the applicable margin requirements.
Scholarship Adjustment
Scholarships and assistantships can be considered toward the student’s required margin contribution.
Interest Payment Flexibility
Paying interest during the study and moratorium period is optional. Unpaid interest is added while determining the repayment EMI.
Long Repayment Window
Regular education loans for overseas studies can be repaid in up to 180 EMIs after the moratorium period.
No Prepayment Charges
Indian Bank’s current service-charge schedule lists no prepayment charge for its education loan for studies abroad.
Student Insurance
Life insurance covering the study, moratorium, and repayment periods is required, and the premium may be financed through the loan.
Indian Bank Loan for Overseas Education
Indian Bank provides overseas education financing primarily through the IB Education Loan (IBA) scheme. The applicable margin and security requirements vary according to the loan amount and the bank’s assessment.
IB Education Loan (IBA)
The IB Education Loan is based on the Indian Banks’ Association model education-loan scheme and supports higher-education courses in India and abroad.
Need-based finance is available for education expenses. Indian Bank does not publish a standard maximum loan amount for regular overseas studies under this scheme.
- Indian Bank lists education loan rates from 7.05% to 10.15% per year.
- Your rate depends on your institution, loan type, and applicant profile.
- The rate is floating, so it can change over time.
Indian Bank covers recognized courses abroad, including:
- Job-oriented professional and technical undergraduate courses
- Postgraduate courses such as MBA, MCA, and MS
- CIMA in London and CPA in the USA
- Recognized aeronautical, pilot-training, and shipping courses
The student’s future income is assigned to the bank, and a parent, guardian or spouse must ordinarily join as a co-borrower, as applicable.
Eligible loans up to ₹7.5 lakh covered under CGFSEL do not require collateral or a third-party guarantee. Loans outside this cover are subject to Indian Bank’s collateral requirements.
- Up to ₹4 lakh loan: No margin required.
- Above ₹4 lakh to ₹7.5 lakh: 15% margin.
- Above ₹7.5 lakh: 20% margin.
- Scholarships can count toward your margin.
- Loans up to ₹10 lakh: No processing fee.
- Loans above ₹10 lakh: 0.15% of the loan amount, up to a maximum of ₹3,000, plus GST.
Course duration plus a holiday period of up to one year.
Up to 180 monthly instalments commencing after the moratorium period.
Life insurance covering the sanctioned loan amount and the study, moratorium and repayment periods is mandatory. The eligible premium may be included in the loan.
Expenses can include tuition, accommodation, living costs, overseas travel, examination charges, books, equipment, a computer, insurance and other approved course-related costs.
Source: IB Education Loan (IBA)
Eligibility for Indian Bank Education Loan
Indian Bank education loan eligibility focuses on the student’s admission, academic background, proposed course, institution, and ability to meet the scheme requirements.
Student Eligibility
Nationality: The applicant should be an Indian citizen.
Admission: Admission should be secured at a recognized institution abroad.
Course: The proposed program must qualify under the applicable education loan scheme.
Academic Profile: Previous academic records are considered during assessment.
Co-borrower: Parent or spouse is generally required as a joint borrower, as applicable.
Funding Need: The requested amount should correspond to eligible education expenses.
Collateral Security
Up to ₹7.5 lakh: Loans covered under CGFSEL can be sanctioned without third-party guarantee or collateral security.
Above ₹7.5 lakh: Collateral requirements apply according to Indian Bank’s prevailing education loan guidelines and credit assessment.
Primary Security: Assignment of the student borrower’s future income forms part of the education loan security structure.
Joint Borrower: Parent or spouse is included as co-obligant/joint borrower, as applicable.
Documents Required for Indian Bank Study Abroad Loan
The Indian Bank education loan documents establish the student’s identity, academic history, admission, study cost, and the co-borrower’s financial position.
01 Student Documents7 Documents
KYC Documents: Accepted proof of identity and address.
Academic Records: Marksheets, certificates, and other relevant educational records.
Admission Proof: Offer, admission or qualifying conditional offer letter issued by the overseas institution.
Cost of Study: Official fee schedule or statement showing expected education expenses.
Photographs: Recent passport-size photographs.
Passport: Valid passport for international studies.
Existing Loan Details: Documentary evidence of previous or existing loans, where applicable.
02 Co-applicant Documents5 Documents
Identity Proof: PAN, Aadhaar, or other accepted KYC documents.
Address Proof: Current residential address documentation.
Relationship Proof: Documents establishing the relationship with the student, where required.
Bank Statements: Recent statements as requested by the bank.
Liability Details: Information about existing loans and financial obligations.
03 Income Documents for Salaried Co-Applicant4 Documents
Salary Slips: Recent salary records.
Form 16: Latest applicable Form 16.
Income Tax Returns: ITR documents, where required.
Bank Statements: Recent salary account statements.
04 Income Documents for Self-Employed Co-Applicant4 Documents
Income Tax Returns: Recent ITRs.
Business Proof: Relevant registration or business ownership documents.
Financial Statements: Balance sheet and profit and loss statement, where applicable.
Bank Statements: Recent business and personal banking records.
05 Collateral Documents5 Documents
Ownership Documents: Proof that the proposed collateral belongs to the eligible owner.
Title Documents: Property title, sale deed, or other applicable ownership papers.
Tax Receipts: Latest property-related tax records, where applicable.
Valuation Documents: Papers required for assessing the security’s value.
Legal Documents: Additional documents requested for legal verification.
How to Apply for a Indian Bank Education Loan for Abroad Studies
Your Education Loan Journey: 5 Swift Steps, Zero Hassle.
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Get Your Funds
Receive your sanction letter and timely loan disbursement.
Popular Study Destinations for Indian Bank Education Loans
The Indian Bank foreign education loan can support higher education at recognized institutions across international study destinations.
United States
United Kingdom
Canada
Australia
Germany
Expenses Covered by Indian Bank for Education Loan
An Indian Bank foreign education loan can account for the major costs involved in completing an overseas degree.
Tuition Fees
Tuition and other approved fees payable to the overseas institution can be financed.
Accommodation
Hostel and accommodation expenses can form part of the total study cost.
Examination and Academic Charges
Examination, library, laboratory, and similar institutional charges may be included.
Books and Equipment
The loan can account for books, instruments, equipment, and other necessary academic materials.
Computer Expenses
A computer or laptop required for completing the course may be considered as an eligible expense.
Overseas Travel
Eligible travel expenses for students pursuing studies abroad can be included.
Insurance
The cost of applicable student insurance may form part of the financed education expenses.
Other Course Expenses
Reasonable expenses necessary for completing the program may also be considered according to the scheme.
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Lending Partners
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Study Destinations
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Frequently Asked Questions
Can Indian Bank finance my studies abroad?
Yes, the IBA Education Loan of Indian Bank supports eligible educational programs in India as well as in other countries as long as the applicant and program qualify according to the bank’s standards.
Is there a fixed maximum loan amount for overseas education?
In terms of the regular IBA Education Loan, the Indian Bank defines financing as need-based and related to costs of study and margins instead of listing a single maximum limit for all foreign applicants.
Does Indian Bank require collateral for an education loan?
Indian Bank provide education loan without collateral in most cases for the loans under ₹7.5 lakh falling under CGFSEL. In case of higher amount of loan, security will depend upon the terms of the bank.
What documents do I need for an Indian Bank education loan?
KYC documents, academic documents, proof of admission, cost-of-study document, photographs, financial documents of co-borrower, and collateral documents are usually required when security is needed.
How long do I get to repay an Indian Bank education loan?
Regular education loans can be repaid in up to 180 EMIs after the moratorium, giving borrowers a repayment window of up to 15 years.
Can Nomad Credit help with my Indian Bank education loan?
Yes. Nomad Credit can help you understand eligibility, prepare documents, review funding requirements, and compare suitable education loan options for your overseas studies.
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Written by
Mansi Jain| Content Specialist
Reviewed by
Swati Sahu| Lender Editor
Reading Time
10 min read
Disclosure
Interest rates and loan terms vary from lender to lender and are offered based on the applicant's profile, eligibility, and the respective lender's assessment.
