Indian Bank Education Loans: To Take or Not To Take is the Question

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Indian Bank Education Loans: To Take or Not To Take is the Question

Indian Bank offers three education loans. The interest rates are low and the bank has enough of a footprint that you can consider them for your education loan if you have an account with them.

Most Indian nationalised bank employees seem they wouldn’t care less if you took a loan from them or not but even the most indifferent ones do try to process a loan application for existing bank customers.

The three education loans from Indian Bank are:

  1. IBA Model Education Loan Scheme
  2. IB Educational Loan Prime
  3. Skill Loan Scheme

Indian Bank IBA Model Education Loan Scheme

This loan is for pursuing higher studies in India and abroad. Quantum of loan is decided by the bank on a case-to-case basis.

It can be taken to cover all institution fees and expenses including cost of books, laptops, hostel fees, lab fees, examination fees, etc.

IB Education Loan Prime

This loan is meant for students pursuing higher education from premier educational institutes in the country. Like the IBA Model Loan, IB Education Loan Prime is a need based loan.

The maximum collateral-free loan amount cap is based on the bank’s categorisation of institutes into two lists: List A and List B. You can find more details here.

The loan can cover all fees and expenses directly connected to the successful completion of the course including lab fees, examination fees, travel expenses, computer, etc. are covered. The loan is available for full-time courses from some of the top medical, engineering, management, pharma and regular colleges in India.

Indian Bank Skill Loan Scheme

This is a skill loan and helps students who have gained admission into technical courses offered by Industrial Training Institutes (ITIs), polytechnics, etc. to pay their course fees. Loan amount starts from Rs. 5,000 and can go up to Rs. 1.5 lakh depending on the duration of the course.

And that is it.

Answering the Difficult Question

Finally, to answer your question, it is really up to you. We suggest if you have a savings or an FD account with the bank, there is no harm in asking them. If you don’t have an account with them, then they are just like any other bank.

If you want more info on interest rates, etc. you will have to buy the education loan guide. We are offering it for Rs 49,000. Kidding! The price is at a discount of Rs 49 right now, if you are someone who values their money and time. Buy it here.

Else, like others, you will go from bank to bank for a few weeks wasting your time and money trying to find the right loan. That is what most people do before giving away lakhs to the bank in excess interest payments. Read more here: India’s First Comprehensive Education Loan Guide: Find 100+ Loans from Top Indian Banks