IBA Model Education Loan Scheme

Loan Quantum
- Need-based finance
- Students may submit their loan applications either at the bank branches near to the residence of parents or bank branches near to the educational institution where they are studying.
Eligible Courses
- INLAND STUDIES : Graduation, post graduation, including technical/professional courses from reputed colleges/universities approved by UGC/Government, AICTE/Department of Electronics/IMC, autonomous institutions like IIM, IIT, etc. Any courses leading to degree/diploma from reputed Institutes/Colleges/Universities for studies in India.
- ABROAD STUDIES: Course which lead to undergraduate, Post Graduation/PHD, Post Graduate Diploma etc are eligible.
Margin
- Upto Rs.4.00 Lakhs – Nil
- Above Rs.4.00 Lakhs -
  - Studies in India - 5%
  - Studies abroad - 15%
  - Studies abroad - 15%

Security

Merit Quota :

Loan amount	Security
Upto Rs 7.50 Lakhs	No collateral Security, loan will be covered under Credit Guarantee Fund Scheme for Education loans(CGFSEL) scheme subject to the conditions Loan is granted jointly with the parent/Guardians of the student.
Above Rs 7.50 Lakhs	Tangible Collateral security to cover at least 100% of the loan amount. Loan is granted jointly with the parent/Guardians of the student.

Management Quota :

Loan amount	Security
Upto Rs 4.00 Lakhs	No collateral Security Loan is granted jointly with the parent/Guardians of the student
Above Rs 4.00 Lakhs	Tangible Collateral security to cover at least 100% of the loan amount. Loan is granted jointly with the parent/Guardians of the student.

Repayment tenure
- Repayment of the loan will be in equated monthly Installments up to a maximum of 15 years excluding the moratorium period ( i.e., course period plus one year).
- No prepayment penalty will be levied for prepayment of loan any time during the repayment period.
Expenses considered for loan:
- Course Fee payable to college/school/hostel.
- Examination/Library/Laboratory fee.
- Travel expenses/passage money for studies abroad.
- Insurance premium for student borrower, if applicable.
- Caution deposit, building fund/refundable deposit supported by Institution bills/receipts.
- Purchase of books/equipments/instruments/uniforms.
- Purchase of computer at reasonable cost, if required for completion of the course.
- Any other expense required to complete the course subject to ceiling.

Stipulated Loan Application with 2 passport size photos of applicant / Co-applicants or guarantor.
KYC documents of applicant/ Co-applicants or guarantor.
Age proof of the applicant/ Co-applicants.
PAN card (photo copy).
Proof of admission to the course.
Schedule of expenses for the course.
Mark sheet of last qualifying examination.
Proof of income/assets (if any).
Income Proof for Co-applicant/guarantor (if any).
Copy of land records.
Any other documents as required by Bank.

IBA skill loan scheme