IndusInd Bank Education Loans

IndusInd Bank was incorporated in the year 1994, and started operations with a starting capital Rs. 1000 million. Down the years, the bank has developed numerous innovations so as to serve customers better. These innovations include Nexxt Credit Card, Duo card, WhatsApp banking, Alexa Banking and much more.
IndusInd Bank offers a wide range of personal loans, including education loans. The bank’s education loans enable you to reach your education and career goals. It aims to provide financial assistance to deserving candidates on time, so as to empower students to pursue the stream of education of their choice, be it in India or abroad.

Features of IndusInd Bank Education Loan

• Candidates wishing to study courses under a wide range of streams can apply

• The loan is quite comprehensive and covers all the essential aspects, such as tuition fees, caution deposits, and even unexpected expenses while at college.

• Simple application process

• Fast processing

• Flexible terms

• Attractive interest rates

• Easy repayment options including ECS from any bank and IndusInd Bank account debit

• Doorstep service

• Loan tenure is 1 year to 5 years

• No need to worry about guarantors or collateral

• Choice of the balance transfer option to avoid high-interest debt

Loan Amount

The range of the loan is from Rs. 50,000 to Rs. 15,00,000. The amount of loan you can avail at the most competitive rate of interest depends on the candidate’s eligibility, income, capacity for repayment, the nature of their job etc.

Eligibility Criteria

Candidates have different eligibility criteria based on the nature of their occupation. In general, the applicant should have paid back all pending dues before applying for the loan. Here are the specific eligibility criteria for applicants:

For Salaried Employees
Professionals such as public and private company employees, various government sector employees, and local and state organization employees fall under this category. Their eligibility criteria is as given below: 

1. Minimum age of 21 years

2. The maximum age at the time of loan maturity needs to be the retirement age or 60 years, whichever comes earlier.

3. The minimum net monthly income needs to be Rs. 25000

4. The candidate should already have completed a minimum of 2 years in employment and a minimum of 1 year with the current company.

5. If the property of current residence is rented, the candidate should have stayed there for at least 1 year.

For Self-Employed Professionals

Self employed individuals like MBBS doctors or those of higher degree, CAs, architects, MBA consultants, and engineers fall under this category. Their eligibility criteria is as given below: 

1. Minimum age of 25 years

2. The maximum age should be 65 years at the time of loan maturity

3. The minimum net annual income after paying tax needs to be Rs. 4.8 lakhs

4. The minimum post-qualification experience needs to be 4 years

For Self-Employed Individuals

Directors, partners, self-employed sole proprietors, etc. fall in this category. Their eligibility criteria is as given under:

1. Minimum age of 25 years

2. The maximum age should be 65 years at the time of loan maturity

3. The minimum net annual income after paying tax needs to be Rs. 4.8 lakhs

4. Minimum experience in the field/business needs to be 5 years

Documents Needed

General Documents: 

1. ID proof documents like voter ID, aadhar Card, passport, and driving license

2. Address proof including valid ID proof and permanent address proof

3. Income proof, such as bank statement for the last 3 months

For Salaried Employees: 

1. ID proof documents like passport, voter ID, driving license, PAN card, aadhar number, etc.

2. Residence proof such as leave agreement, license agreement, utility bill, valid passport, etc.

3. Income proof, such as salary slips of the last 3 months or income certificates along with Form 16

4. Bank statements for the last 3 months (of salary credited)

For Self-Employed Professionals:

1. ID proof: This includes passport, voter ID, driving license, PAN card, and aadhar number

2. Address proof: This includes leave agreement, license agreement, utility bill, valid passport, ration card, establishment records, trade license, sales tax certificate etc. 

3. Business current account bank statements of the last 6 months or records from the account passbook

4. Proof of qualification

5. Records of last 2 years’ income tax returns

6. Profession continuity proof

For Self-Employed Individuals:

1. ID proof: This includes passport, voter ID, driving license, PAN card, and aadhar number

2. Address proof: This includes leave agreement, license agreement, utility bill, valid passport, ration card, establishment records, trade license, sales tax certificate etc. 

3. Business current account bank statements of the last 6 months or records from the account passbook

4. Records of last 2 years’ income tax returns

5. Proof of business continuity

6. Additional documents that are mandatory

 

Rates and Charges

Interest Rate

• Minimum - 10.75%

• Maximum - 31.50%

• Average - 16.32%

APR Rate

• Minimum - 10.75

• Maximum - 31.50

Charges and Fees

• Processing fees - 2.50%(up to Rs. 1000)+tax

• Prepayment charges - 4% of the principal outstanding amount after 1 year of EMI payments for salaried individuals, and 4% of the principal outstanding amount after 6 months of EMI payments for all self-employed applicants

• Payment dishonor charges - Rs. 450 + tax

• Duplicate statement charge - Rs. 250/instance + tax

• Swapping charges - Rs. 500/instance

• Duplicate of no-dues certificate - Rs. 250/event + tax

• Charge for amortization duplication - Rs. 250/event + tax

• Rescheduling and loan rebooking charges - Rs Rs. 1000/event + tax

• Charges for loan cancellation - Rs Rs. 1000/event + tax

• Charges or fees for photocopying of agreement documents - Rs. 250/event + tax

• Penal charges - Rs. 150/event + tax 

• Legal charges - as per actuals

• Stamp duty charges - as per state laws

• CIBIL report - Rs. 50/instance+service tax as applicable

How to Apply for the Loan

Please click on this link to apply for IndusInd Bank’s education loan.

FAQs

How do I increase my chances of getting an IndusInd Bank Education Loan?

Choose a comparatively longer loan duration and/or a longer repayment tenure.

How long does it take for the loan to be approved?
It will take 4-7 working days after the bank receives all the required documents.
How can the loan be repaid?
The loan can be repaid by EMIs and ECS.

Is collateral security required for the loan?
NULL are needed