Purpose
IDBI has structured a loan facility for Professional / Management / Foreign University education.

Courses approved
Indian Universities
For Professional Courses i.e. B.E., B.Tech., M.B.B.S. Post Graduate Courses i.e. M.E., M.Tech., M.S., M.D., M.B.A., M.C.A., etc. recognized by AICTEFor part time / on-line distance learning courses (subject to terms & conditions)

Foreign Universities
For Graduate/Post Graduate/Research/Doctorate studies that insist on TOEFL, GRE, GMAT scores.

Eligibility
Indian Universities
For Graduate courses : at least 75% in the +2 stage.
For Post Graduate Courses : first class graduates.

Foreign Universities
Proof of TOEFL, GMAT, GRE score card, and 1-20 admit card.

Age of the applicant should not be more than 30 years for Indian Universities and 35 for Foreign Universities. Age of the parent / Guarantors should be below 55 Years. The annual income of the family should not be less than Rs. 3 lakhs.

Amount of loan
For Indian Universities, actual tuition and other fees, but not exceeding Rs. 5 Lakh for the entire duration of the course.

For Foreign Universities, considering that in addition to fees, there are travel / preparatory expenses, the loan amount shall not exceed Rs. 15 Lakh, in all.

• Interest rates
• Long term Prime Lending Rate + 1% p.a. + taxes
• Processing Fees: Rs. 1000 at application, and Rs. 500 p.a. thereafter
• Cost of documentation / legal expenses at actuals

Period of loans

• Graduate Studies: Maximum moratorium period of 5 years including the actual duration of the course. After which the loan should be repaid within the next 3 years.
• Post Graduate Studies: Moratorium period of 2 years i.e. the course duration. Loan repayment within the next 3 years.
• No prepayment penalties levied
• In fact, there are incentives for prompt repayment. Like refund of the entire processing fee, if not a single installment is missed/delayed.