IndusInd Bank Education Loan

✓ Get up to 50 Lacs for an Education loan

✓ Easy online application process!

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Table of content

IndusInd Bank Education Loan Schemes For Abroad Studies
IndusInd Bank Education Loan Schemes For Studies In India
IndusInd Bank Education Loan Processing Fee
Documents Required For IndusInd Bank Education Loan
IndusInd Bank Education Loan Insurance
IndusInd Bank Loan Margin Calculation
Interest Subsidies Offered For Education Loans
How To Apply For An Education Loan In IndusInd Bank?
Why And How To Transfer Your Education Loan To IndusInd Bank?
Education Loan EMI Calculation As Per IndusInd Bank Education Loan Interest Rate
IndusInd Bank Loan Repayment Process
FAQ's
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The IndusInd bank provides an educational financing service under their personal loan specialization. Financing loans with interest rates starting from 10.49%. P.a. to know more about the IndusInd Bank education loan product, read further. Here are some of the countries students generally try to pursue their higher education in, USA, UK, Canada, Germany, Ireland, Australia, Singapore, New Zealand, UAE, and France

IndusInd Bank Education Loan Schemes for Abroad studies
IndusInd Bank Education Loan Schemes for studies in India

IndusInd Bank Education Loan Schemes For Abroad Studies

Parameters	Details
Loan Limit	Up to 50 Lakhs
Expenses covered	Expenses related to education, such as examination, library, and lab costs Course cost Traveling costs Health protection (If applicable) A caution fee Expenses for books, instruments, equipment, and uniforms Equipment costs Non-essential/miscellaneous costs Scholarship eligibility will be determined at the time of loan amount computation.
Accepted co-applicant	Parents, Parents-in-law, Spouse, Siblings
Interest rate	Starting from 10.49% p.a.
Moratorium Period	Course duration + 1 year
Repayment Duration	15 years
Repayment policies	The usual recommendation for all categories is a 15 year payback period. The interest amount will be added to the principal loan amount and can be repaid along with EMIs Even while EMI-based payback is typically the most frequently recognized approach, telescoping repayments can be used for some working professions, such as physicians and CAs.
Eligibility Criteria	The candidate needs to be an Indian national. Should pass entrance exams or merit-based tests to be admitted to further study in recognized institutions abroad. Should have finished 10 + 2 or a course that was similar. Salaried applicants: The applicant's age should range from 21 to 60. Net income should be at least 25,000 Must have a minimum of two years of work experience, including one year at the company you are applying to. If renting a home or apartment, you should have lived there for at least a year. Self-employed applicants: Applicant must be in the age range of 25 to 60 The minimum annual net income must be 4.8 Lakhs Should have a post qualification of 4 years
Collateral requirement	Immovable collaterals: Home, Flat, Non-agricultural land Liquid securities: Fixed deposit, LIC policies, Government bonds
Value of collateral (In case of a collateralized loan)	A minimum of 1.25 times the requested education loan In the case of liquid securities, the collateral value should be at least 1.1 times the asked loan amount.

Courses eligible for higher education abroad:
- Career advancement professional and technical courses offered by reputed universities
- Post-graduation courses such as MCA, MS, and MBA
- Professional courses conducted by CIMA-London and CPA- USA
- Diploma and degree courses such as pilot training, shipping, aeronautical which have been recognized by regulatory bodies in india and abroad for employment purposes in abroad

Pro tip: In case the student has already financed their university fee, they can get the money reimbursed by asking their financial officer from WeMakeScholars to speak with banking personnel on the matter.

Don't let financial barriers stop you from pursuing your education

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IndusInd Bank Education Loan Schemes For Studies In India

Parameters	Details
Loan Limit	Up to 50 Lakhs
Expenses covered	Expenses related to education, such as examination, library, and lab costs traveling costs health protection (If applicable) The caution fee as requested by the university. Equipment costs Course cost Non-essential/miscellaneous costs Expenses for books, instruments, equipment, and uniforms Scholarship eligibility will be determined at the time of loan amount computation.
Accepted co-applicant	Parents, Parents-in-law, Spouse, Siblings
Interest Rate	Starting from 10.49% p.a.
Moratorium Period	Course duration + 1 year
Repayment Duration	15 years
Repayment policies	The interest amount will be added to the principal loan amount and can be repaid along with EMIs The usual recommendation for all categories is a 15 year payback period. Even though EMI-based repayment is the most typical approach, telescoping repayments can be utilized for some professionals such as CAs and physicians
Eligibility Criteria	The candidate needs to be an Indian national. Should pass entrance exams or merit-based tests to be admitted to further study in recognized institutions abroad. Should have finished 10 + 2 or a course that was similar. Applicant’s age should be between 21-60 Minimum net income should be 25000 Must have worked for at least 2 years in total, including 1 year in the present organization. If renting a house/apartment, should have spent a minimum of one year in the current home.
Collateral requirement	Liquid securities: LIC policies, Fixed deposit, Government bonds Immovable property: Flat, Home, Non- agricultural land
Value of collateral (In case of a collateralized loan)	A minimum value equal to 1.1 times the requested education loan should be pledged as liquid security. A minimum of 1.25 times the requested education loan

IndusInd Bank Education Loan Processing Fee

The education loan processing fee can range from 3% of the sanctioned loan amount.

They charge a pre-payment charge of 4% of the principal outstanding after the repayment of 12 EMIs.

WeMakeScholars doesn't charge you a processing fee for the services we offer. It is totally cost-free. And that is because we are an organization that was funded and assisted by the Ministry of IT, the government of India under the digital india campaign

Documents Required For IndusInd Bank Education Loan

Below mentioned are the documents required for processing your education in IndusInd bank

Parameters	Details
Basic documents for Applicant (student) and co-applicant and/or Guarantor	Application form provided by a financial officer at WeMakeScholars, fully completed with two photographs and a signature of the applicant. Identity documentation: PAN card and passport Personal Asset and Liability Statement in format, as determined by the branch professional Proof of residency: passport, voter ID card, telephone bill, electricity bill, ration card, bank account statement, and Aadhar are all acceptable. If the applicant's permanent and current addresses are different, two distinct proofs are needed. The most recent six-month bank statement (personal/salary). The co-applicant's credits must be presented, and if the co-applicant is self-employed, one year's worth of company transactions must be documented.
Applicant academic documents	Evidence of registration in the course and admission (should be evidencing total duration of the course) 10th, 12th, and degree mark sheets and certificate The course's price structure (If available, i20 for USA) University Ranking printout form IELTS, GRE, and GMAT score report.
Financial Co-applicant Income documents	If Salaried ID Card of the employer Most recent pay slips (for last 3 months) Last three years' ITR Form 16 of the previous three years. If Self-employed Balance sheet and income statement over the past three years (only if self-employed businessman) Proof of Business Address Past three years' ITR
Other Documents	A payment check for Rs. 11,800 toward the processing charge A letter saying that the co-applicant would be responsible for any remaining costs not covered by the loan. Additional checks for attorney and evaluator fees (If your evaluation and legal process are done by the bank). Affidavit of the property collateral owner (on Rs. 20 or 100 stamp paper). If there are many owners of the property.
Additional docs	Any pending loan statements from the previous year. Receipt for any payments in advance. Proforma invoice for the trip, laptop, or other items if you're requesting a loan for it. If appropriate, a letter stating the lack of Co-applicant's lack of ITR A letter outlining the gap. An example is this stamp paper on a Rs 100 Stamp paper.

To process a secured education loan in certain cities and states, including Hyderabad, Andhra Pradesh, Mumbai, Karnataka, Tamilnadu, West Bengal, Gujarat, Pune, Jaipur, Kerala, Goa, MP Chhattisgarh, Amritsar, Jharkhand, specific documentation is required. To find out more information about the education loans offered by banks in your city, you can consult our articles on city-specific education loans.

We can provide you with a customized list of documents based on your unique circumstances and requirements. This can save you time and help you avoid any potential delays or issues in the enrollment process.

For a better understanding, you can watch the video on documents required for an education loan where our co-founder Damini Mahajan provides you with a clear explanation

Get started today and streamline your enrollment process with our customized document list!

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IndusInd Bank Education Loan Insurance

IndusInd bank mandates taking loan insurance. It generally accounted for around 1-2% of the loan amount.

Loan insurance is a financial protection plan provided by the bank that ensures that the financial burden of the loan repayment doesn’t fall on the shoulders of the parents/ co-applicant of the loan in case of an unfortunate situation like disability, or even death of the applicant.

IndusInd Bank Loan Margin Calculation

Place of study	Loan Margin
To study in India	5%
To study abroad	15%

For example, if a student has applied for a loan of 40 lacs to study in India, then after considering the 5% loan margin only 38 lacs can be issued. Because, in this case, 2 lacs will be calculated as the loan margin.

We understand that loan margins can have a significant impact on the cost of borrowing, and we are committed to helping students secure the best possible loan terms and interest rates.

Interest Subsidies Offered For Education Loans

Through these programs/initiatives, the government pays the total accrued interest throughout the moratorium period. (A moratorium term is six months after getting a job or the length of the course plus 6 months or one year depending on the bank policies.)

Padho pardesh scheme

The ministry of minority affairs launched the padho pardesh plan as a financial aid program for students who were interested in studying abroad.

This subsidy can be availed by students:

Who belong to religious minorities such as Muslim, Christian, Sikh, Jain, Buddhist, Parsi (Zoroastrian)
Whose family income is less than 6 Lakhs.

Dr. Ambedkar's central sector scheme

The ministry of social justice and empowerment has launched the Dr. Ambedkar central sector scheme for students who are interested in studying abroad.

This subsidy can be availed by students:

Who belong to an economically backward class (EBC) and those who have a family income lower than 8 Lakhs
Who belong to OBC categories and have a family income lower than 8 Lakh.

Central Scheme for Interest Subsidy

The ministry of human resources and development has launched the central scheme for interest subsidy for economically weaker sections for students who are interested in studying abroad.

This subsidy can be availed by students:

Who has a family income lower than 4.5 Lakhs

How To Apply For An Education Loan In IndusInd Bank?

The application process for an education loan (Offline)

Step 1: Visit your nearest IndusInd bank operating branch.

Step 2: Fill in the application form

Step 3: Submit all the required documents for verification

Step 4: The loan gets sanctioned and the loan amount gets disbursed.

The application process for an education loan (Online)

Step 1: Finish filling out the Common Application form for Student Loans.

Step 2: To verify your eligibility, your financial officer will get in touch with you. Give all the necessary details.

Step 3: Based on your eligibility and loan rules, compare all of the lenders available and select your lender bank.

Step 4: In line with the document checklist that your financial officer has provided you, submit your paperwork to the bank or upload it to the protected document portal on WeMakeScholars.

Step 5: When your documents are submitted, they will automatically be logged in. Private banks will let you know of the results of your application for a loan in 6-7 days.

Issues the students face when applying for a loan directly

Rejection at the initial stages
Not being aware of various hidden charges
Not knowing how to deal with CIBIL issues
No guidance is provided for complicated cases
No checklist is given for the required documents

Benefits of applying through WeMakeScholars

As WeMakeScholars is an organization funded and supported by the Ministry of IT, Government of India, The services we provide are completely free of cost.

Negotiation on your behalf: The WMS team can negotiate with the bank on your behalf to reduce their IndusInd bank education loan interest rate (Around 0.5 to 2% lesser than average!), and we also make sure that you pay a reasonable price for the entire procedure, including the cost of the lawyer, etc.

Best customer service/support: The WeMakeScholars staff offers comprehensive customer assistance from 10 AM to 9 PM for any questions you may have.

The cashback offered: By applying for your study abroad education loan through WeMakeScholars, you are assisting the Digital India campaign and will be rewarded with cashback on multiple disbursements up to a maximum of INR 3000.

Credentials for your loan profile: To check the progress of your loan application, log in using your loan profile credentials.

Don't pay more than you have to - take advantage of our negotiation services

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Why And How To Transfer Your Education Loan To IndusInd Bank?

Why transfer your loan?

Getting an existing loan transferred can provide you with the benefit of lower interest rates and help you save your money over a longer period of time.
As WeMakeScholars is connected to most of the public banks, private banks, and NBFCs the whole process becomes so much easier and faster.
The negotiation for a lower interest rate is done by our team of financial officers on your behalf, making the whole process a walk in the park for you.

How do I transfer my loan?

Get proof and details of your pending loan amount
Request a call back from our team of financial officers
Tell your financial officer about your wish to get your loan transferred to IndusInd bank
Submit the documents asked by your financial officers to the closest functioning branch of IndusInd Bank.
Our experts can provide you with valuable guidance on the steps involved in transferring your loan, as well as answer any questions you may have about the process.

Education Loan EMI Calculation As Per IndusInd Bank Education Loan Interest Rate

EMI computation on your education loan in IndusInd bank in IndusInd bank is mostly based on these variables

Total loan amount
Compound and simple interest
Semester-wide breakdown
Rate of interest
Moratorium period

Head on over to the WMS Education Loan EMI Calculator to compute your EMI with absolute precision. The WMS EMI calculator is designed to help you determine the monthly amount you need to pay towards your education loan repayment, based on your loan amount, interest rate, and repayment tenure with utmost precision and accuracy.

Looking for an affordable education loan? get an automatic 0.5% ROI reduction

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IndusInd Bank Loan Repayment Process

The moratorium period for IndusInd bank lasts up to 6 months after the course duration. I.e., course duration plus 6 months.

If the student applies for a loan of 23 Lakhs from IndusInd bank with an interest rate of around 12% and a repayment tenure of 12 years, their amortization schedule would look something like this.

Payable monthly EMI: 36,824
Total amount payable: 53,02,704
Total interest payable: 30,02,704

At WeMakeScholars we provide access to post-sanction help to all the students. Once your education loan is sanctioned, we understand that there may be several steps involved in disbursing the funds and completing the loan process. That's why we offer post-sanction help to assist you in navigating this process with ease.

Repayment Cycle	EMI	Interest portion	Principal portion	Loan Outstanding
End of 1st year	36824	27021	9804	2692255
End of 2nd year	36824	25777	11047	2566675
End of 3rd year	36824	24376	12448	2425169
End of 4th year	36824	22797	14027	2265717
End of 5th year	36824	21018	15806	2086041
End of 6th year	36824	19014	17810	1883579
End of 7th year	36824	16755	20069	1655439
End of 8th year	36824	14210	22615	1398366
End of 9th year	36824	11342	25483	1108689
End of 10th year	36824	8110	28714	782274
End of 11th year	36824	4468	32356	414461
End of 12th year	36824	365	36460	0

Take advantage of our post-sanction help to streamline your education loan disbursement process.

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Education Loan FAQs

What does EMI mean?

A specified monthly payment made by a borrower to a creditor on a predetermined day each month is known as an equivalent monthly installment (EMI). Every month, interest and principal are subject to EMIs, and the loan is repaid in full over a number of years.
Should I start paying my education loan in IndusInd Bank while studying?

No, banks offer a grace period or a moratorium period of course duration + 6 months to the loan applicant/ student, where they only have to pay the simple interest during the moratorium period.
What is a CIBIL score?

A CIBIL score is a score given to you on the basis of your credit history/ debt repayment record. CIBIL scores can range from anywhere between 300-900. Using your CIBIL score a bank representative can estimate your repayment capabilities on the basis of your past transactions.
Will taking an education loan affect my CIBIL score?

Yes. An education loan is a debt product that will have an effect on your CIBIL score.
Can a student apply for an education loan without parents in IndusInd Bank?

Yes, you can apply for an education loan without your parents being the co-applicant. Guardians, siblings, spouses, and parents-in-law can also be considered co-applicants.

Our Education Loan team will help you with any questions

Ajay Kumar
WeMakeScholars- supported by IT Ministry, Govt. of India.

Published: 14 Nov, 2022 | Updated: 19 Jan, 2024