Indian Bank Abroad Education Loan

✓ Apply Education Loan for Abroad Studies

✓ At starting interest rate of 9% P.A.

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Table of content

  1. Indian Bank Products for Abroad education loan
  2. What is the education loan processing fees of the Indian bank?
  3. Documents required to get Abroad education loan from the Indian bank
  4. Indian Bank Education Loan Margin Calculation
  5. Indian Bank Education Loan EMI Calculation as per Interest Rate
  6. How to apply for an abroad education loan from Indian bank?
  7. Why choose WeMakeScholars?
  8. FAQ's
  9. Need Help? Ask Here!

India’s Largest Study Abroad Funding Expo (SAFE) 2024

- Explore 26,000+ International Scholarships

- Instant Education Loan-pre approval with the lowest interest rate in India

Indian Bank is a public sector bank which has 5,721 branches in India and overseas. It offers education loans at an interest rate starting from 9% to students going abroad to countries like the USA, the UK, Canada, Germany, etc for their higher education. 

Indian Bank Products for Abroad education loan

Loan Parameters


Loan Limit

Up to Rs. 40 lacs for non-collateralized loan 

Collateralized loan upto - 100% of collateral value

Education loan of a higher amount can also be offered depending on student’s loan profile

Expenses covered

    • Tuition fees
    • Cautionary deposit
    • Purchase of Books and stationeries
    • Examination fees
    • Travel Expenses
    • Insurance Premium
    • Purchase of Laptop or computer

Accepted co-applicant

Parents, Parents in law, Siblings, Spouse

Indian Bank Education loan interest rate/rate of interest

For education loan with collateral 9-11%

For education loan without collateral 11-13%

Moratorium Period

Course duration + 12 months

Repayment Duration

Upto 15 years after moratorium period

Repayment Policy

Simple interest is charged on the loan during the moratorium period. However it is not mandatory to be paid.

Eligibility Criteria

Qualifying examination must be cleared and student must have taken admission in any prestigious college or university abroad

Acceptable collaterals

    • Immovable property includes flat,  Non-agricultural land, building
    • Liquid security means Life Insurance Policy, Govt. securities, PSU Bonds, Bank Deposits, NSCs, Gold Jewelry

Value of Collateral (only if it is collateralized education loan)

The minimum value of immovable property should be 1.25 times of the asked loan amount
The minimum value of liquid securities should be 1.1 times of the asked education loan


Eligible courses of study:

  • Job oriented professional and technical courses offered in prestigious colleges and universities.
  • MBA, MCA, MS etc as post graduation course
  • Educational course by CPA in USA and CIMA in London, etc.
  • Courses accepted under government interest subsidy schemes

Acceptable institutes

Indian banks offer abroad education loans for top 1000 educational institutions falling in their latest World Ranking list. 

Since, WeMakeScholars is the largest loan sanctioning partner we have access to the World Ranking list and are ready to help you process your education loan from the Indian bank, that too totally FREE of cost, as we are funded and supported by the IT Ministry under ‘Digital India Campaign’. 

Get in touch with your financial officer at WeMakeScholars, by requesting a callback or filling up the common application form to start your education loan process at the earliest.

Looking for an education loan to study? Let us help you get it fast and hassle-free.

What is the education loan processing fees of the Indian bank?

The abroad education loan processing fees charged by the Indian bank, usually amounts up to 1-2% of the sanctioned loan amount. 

Incase of collateralized education loan, Indian bank also charges an amount in between Rs 7,500 to Rs 10,000 for the legal and valuation report. But, all the premium education loan sanctioning services offered by WeMakeScholars are totally free of cost.

Documents required to get Abroad education loan from the Indian bank

Following is the list of documents required for education loan in Indian bank.

Application form 

Loan application form generated online through WeMakeScholars website, along with 2 passport size photographs

Basic documents of Applicant (student) and co-applicant and/or Guarantor

  • Proof of identity – PAN Card, Passport of the student if applying for Indian bank education loan for abroad)
  • Proof of Residence –   Bank account statement/ Passport/ Electricity Bill/ Telephone Bill/ Voter ID Card/ Ration card/ Aadhar Card. (If current and permanent addresses are different then 2 different proofs will be required)
  • Salary or personal bank statement of last 6 months showing the salary crediting from time to time. If self-employed then 1 years business transactions will be required
  • Personal Asset & Liability Statement (assessed by the branch professional)

All the papers should be self-attested.

Students academic documents

  • Class 10th, 12th and graduation marksheets and certificates
  • Admission proof in the course 
  • Fee payment deadlines and amount
  • Entrance exam score card provided by responsible authority

Co-applicant Income documents

If Salaried

  • Income Tax Return of last 2 years
  • Last 3 month’s latest salary slip
  • ID card of the employee
  • Form 16 details of the last 2 years.

If Self-employed

  • Income Tax Returns of last 3 years
  • Business address proof
  • Last 3 yrs Balance sheet and Profit & Loss account (only if self-employed)

Other Documents

  • Declaration by the co-applicant, that left over expenses will be borne by them (Format will be provided by your financial officer at WeMakeScholars)
  • Notarised affidavit from the student and co-applicant’s side in standard format. Your financial officer will provide you the format

Additional docs (if applicable)

  • Payment receipts if any made in advance.
  • All loan account statements (1 year) if any pending loans.
  • Letter explaining the gap if the students had a failure/break in studies on Rs. 100 stamp paper. (Format to be provided by WeMakeScholars Financial officer)

Collateral documents (Optional)

Only collateralized education loans require students to submit collateral documents. Each state has different requirements of collateral documents. Don’t forget to ask for a document checklist according to your state’s requirements.

However, the requirement of documents entirely depends on the student's loan profile. Your financial officer will provide you with a proper document's checklist specially customized as per your loan profile, when you process your education loan with WeMakeScholars. To start your loan process with WeMakeScholars, ask for a callback or fill the common application form.

Let us take care of the education loan process for you, so you can focus on your studies

Indian Bank Education Loan Margin Calculation

Education loan margin charged by the Indian Bank is either 0% or 15% or 20% for abroad education loans, the final percentage depends on the amount of the education loan. 

Loan Margin for Indian Bank education loan scheme for study abroad


Loan Amount

Loan Margin

Up to Rs 4 lacs


Between Rs 4 lacs to Rs 7.5 lacs


Above Rs 7.5 lacs


For students who find the loan margin amount to be beyond their bearing capacity can opt to reduce their loan margin percentage. Yes, you can reduce your loan margin, but to know how? Get in touch with your financial officer at WemakeScholars, as the method depends on your loan profile.

Worried about getting the right education loan? Request a callback to get started.

Indian Bank Education Loan EMI Calculation as per Interest Rate

Indian bank abroad education loan EMI calculation can be done using the banks EMI calculator available on their website, but to get a more accurate EMI calculation with detailed analysis about the repayment statistics, you should use WeMakeScholars abroad education loan EMI calculator.

Advantages of using WeMakeScholars abroad education loan EMI calculator

  • 100% accurate results
  • Free of cost
  • Detailed analysis of repayment process
  • Proper bifurcation of interest amount and principal amount
  • Semester-wise breakdown of disbursement

How to apply for an abroad education loan from Indian bank?

Offline Application Process

  • Visit the nearest Indian bank’s branch and enquire about loan products offered by the bank from loan officer
  • Fill the education loan application form and note down the documents required to be submitted in the bank
  • Submit all the documents as asked by the loan officer, to finally start your loan application
  • Take regular follow-ups to track the progress of your loan application

Online Application Process

Step 1 Ask for a callback or fill the common application form, to get in touch with your financial officer at WeMakeScholars

Step 2 Provide details, as asked by your financial officer over the phone

After analysis of your loan profile your financial officer will connect you with all the lenders, that offer best education loan deal as per your eligibility

Step 3 Submit your documents in the bank as per the document checklist provided by your financial officer, or you can directly upload your documents online on the WeMakeScholars document portal

Step 4 Your financial officer will take care of the rest of the process, you will be given updates about your education loan processing from time to time.

Step 5 Collect your education loan sanction letter from your lender bank within 15 -20 working days after you submitted your documents.

The process of education loan application is already simple but it gets further simplified when you process your education loan with WeMakeScholars.

We can help you get the best education loan with ease.

Why choose WeMakeScholars?

WeMakeScholars is a government funded initiative, supported by the IT Ministry, under the Digital India Campaign. Our motive is to provide financial assistance to ambitious students planning to pursue higher studies in India or abroad but lack proper funds. We provide unbiased education loan processing services along with scholarship information, to help students raise funds for their studies.

Though, banks or financial institutions are the original lenders but the process of getting an education loan sanction if you approach the banks directly is full of hassle, due to the following issues:

  • Unavailability of correct information
  • Issues in legal and valuation reports
  • No clear idea about the eligibility for education loan
  • No particular list of required documents
  • Lots and lots of documentation
  • Lack of proper customer services
  • Multiple visits to the banks, delaying the process

But, if you choose WeMakeScholars as your abroad education loan partner, you are sure to get the following advantages:

Less Processing time - We keep a deadline of processing your education loan in 21 days from government banks and 7 working days from private banks and NBFCs after your documents are submitted, which is almost 50% less than the usual education loan processing time.

Better Interest rates - Banks offer lower interest rates if the loan application is via WeMakeScholars, as we are their largest partner. The interest rates through WeMakeScholars are 0.5% to 2% lower than the bank’s average. 

Expert guidance - Your financial officer will go through your loan profile from all perspectives and guide you to choose the best lenders as per your eligibility and bank policies.

Digitized application process - Our online education loan application process makes it easy for you to apply for an education loan from the comfort of your home. Moreover, the WeMakeScholars documents portal reduces the stress of going multiple times to the bank just to submit the documents.

Negotiation support - We go an extra mile, to negotiate with the lenders in terms of rate of interest and loan conditions, on your behalf, if there is any scope.  

End-to-end support - Not just while sanctioning your education loan, WeMakeScholars team stays with you at the time of disbursement and repayment, even when you are in a 12 hrs different timezone.

Cashback offer - You can get up to Rs 3,000 as a cashback at the time of your disbursement from us. 

Tax benefits - We make sure that you save maximum tax by informing you about the tax saving schemes of the government of India like Section 80E, 80C, etc of the Income tax department, along with the tax collected at source (TCS).

Free of cost services - We are funded and supported by the IT Ministry, under the Digital India Campaign that is why all our services are totally free of cost for all the students.

To avail benefit of the above mentioned advantages, ask for a callback or fill the eligibility check form to start your education loan process.

We provide tailored education loan solutions for students looking for an education loan.

Education Loan FAQs

  • What is the rate of interest for an abroad education loan from Indian Bank?

    Indian Bank offers an abroad education loan at an interest rate starting from 9.0% for collateralized education loan and 11% for education loan without collateral. However the rate of interest applicable depends upon the student's loan profile. To know the best interest rate deal that you can get from the Indian bank, request a callback or fill the common application form.

  • How to use the Indian Bank education loan calculator?

    Indian bank has an education loan EMI calculator, which helps students to get an estimate of their repayment schedule. Students just need to enter their repayment parameters and they will get the details. However, we suggest students to use WeMakeScholars education loan EMI calculator as it is most accurate and easy to use.

  • Does the Indian Bank also provide education loans for abroad?

    Yes, Indian bank has a separate education loan product for study abroad aspirants, under that product it provides an education loan of up to Rs. 40 lakhs without collateral and up to 100% value of the collateral, in case of collateralized education loan.

Our Education Loan team will help you with any questions

Naresh Kumar
WeMakeScholars- supported by IT Ministry, Govt. of India.
Published: | Updated: