IndusInd Bank Abroad Education Loan

Parameters 

Details

Loan Limit

Depends on the applicant’s profile

Expenses covered

1. Cost of tuition/ tuition fee
2. Academic/ educational expenses such as

• • • Examination fees
    • Charges for Laboratory and Library 

3. Cost of travel
4. Medical insurance for the student
5. Caution deposit as requested by the university
6. Expenses such as:

• • • Books
    • Instruments
    • Uniforms 
    • Equipment

7. Miscellaneous costs 

  Accepted co-applicant

Parents, Parents-in-law, Spouse, Siblings 

IndusInd Bank Education loan interest rate/ rate of interest

Up to 14% 

Moratorium Period

Course duration + 1-year

Repayment Duration

  15 years

Repayment policies

The collected interest during the moratorium period will be added to the principal amount and in the repayment

IndusInd Bank Education Loan Eligibility Criteria

1. 1. The student must be an Indian citizen 
   2. Must have secured admission into the institution through required merit-based examinations 
   3. Should have completed 10+ 2. 

Parameter 

Details

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

1. IndusInd Bank Education Loan Application form as provided by the financial officer 

• • • Signed by the applicant and attached with two photographs

2. Address proof (any of the following)

• • • Voter identification card
    • Passport 
    • Aadhar card 
    • Telephone bill
    • Ration card 
    • Electricity bill
    • Bank account statement 

Note: The student needs to have two different address proofs if the current and permanent address is not the same.

3. Proof of Identification:

• • • PAN Card 
    • Passport

4.  Personal Asset and Liability Statement in this format, as assessed by a professional at the branch
5. The newest and most recent 6-month bank statement ( can be of personal or salary account)

• • • The credits of the co-applicant must be shown if the co-applicant is salaried 
    • One year’s worth of company transactions must be shown if the co-applicant is self-employed.

The documents must be self-attested 

Applicant academic documents

1. 1. Enrollment proof evidencing the entire duration of the course. 
   2. The cost structure of the course (if available, i20)
   3. Marksheets of GRE/IELTS/GMAT
   4. University Ranking printout form 
   5. Scoresheets of 10th, 12th, and undergraduate.

Financial Co-applicant Income documents 

If Salaried:

• • • Form 16 of the previous 2 years.
    • ID Card of the employer
    • The last two years ITR
    • Most recent pay slips (for the last 3 months)

If Self-employed:

• • • 3 years Profit & Loss account and the balance sheet (only if self-employed businessman)
    • Past three years ITR
    • Proof of company address/ Business address
    • 3 years Profit & Loss account and the balance sheet (only if self-employed businessman)

Other Documents

1. 1. Affidavit of the property collateral owner (on Rs. 20 or 100 stamp paper). If there are multiple owners of the property, each of them must provide an affidavit.  
   2. A check for Rs. 11,800 is required as a processing fee.
   3. Additional checks for attorney and evaluator fees (if your legal and valuation process is done by the bank itself)
   4. A letter saying that the co-applicant would be responsible for any remaining costs not covered by the loan. 

 Additional docs 

1. A letter outlining the discrepancy
2. Any pending loan statements from the previous year.
3. Proforma invoice for the trip, laptop, or another item if you're requesting a loan for it.
4. If appropriate, a letter stating the lack of ITRs of the co-applicant 
5. Receipt for any payments in advance.

     Repayment cycle

EMI

Interest portion

Principal portion

Loan Outstanding

End of 1st year

42351

28306

14045

3382668

End of 2nd year

42351

26835

15515

3204718

End of 3rd year

42351

25211

17140

3008135

End of 4th year

42351

23416

18935

2790967

End of 5th year

42351

21433

20917

2551058

End of 6th year

42351

19243

23108

2286028

End of 7th year

42351

16823

25527

1993246

End of 8th year

42351

14150

28201

1669806

End of 9th year

42351

11197

31153

1312497

End of 10th year

42351

7935

34416