Educational Loans

Financial support to meritorious students for pursuing higher education in India or abroad (applicable only to merit quota - IBA model).

Education loan schemes of our bank is split into 3 categories

  • Education Loan IBA MODEL (ELIBA).
  • Education Loan for Management quota (ELMQ).
  • Education Loan for Vocational Training Courses. (ELVT).
  • Courses Eligible

    • Graduation & Post Graduation.
    • Professional Courses (Engineering, Medical, Management, Agriculture).
    • ICWA , CA, CFA etc.
    • Courses conducted by IIM, IIT, IISC, NIFT etc.
    • Courses offered by National Institutions.
    • Studies abroad.

    The courses should be recognized by State/Central Govt.

    Institution offering the course also should be recognised by the appropriate authorities.


    • Any major student or a minor student represented by parent or guardian of Indian Nationality.
    • Secured admission on the basis of merit to Professional/ technical/ other courses through entrance test/selection process.
    • Any student of Indian Nationality who has secured admission in any Foreign University subject to other eligibility conditions.

    Loan Amount

    • For studies in India  :  Maximum 10 Lakhs per Course or actual whichever is less.
    • For studies abroad  :  Maximum 20 Lakhs per Course or actuals whichever is less.

    Eligible expenses for deciding the finance

    • Fee payable to College/School/Hostel
    • Lodging and Boarding expenses.
    • Examination/Library/ Laboratory fees.
    • Purchase of books/Equipment/Instrument/Uniform/Travel expenses/passage money for studies abroad.
    • Purchase of Computer if certified by the institution that it is essential for completion of the course.
    • Any other expenses require_onced to complete the course.


    • Up to 4 Lakhs - Nil
    • Above 4 Lakhs - 5%
    • Studies abroad - 15%


    • Parents to join as co-borrower

    Security (For meritorious students- IBA scheme)

    • Up to 4 Lakhs - No collateral security.
    • Above 4 Lakh - Up to 7.50 Lakh- collateral security in the form of third party guarantee.
    • Above 7.50 Lakhs – Tangible Collateral Security worth 150% of the loan amount.


    • Moratorium  :  Course period +1 Year or 6 months after getting job, whichever is earlier. Loan to be repaid in 5-15 years.

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