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IDBI Education Rate of Interest

IDBI Bank offers education loan to meet financial needs of students for maximum loan amount upto 15 Lacs

  • EMI for a maximum of 7 years.
  • Maximum loan limit of INR 15 Lacs.
  • No margin.

Rate of Interest charge by the bank depends on the base rate set by IDBI Bank as per the guidelines set by RBI

  • The 1-year MCLR is 9.00%.
  • For loan up to INR 10 Lacs, the RoI is 1 year MCLR+0.85%.
  • For loan above INR 10 Lacs, the RoI is 1 year MCLR+1.45%.


Fill the Loan Amount
Fill the Interest Rate
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EMI Payable

188 per month

Total Interest


Payable Amount


Total Interest
Principal Loan Amount

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IDBI Education Loan Eligibility

loan eligibility image
  • Indian National. The applicant should be a citizen of India or should hold the Indian passport.
  • Course. The student should be seeking admission into a graduation or post-graduation course.
  • 10+2 pass. The student should have cleared 10+2 with a minimum passing criterion.
  • Admission basis. The admission should have been on the basis of an entrance exam or merit-based admission.
  • University. The admission should be in a well recognized foreign university/institute.

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Applicable Rate of Interest For loan up to INR 10 Lacs:1 year MCLR+0.85%
For loan above INR 10 Lacs: 1 year MCLR+1.45%.
1.70% above the base rate
up to INR 7.5 Lacs: MCLR + 2.00%
above INR 7.5 Lacs: 2.60%
Upto 4 Lacs- 16.50%
Upto 7.5 Lacs- 17.50%
Above 7.5 Lacs- 15.50%
Max Loan with Collateral 30 Lacs
For Abroad: 30 Lacs
For Abroad: 20 Lacs
For India: 10 Lacs
For Abroad: 20 Lacs and beyond based requirement
Max loan without collateral 30Lacs
For Abroad: 30 Lacs
For Abroad: 20 Lacs
For India: 10 Lacs
For Abroad: 20 Lacs and beyond based requirement
Processing fee Nil
INR 10,000
Repayment Period 15 years
15 years
7 years
Loan for top institutions no
Yes, SBI Scholar Loan Scheme
Yes, PNB Pratibha
Margin Up to INR 4 Lacs: Nil
Above INR 4 lacs: 15%
Up to INR 4 Lacs - NIL
Above INR 4 Lacs - 15%
Upto loan 4 Lacs: No margin
Above 4 Lacs: for India: 5%
for Abroad: 15%
Age Limit No Minimum age limit
Maximum (at time of loan maturity)- 50 years
no age limit
No age limit
Loan Security Up to INR 4 Lacs: No security required
From INR 4 to 7.5 Lacs: Third Party Guarantee
Above INR 7.5 Lacs: Tangible security with suitable margin.
Building/ Land equal to 1.33 times of actual loan
Tangible collateral security is required
Collateral security by third party are also accepted
Upto INR 7.50 Lacs: Parent(s)/guardian be made joint borrower (s). No tangible Security and /or 3rd party guarantee is required.
Above INR 7.50 Lacs: Parent(s)/guardian be joint borrower(s). Tangible collateral security of suitable value acceptable to bank.
Third party guarantee
Collateral security
Additionally, assignment of LIC policy in favor of bank amounting 100% of education loan amount
Assignment of Future salaries in favor of Axis Bank
Eligibility concession for SC/ST No
50% for SC/ST, and;60% for General category.
Processing Time 15 days
20 days
15 days
14 Days
Prepayment charges Nil
Penal charges 2% p.a. for loans above 4 lakhs for the amount or period overdue.
Penal interest @ 2% to be charged for loans above Rs.4 lacs for the overdue amount and overdue period
@ 2% per month on the overdue installment/s
Mandatory insurance cover Not mandatory
Travel expeneses Yes
Bank transfter allowance No such clause mentioned
No such clause mentioned
Top up loan availability Available
Interest Subsidy Schemes Padho Pradesh
Padho Pardesh
Skill Loan Scheme
Padho Pardesh
Skill Loan Scheme
Tax benifit Yes
Concession/benefits Reasonable Rate of Interest. IDBI Bank offers around 9.45% of interest.
Loan for students who take admission in management quota
Zero Pre-payment or documentation charges
Concession to girl students
1% concession if interest is serviced during moratorium period including course period
0.5% concession to girl students
0.5% concession if interest is serviced during moratorium period including course period
Online application
There is no processing fee charged
No pre- payment charges are applied
No pre- closure charges are applied
Loan Disbursal period is 15 working days from the date of final submission of documents

How to apply for IDBI Education Loan ?

IDBI Education loan application form can be available online or offline at Bank branches.

Visit the official website for IDBI Bank Education Loan.

Click on Apply Now

Fill out the form with essential details.

Upload the mandatory documents required.

Submit the form and take out a print out of the application.

Visit the bank's branch for further formalities.

Applicants can directly visit the nearest branch and ask for an application form. The bank representative will then guide them with all the necessary information regarding eligibility, documents required and also which loan is best suitable.

IDBI Education Loan Details

Loan Limit
30 Lacs
Up to INR 4 Lacs: Nil
Above INR 4 lacs: 15%
Processing Fee
Loan Security
Up to INR 4 Lacs: No security required
From INR 4 to 7.5 Lacs: Third Party Guarantee
Above INR 7.5 Lacs: Tangible security with suitable margin.
Building/ Land equal to 1.33 times of actual loan
Loan Repayment
15 years.

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Expenses covered under IDBI Student Loan Scheme

  • Tuition Fee
  • Examination Fee
  • Library/ Laboratory Fee
  • Hostel Fee and other charges applicable like Hostel Mess etc.
  • Cost of Books, equipment, instrument or uniforms
  • Miscellaneous expenses- study tours, project work, thesis, etc.
  • Additional expenses like building fund, caution deposit, refundable deposit, etc.
  • A reasonable cost of computer or laptop (if required)
  • Expenses for one way travel

Education Loan Documents Required ?

Duly filled IDBI application form.

Attested copies of age proof, residence proof

Two recent passport size photographs of applicant, co-applicant and guarantor

Mark sheet of Mark sheets of last qualifying examination.

Income Proof of parents/ guardians along with income tax statement for the last 2 years.

Confirmation of admission to the institute

Copy of passport and visa and also an I-20 form.

Interest Subsidy Schemes

Padho Pardesh

Formulated under the Prime Minister's 15 point programme, this subsidy scheme benefits the students of the minority community who want to study abroad. Such students are provided 100% interest subsidy.

Padho Pardesh

Procedure for availing Padho Pradesh

  • Students are supposed to inform their lending banks about the recently launched scheme of Padho Pardesh by Ministry of Minority Affairs.
  • Then the students have to submit the proof of their eligibility for the particular scheme
  • If a student is eligible, the lending bank will feed the students information into a portal of Padho Pardesh.
  • The portal will remain open for the period of two months in every quarter.

Courses covered under Padho Pardesh Scheme

Courses that are covered by Government of India under this scheme are as follows:

Arts/ Humanities/ Social SciencesCommerce
Pure ScienceEngineering
Bio- technology/ Genetic EngineeringIndustrial Environmental Engineering
Nano- technologyMarine Engineering
Petro-chemical EngineeringPlastic Technology
Cryogenic EngineeringMechatronics
Automation Robotics including artificial intelligenceLaser Technology
Low Temperature Thermal DynamicsArt Restoration Technology
OptometryDock and Harbour Engineering
Imaging System TechnologyComposite Materials Engineering including Decentralized power
Packaging Engineering/ TechnologyNuclear Engineering
Information Technology including Computer Engineering, Software, Software Quality assurance, etc.Industrial Safety Engineering
MedicalAgriculture & Agro Technology
AgronomyFloriculture & Landscaping
Forestry & Natural ResourcesFood Sciences & Technology
Plant PathologyHorticulture
Energy StudiesFarm Power & Machinery
Veterinary SciencesSoils & Water Management
Plant Breeding & GeneticsSmall- scale Rural Technology
Ocean & Atmospheric SciencesMB/MCA