IndusInd Bank Education Loan

This education loan program provides a significant amount of funding to students who wish to study at foreign universities. This will include tuition fees and other miscellaneous expenses such as transport and equipment, which makes it all-around in your educational needs. The terms of the loan and the interest rates applied to it are reasonable. Before checking your eligibility for this scheme you can go ahead and read the below given loan scheme details to get a better idea.

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, and 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.

This education loan program offers funds to students who intend to study at Indian Universities. It will include the cost of tuition fees and other miscellaneous such as means of transport and equipment and hence can be considered rounded in the kind of education you need. The conditions of the loan and the interest rates that are put on the loan are moderate. Before you check your eligibility for this scheme you can go through the below given loan scheme details for your reference.

Here is an education loan processing checklist for IndusInd Bank which gives a clear list of documents that are needed for processing the loan. This part of the guide enlists all the necessary documents to be provided by the applicant and the co-applicant to avoid any difficulties in the application process. Hence, through explaining every document required in the loan application process, we wish to help you know how to apply for a loan. Keep reading to understand the details of the process and prepare the required documents to make the process as smooth as possible.

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

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 

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.

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.