IndusInd Bank Abroad Education Loan

✓ Up to 50 lacs of Higher Education Loan

✓ Online application process

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Table of content

IndusInd Bank Education Loan Schemes for Abroad studies
Documents Required for IndusInd Bank Education Loan
Interest Subsidies Provided by the Government for Education Loans
IndusInd Bank Education Loan Repayment Process
How to Apply for an Education Loan from IndusInd Bank?
Benefits of Applying through WeMakeScholars
FAQ's
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IndusInd Bank Education Loan Schemes for Abroad studies

Parameters	Details
Loan Limit	Depends on the applicant’s profile
Expenses covered	Cost of tuition/ tuition fee Academic/ educational expenses such as Examination fees Charges for Laboratory and Library Cost of travel Medical insurance for the student Caution deposit as requested by the university Expenses such as: Books Instruments Uniforms Equipment 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	The student must be an Indian citizen Must have secured admission into the institution through required merit-based examinations Should have completed 10+ 2.

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Documents Required for IndusInd Bank Education Loan

Parameter	Details
Basic documents for Applicant (student) and co-applicant and/or Guarantor	IndusInd Bank Education Loan Application form as provided by the financial officer Signed by the applicant and attached with two photographs 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. Proof of Identification: PAN Card Passport Personal Asset and Liability Statement in this format, as assessed by a professional at the branch. 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	Enrollment proof evidencing the entire duration of the course. The cost structure of the course (if available, i20) Marksheets of GRE/IELTS/GMAT University Ranking printout form 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	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. A check for Rs. 11,800 is required as a processing fee. Additional checks for attorney and evaluator fees (if your legal and valuation process is done by the bank itself) A letter saying that the co-applicant would be responsible for any remaining costs not covered by the loan.
Additional docs	A letter outlining the discrepancy Any pending loan statements from the previous year. Proforma invoice for the trip, laptop, or another item if you're requesting a loan for it. If appropriate, a letter stating the lack of ITRs of the co-applicant Receipt for any payments in advance.

To help you avoid any potential enrollment delays or issues, we can provide you with a customized list of documents that take into account your profile and needs, saving you time in the process.

Stop stressing about enrollment paperwork and let us take care of it. Contact us to receive your custom document list.

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Interest Subsidies Provided by the Government for Education Loans

In order to support the underprivileged populations in India, the Indian government provides subsidies. The interest accumulated during the moratorium period is paid by the Indian government under various programs.

Dr. Ambedkar's Central Sector Scheme
- The student must be a part of the economically backward class (EBC) and must have a gross annual income which is less than 8 Lakhs

Padho Pradesh
- The student must belong to a religious minority (Christian, Jain, Sikh, Muslim, Zoroastrian, Buddist) and have a gross annual income lower than 6 lakhs

Note: The scheme is currently not available to apply. However, the beneficiaries before the 31st of March 2022 will continue to receive interest subsidies.

Don't settle for a high ROI on your Higher education loan - we'll work to get you the best deal possible.

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IndusInd Bank Education Loan Repayment Process

For a loan of 30 Lacs with an interest rate of about 10% and a repayment period of 12 years the amortization schedule would look like this

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	0

At WeMakeScholars, we are dedicated to offering reliable and all-encompassing services to students, and post-sanction assistance is just one of the many ways we aim to streamline the loan application process.

Our post-sanction assistance can help you avoid unnecessary delays in disbursing your education loan.

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How to Apply for an Education Loan from IndusInd Bank?

IndusInd Bank Education Loan offline application process

Step 1: Visit your nearest IndusInd bank operating branch of IndusInd bank.

Step 2: Learn about the education loan products offered by them and 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.

IndusInd Bank Education Loan Online Application process through WeMakeScholars

Step 1: First, you need to fill out the common application form which you can find on the WeMakeScholars Website.

Step 2: The financial officer will call you and will perform an analysis of your profile and let you know of all the lenders whom you can avail of a loan from.

Step 3: Pick a lender from the list of lenders provided to you.

Step 4: You will be given a list of documents that are to be submitted to the bank in order to start your higher education loan process. Accordingly, upload the document to the WeMakeScholars secure document portal.

Step 5: You will immediately be logged in as soon as you upload the documents asked for. You will know the result of your loan application process within 15-20 days in the case of government banks and 2-6 days in the case of private banks.

Step 6: Receive your sanction letter and sign your loan agreement.

Issues the students face when Applying for a Loan directly

No post-disbursement support is offered
No negotiation is done on the interest rates
Unclear directions on how to apply for a loan
Very long processing time
Lack of customer support
No checklist of necessary documents

Benefits of Applying through WeMakeScholars

Negotiation on your behalf: The negotiation for a lower rate of interest will be done by our team of financial officers on your behalf. You can get a reduction of up to 2% on the rate of interest.

Best customer service/support: You can contact us anytime between 9 AM to 9 PM to get any of your queries answered.

The cashback offered: By applying for your abroad education loan with us, you are helping the Digital India initiative and will be rewarded with cashback on repeated disbursements of up to a maximum of Rs. 3000.

Technologically advanced: You can complete the entire process of getting your student loan from filling in the application to getting the sanction letter without having to leave your house when you process your loan with WeMakeScholars.

Find out how easy it can be to fund your education - apply for your education loan through WMS and experience the benefits.

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Our Education Loan team will help you with any questions

Naresh Kumar
WeMakeScholars- supported by IT Ministry, Govt. of India.

Published: 23 Dec, 2022 | Updated: 02 Dec, 2024