IndusInd Bank Education Loan: Interest Rates and How to Apply?

Do you find yourself short on funds but eager to advance academically and professionally? The IndusInd Bank education loan is a straightforward choice for students to finance their dreams of higher education and pave the way for a successful career. 

Curious to learn more about the IndusInd Bank education loan?  This guide serves as your comprehensive resource to explore its features, eligibility criteria, document requirements, and much more. 

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IndusInd Bank Education Loan Overview

IndusInd Bank offers education loan options to support Indian students pursuing higher education both domestically and internationally. They can be used to cover living expenses such as housing, food, and additional fees, making it not limited just for educational purposes. 

The loans feature a 100% digital application process, quick approval, competitive interest rates, and a flexible repayment schedule, making them highly beneficial for students.

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Features of IndusInd Bank Education Loan

With an IndusInd Bank education loan, you can wait until after you finish your course or a grace period before you start paying it back. This helps you focus on your studies without worrying about money right away. 

The following are the general characteristics of the education loan issued by IndusInd Bank. 

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IndusInd Bank Education Loan Interest Rate

As of Q4 2023-24, IndusInd Bank's education loan interest rate is as follows. 

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The Annual Percentage Rate (APR) for FY 23-24* is as follows.

*Please note: All fees mentioned are exclusive of any applicable government taxes or charges.

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How to Use an IndusInd Bank Education Loan for Higher Education?

Here’s a step-by-step guide on how to best use a loan for education from IndusInd Bank for higher education: 

1. Estimate Your Expenses

First, calculate all your expenses. In case you're planning to study abroad, consider additional costs like travel, books, visa fees, and accommodation.

2. Choose Your Repayment Period

Decide on a repayment duration that fits your financial situation, as your monthly payment amount (EMI) will depend on this. You can use a personal loan EMI calculator to help you decide your IndusInd bank loan repayment period. 

3. Check Eligibility

Ensure you meet the eligibility criteria for the loan (more details in the upcoming section). 

4. Apply for the Loan

IndusInd Bank offers a fully digital application process, eliminating the need for physical documents. 

5. Get Ready

Once approved, start preparing for your educational journey. Complete all formalities, book your travel, pay your fees, and get set for an exciting new chapter.

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IndusInd Bank Education Loan Eligibility Criteria

To apply for an IndusInd Bank education loan, both students and their co-applicants/guarantors must meet specific eligibility criteria. Here are the requirements you need to check before applying based on your employment type.

Please note: The IndusInd Bank education loan requires no collateral, ensuring accessibility and ease. You can check your eligibility to take advantage of low-interest offers and experience the quickest process for an education loan without the need for collateral.

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IndusInd Bank Education Loan: Documents Required

In order to apply for an IndusInd bank education loan, you need to provide a set of documents that demonstrate your eligibility, financial status, and academic credentials.

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IndusInd Bank Education Loan: Quick Guide to EMI Calculation and Processing 

Understanding your Equated Monthly Instalment (EMI) amount for your IndusInd Bank student loan is crucial for effective financial planning and expense management. For this, you can check out the IndusInd Bank Education Loan calculator.

1. Have your loan amount, tenure, and interest rate ready.

2. Use the IndusInd Bank Education Loan Calculator on their website.

3. Enter your details and click ‘Calculate’ to view your EMI.

4. Fill out the loan application and submit all required documents promptly.

5. Choose to apply online for faster processing or visit a branch.

6. Ensure your co-applicant has a good credit score to speed up approval.

7. Loan approval typically takes 72 hours, with the entire process completed within 15 days.

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Following these steps, you can quickly calculate your EMI and efficiently process your IndusInd Bank education loan.

Example: 

If

Education loan required = INR 30,000 

Interest rate = 10.75% , and

Tenure = 12 months, 

Estimated EMI = INR 2,648 for 12 months

Hence, 

Interest amount = INR 1,776, and

Total amount payable INR 31,776

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Also Read: Instant Personal Loans for Students: 5 Best Loans in India

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How to Apply for an IndusInd Bank Education Loan?

Now that you are aware of how IndusInd Bank's instant personal loan can support your education without compromising quality, let's proceed to understand how to apply for the IndusInd Bank education loan. 

Step 1

Visit IndusInd Bank’s loan page and enter basic details such as your mobile number and PAN card number to initiate the application. 

Step 2

Verify your address details to proceed.

Step 3

Review your personal loan offer and complete the video KYC (Know Your Customer) process.

Step 4

Provide your bank account details for disbursement of the loan amount.

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Also Read: How to Apply for Education Loan in India- Complete Process

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IndusInd Bank Education Loan Disbursement Process

Did you know: The IndusInd Bank Education Loan disbursement process is smooth and hassle-free, thanks to its efficient and quick processing times for education loans? Here are the steps:

Step 1: Understand the Disbursement Process

• The disbursement process is the final step where the loan amount approved for your higher studies is released.
• IndusInd Bank transfers the loan funds directly to the university’s account, covering tuition and accommodation fees.

Step 2: Review and Agree to Terms

• Once your loan is sanctioned, you will receive a sanction letter outlining the terms and conditions.
• Carefully review the terms, and if you agree, sign the sanction letter.

Step 3: Submit the Sanction Letter

• After signing the sanction letter, submit it to IndusInd Bank.
• This step officially initiates the disbursement process.

Step 4: Disbursement of Funds

• After receiving the signed sanction letter, IndusInd Bank will begin the disbursement process.
• The funds are typically transferred to the university’s account within 24 hours, thanks to IndusInd Bank’s quick and efficient processing.

Step 5: Completion of Formalities

• All required formalities are completed swiftly, ensuring a hassle-free experience for the borrower.

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By following these steps, you can ensure a smooth and quick disbursement of your education loan, allowing you to focus on your studies without financial worries.

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Advantages of IndusInd Bank Education Loan

The IndusInd Bank Education Loan caters to various needs you might have while preparing for higher studies. 

The various benefits of IndusInd Bank education loan include the following.

1. Fast Approval

IndusInd Bank ensures a quick and efficient approval process for its education loans. With a widespread network, easy documentation and digital tools, you can easily apply for loans from anywhere.

2. Doorstep Service

IndusInd Bank offers doorstep service, providing personalised assistance throughout the loan application journey. This is particularly useful for students and their families who may have questions or need support.

3. 100% Digital Process

Applying for IndusInd Bank Personal Loans is completely digital. Simply provide your PAN and Aadhaar details. You can complete the video KYC process from home and receive the loan amount directly deposited into your account.‍

4. Competitive Interest Rates

The IndusInd Bank education loan interest rate is highly competitive. It starts from as low as 10.25%, making them highly affordable.

5. No Collateral Required

The application process is straightforward, with no need for collateral. ‍

6. Tax Benefits

While personal loans specifically for education do not offer tax benefits, if you use the funds for your child's education, you may qualify for deductions under Section 80E. This can help reduce your tax burden.

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Also Read: Education Loan Benefits 2024: India and Abroad

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Why Propelld?

If you're looking for a hassle-free and expedited loan process, Propelld is your dependable partner. We simplify the loan application with personalised support and expert guidance. We'll help you navigate through loan options, documentation requirements, and application procedures effortlessly. The best part is that our loan application process is 100% digital. 

But that's not all — there are more benefits. Keep reading to find out!

Benefits of Propelld Education Loan

Here are some more benefits of the Propelld education loan.

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FAQs About IndusInd Bank Education Loan

Does IndusInd Bank give an education loan?

Yes, IndusInd Bank offers education loans to support students pursuing higher education in India and abroad. 

What is a personal loan at IndusInd Bank?

A personal loan at IndusInd Bank is a type of unsecured loan provided to individuals to meet their personal financial needs. This loan can be used for a wide range of expenses, including education, medical bills, home renovation, weddings, and more. It provides an accessible financial aid option with relatively low interest rates.

Who is eligible for an IndusInd Bank education loan?

The minimum eligibility criteria for an instant loan typically include the following. 

• You should be 21 years of age or older at the time of application.
• The minimum net monthly income should be at least INR 25,000.

What are the tenure options for an education loan?

You have the flexibility to select an IndusInd bank loan repayment period that spans from 12 months to 72 months. This wide range of tenure options allows you to tailor the loan repayment schedule according to your financial preferences and capabilities.

What is the minimum tenure available for personal loans for educational purposes? 

Education loan is offered for a minimum of 1 year. This means that IndusInd Bank offers education loans with a minimum repayment period of 12 months, allowing you sufficient time to manage and repay your loan comfortably while pursuing your career goals.

What are the steps to apply for an IndusInd Bank education loan?

Here's a simple guide to applying for an instant personal loan for education online with IndusInd Bank:

1. Visit IndusInd Bank’s personal loan page and enter essential information like your mobile number and PAN card number to start your application.
2. Verify your address details to continue with the application process.
3. Review the personal loan offer and complete the video KYC (Know Your Customer) process as required.
4. Provide your bank account details for the disbursement of the loan amount.

What is the IndusInd Bank education loan interest rate?

As of Q4 2023-24, the IndusInd Bank education loan interest rates range from a minimum of 10.25% to a maximum of 28.00%, with a mean interest rate of 18.31%.

Can I pay for living expenses with my IndusInd Bank education loan?

Yes, you can use your IndusInd Bank education loan to pay for living expenses. This includes expenses such as accommodation costs, food, transportation, and other daily living expenses incurred while pursuing your education.

Is IndusInd Bank education loan collateral-free?

Yes, IndusInd Bank offers collateral-free education loans. They are unsecured, meaning you can access funds without having to pledge any collateral.

Are there any additional charges for IndusInd Bank's education loans?

Yes, there is a processing fee of up to 3.5% of the loan amount, along with requisite documentation charges. These charges are deducted from the loan amount at the time of disbursal.

How can I repay my IndusInd bank education loan?

You can repay your IndusInd Bank education loan through equated monthly instalments (EMIs). The repayment process typically involves setting up an ECS (Electronic Clearing Service) or E-Nach (National Automated Clearing House) mandate. Alternatively, you can opt for a standing instruction to debit your IndusInd Bank account with the EMI amount on a specified date each month. This ensures convenient and timely repayment of your education loan.

Is it necessary to open an account with IndusInd Bank to apply for or manage the loan?

Opening an account with IndusInd Bank is not mandatory for availing or servicing the loan. That said, it is encouraged to establish a banking relationship to access additional complimentary services that complement the loan.

How quickly will my online Personal Loan application for education be approved?

Once you submit your online application form and the necessary documents, your Personal Loan can be approved and disbursed within a few hours, provided that all details are accurate and verified in real-time.

How long does it usually take for the loan to be disbursed after sanction?

After loan sanction, the loan is disbursed in less than 24 hours. IndusInd Bank's efficient and quick processing time for education loans ensures that all formalities can be completed quickly. 

What expenses does the IndusInd Bank education loan cover?

Expenses covered by the IndusInd Bank education loan include tuition fees, living expenses, textbooks and supplies, flight and visa costs, and emergencies (such as medical or personal needs).