Education Loan in Indian Overseas Bank – IOB
Education Loan In Indian Overseas Bank
IOB Bank Educational Loans – Vidya Jyoti
Indian Overseas Bank Education Loan Eligibility
- Should be an Indian National.
- Should have secured admission to professional / technical courses in India or abroad.
Purpose of Indian Overseas Bank Education Loans
Education Loan is made available for Graduation / Post graduation / Diploma / Computer education in any recognized State / Central Government / University, professional courses including Engineering / Medical, Agriculture, Veterinary, Law, Dental, Management, courses like ICWA, CA, CFA, etc., courses conducted by IIM, IISC, XLRI, NIFT etc, courses offered in India by reputed foreign universities / Evening courses of approved institutes, regular degree / diploma courses like Aeronautical, Pilot training, shipping etc., approved by Director General of Civil Aviation / shipping if the course is pursued in India.
In case the course is pursued abroad, the institute should be recognized by the competent local aviation / shipping authority. For studies abroad, loans will be made available only for Graduation and Post Graduation Courses offered by Reputed Universities and not for diplomas.
Indian Overseas Bank Quantum of Education Loan
Maximum of 10.00 lakh for studying in India and 20.00 lakh for studying abroad.
Indian Overseas Bank Rate of Interest
Please refer http://www.iob.in Retail_Credit_Interest_Rates.aspx for retail credit interest rates.
Interest to be debited monthly on simple basis during the repayment holiday / moratorium period.
IOB Bank Education Loan Margin
|For loans upto Rs. 4.00 lakh||Nil|
|For loans above Rs. 4.00 lakh||Studies within India 5%|
|For studies abroad 15%|
Scholarship / assistantship to be included in margin.
Collateral Security for Education Loan in Indian Overseas Bank
|For loans upto |
|Co obligation of parents. No security|
|For loans above 4.00 lakh and up to 7.50 lakh||Co obligation of parents together with collateral security in the form of suitable third party guarantee.|
|For loans above 7.50 lakh||Co obligation of parents together with tangible collateral security. Collateral security in the form of NSC / KVP/ LIC Policy / Gold / Shares / Debentures or immovable properties Bank Deposits in the name of student / Parent / Guardian or any other third party with suitable margin. Wherever the land / building is already mortgaged the unencumbered portion can be taken as security on second charge basis provided it covers the required loan amount.
In case the education loan is given for the purchase of computer, the computer has to be hypothecated to the IOB bank.
Indian Overseas Bank Holiday period
6 months after getting the job or 12 months after completion of the course whichever is earlier.
Repayment of Educational Loan in IOB Bank
Repay the loan in equal monthly Instalments for a maximum period of 5 – 7 years excluding holiday period.
IOB Bank Interest servicing
It is left to the option of the student either to service the interest during the study period or pay it along with the principal over a period of 5 – 7 years to commence from 12th month after completion of the study.
Indian Overseas Bank Interest servicing concession
For prompt servicing of interest for all months during the study period when repayment holiday is specified for interest / repayment under the scheme, an interest rebate @1.00 % is allowed. The interest rebate thus calculated will be credited back to education loan account at the time of commencement of repayment of the principal sum.
Download the application form in MS – Word format.
Save it on your computer, print it out and send it to the nearest / convenient IOB Bank branch for processing.
Education Loan in Indian Bank – Bank Loans in India – Education Loan Scheme – Indian Overseas Bank Education Loan – Loan Interest Rate – Indian Overseas Bank
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