Indian Overseas Bank

Eligibility:
Should have a good academic record. 

You should have secured admission to professional/technical courses in India or abroad through entrance test/ Merit based selection process.

 

Courses Eligible:

Loan for your Graduation/Post graduation/Diploma/Computer education in any recognised 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.

 

Amount:

Maximum Amount for India : Rs 10 lacs

Maximum Amount Overseas : Rs 20 lacs

 

Documents to be submitted :

Mark sheets,addmission approval,address proof,photgraph,income proof .

 

Interest Rate:

Upto Rs 4.00 lakh: 12% .

Above Rs 4.00 lakh: 13.25%.

Interest to be debited monthly  on simple basis during the repayment holiday/moratorium  period. 

 

Margin:

For loans upto Rs. 4.00 lakh: Nil

For loans above Rs. 4.00 lakh: Studies within India 5%, For studies abroad 15%

 

Security:

Indian Overseas Bank charges various securities for issuing education loans under Vidya Jothi Scheme.

 

For education loans up to Rs.4 lacs co-obligation of parents is required.

For loans more than Rs.4 lacs and up to Rs.7.50 lacs- collateral security and Co-obligation of parents are needed.

For loans more than Rs.7.50 lacs, you need to submit tangible collateral security and ensure co obligation of parents.

Repayment: 

 

You can repay the loan in equal monthly Instalments for a maximum period of 5 - 7 years excluding holiday period.

 

Contact :

Delhi Tel: 3362003

Bangalore Tel: 2266207

Chennai Tel: 044-28524212

Hyderabad Tel: 4755324

Kolkata Tel: 2299700

Mumbai Tel: 2182226