Indian Overseas Bank’s Educational Loans - Vidya Jyoti
Objective of the Scheme:
IOB provides financial support to meritorious students for pursuing higher education in India and abroad. Meritorious Students under management Quota are eligible for Education Loan.
Eligibility of the Student:
Studies in India :
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.
Studies over a Wide Area :
Loans will be made available only for Graduation and Post Graduation Courses offered by Reputed Universities and not for diplomas
Liability of Finance :
Quantum of Finance :
Maximum of Rs. 30.00 lakhs for studying in India and Rs. 40.00 lakhs for studying abroad.
For loans upto Rs. 4.00 lakh : Nil
For loans above Rs. 4.00 lakh
Processing Fee / Mortgage Charges : NIL
Rate of Interest :
Interest to be debited monthly on simple basis during the repayment holiday / moratorium period.
Repayment Period of the Loan :
Repay the loan in equal monthly Installments for a maximum period of 5 - 7 years excluding holiday period.
For more Details, Kindly refer the following link :
To Apply :
Online : https://www.iobnet.co.in:4430/edu/edu.asp
Offline : http://iob.in/uploads/CEDocuments/Education%20loan%20Vidya%20Jyothi.pdf