Indian Overseas Bank

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:

• Should be an Indian National
• Should have secured admission to professional / technical courses in India or abroad

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.

Margin  :

For loans upto Rs. 4.00 lakh : Nil

For loans above Rs. 4.00 lakh

• Studies within India 5%
• For studies abroad 15%

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 :

http://www.iob.in/Vidya_Jyothi.aspx

To Apply :

Online : https://www.iobnet.co.in:4430/edu/edu.asp

Offline : http://iob.in/uploads/CEDocuments/Education%20loan%20Vidya%20Jyothi.pdf