Why For/Purpose /Objective:
Indian Overseas Bank 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. Incase 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
Eligibility Criteria
- Student be an Indian National
- Secured admission to professional/ technical courses in India or Abroad through Entrance Test / Merit based Selection process.
Courses Eligible
- 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.
- the course is pursued abroad, the institute should be recognized by the competent local aviation/ shipping authority.
Quantum/ Amount of Loan
Studies in India: Rs.10.00lakhs
Studies Abroad: Rs.20.00 lakhs.
Margin/ Allowance:
For loans upto Rs. 4.00 lakh |
Nil |
For loans above Rs. 4.00 lakh |
Studies within India 5% |
For studies abroad 15% |
Rate of Interest :
upto Rs.4 lac…….......10.25
Above Rs 4 lac …….11.50
Interest to be debited monthly on simple basis during the repayment holiday/moratorium period.
Repayment/ Tenures:
Repay the loan in equal monthly Instalments for a maximum period of 5 - 7 years excluding holiday period.
Contact
Delhi Tel: 011- 27866262,
Bangalore Tel: 080- 22950224
Chennai Tel: 044- 24913138,
Hyderabad Tel: 040- 23468819,
Kolkata Tel: 033- 24406525,
Mumbai Tel: 022- 22047341.
Website
www.iob.in
