Education Loans from Indian Overseas Bank
The education loan proffer by Indian Overseas Bank is also known as Vidya Jothi Scheme. Shri. M.Ct.M. Chidambaram Chettyar founded Indian Overseas Bank on 10th February, 1937 with the purpose of concentrate in overseas banking plus business associated in the direction of foreign exchange. It was state-owned in the year 1969. To be familiar with more about Indian Overseas Bank education loans, scroll down the page.
Eligibility of the aspirant
Applicant is appropriate for the education loan as of Indian Overseas Bank should be Indian nationals. Students who obtain admission to different professional as well as technical courses through merit support selection process or entrance examination are eligible to apply.
Courses entitled designed for Indian Overseas Bank Educational Loans
There are different types of courses which are adequate for Indian Overseas Bank student loans.
- Loans are obtainable for different graduation, post graduation, computer education and diploma courses offered by familiar universities or government statutory bodies in India.
- Indian Overseas Bank student loan is also provided for technical and professional courses, regular diploma and degree courses plus courses perform by reputed foreign universities in India.
- In case of studies abroad, the institute’s contribution the courses have to be approved by the competent authority of the nation.
Quantum of Loan
A maximum of Rs.10 laces is make available for studying in India and Rs.20 laces for edification abroad.
Margin
For Indian Overseas Bank Student Loan up to Rs.4 laces there are no edge. However, the edge is 5% and 15% for loans more than Rs. 4 laces in case of education in India as well as abroad respectively.
Security
Indian Overseas Bank charges different refuge intended for issuing education loans under Vidya Jothi Scheme.
- For education loans up to Rs.4 laces co-obligation of parents is required.
- meant for loans more than Rs.4 laces and up to Rs.7.50 laces- security refuge and Co-obligation of parents are needed.
- Intended for loans more than Rs.7.50 laces, you require to submit tangible security refuge plus make sure co obligation of parents.
Repayment of Indian Overseas Bank Student Loan
A maximum time period of five to seven years is specified to the students for the repayment of the education loan.
In order to learn more concerning interest rates look through http://www.iob.in/
