Indian Overseas Bank Education Loan

Indian overseas bank provide education loan to Indian students who has secured a seat in one of the private / government recognized institute.

Bank Name Amount of Loan Repayment Tenure Interest Rate

30 - 40 lacs

5 - 7 years

11.70 - 12.95 %

Eligible Courses

Studies in India:

  • Any post-graduation / graduation / diploma course from some of the central / state government recognized university
  • The professional courses that includes engineering, management, medical, dental, law, agriculture and veterinary etc.
  • CFA, ICWA and CA like courses
  • Autonomous institutions like IIT, IISc, IIM courses
  • The courses which are offered to Indian students under some of the reputed foreign university
  • The regular diploma or degree courses which include pilot training, aeronautical and shipping etc. the other condition is that the courses should be approve by the civil aviation director general.


Studies abroad:

  • Only graduation or some of the post-graduation foreign courses are eligible for education loan from Indian overseas bank
  • Note than no foreign diploma course is eligible for it.


Expenses that can be considered for granting loan

Expenses considered for loan generally include the fee to be paid to either of the college / university / school where the applicant had got admission. The other expenses may include the travel and passage expense for the case if student studying abroad. Other expenses include those which are considered necessary for studying course and suggested by the university guidelines for students.


Amount of loan granted

Maximum amount of loan granted for studying in India is Rs. 30 lakhs whereas the maximum amount of loan granted for studying abroad is Rs 40 lakhs.


Interest rates

Interest rate is subject to change, but the current rates are :

  • 11.70 % upto 4 lacs, 12.95 % is payable for the range of 4 to 7.5 lacs and above than 7.5 lacs the rate interest will be 12.70 %.


Processing fee

No fee for processing loan for India is taken from the candidate. However a little charges might be taken for abroad study. Contact the nearest branch for further current information


Repayment tenure

The tenure of repaying the loan is usually 5 to 7 years for the borrower after commencement of repayment period. It usually starts from smaller time either of the two from course period + one year or course period + 6 months of job.


Security

  • No security is taken for the loan of amount 4 lakhs however a simple co-obligation from parents can be taken
  • For the loan of amount less than 7.5 lakhs and greater than 4 lakhs a third party in form of collateral security is taken
  • For the loan greater than 7 lakhs of amount the value security in form of tangible collateral security is taken. It may include non-moving property of fixed deposits.


Margin

Nil for 4 lakhs loan otherwise 5 % for studying in India and 15 % for abroad


Required Documents

  • all the academic backgrond records of the applicant
  • completely filled application form
  • proof that the applicant student has got admission in the recognized course from where he / she want to study
  • proof of birth, identity and income of co-borrower

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