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Education Bank Loan in India : Indian Overseas Bank


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


Student:

  • Student should have nationality Indian.
  • Student must take secured admission to the standard universities or colleges in India as well as in abroad.

Courses:

  • For Studies in the India:
    • School education including graduation, post-graduation, computer or any diploma courses of standard universities and approved by state or central government.
    • Certificate courses of computers in the standard institutes approved by electronics department.
  • Studies in abroad:
    • Technical and job oriented courses offered in the standard universities.
    • Master courses such as MBA, MCA, MS etc.
    • Courses conducted by CPA in the USA, CIMA in London, etc.


Details of Loan


Exposure of expenses:

  • Fee payable to Hostel, school or college
  • Fees of exam
  • Purchase of books and the equipments.
  • Passage money or travel expenses for the studies in abroad.
  • Buy computers needed for the completion of course.

Quantum:

  • The maximum amount is Rs. 10.00 lakh for those studies in India
  • The maximum amount is Rs. 20.00 lakh for those studies abroad.
In deserving cases, students also get the higher loan amount.

Margin:

  • No margin up to Rs. 4 Lakh
  • The margin is 5 percent on the amount above Rs.4 lakh to studies in India
  • Margin is 15 percent for studies abroad.

Security:

Documents must be submitted by both students and parents.

  • No need of security for the loan up to Rs.4.00 lakh
  • Guarantee of third party is required when loan amount is in between Rs. 4 Lakh and &.Rs. 7.50 Lakh.
  • Collateral security or co-obligation of the gardians, parents or the third party is required for the loan amount above Rs. 7.50 Lakhs.


Disbursement


Repayment period or moratorium period is one year after completion of the course or 6 months from getting the job, whichever is earlier. After initiating the repayment, the loan is repaid in 5 to 7 years.


Details & Contact


Indian Overseas Bank
66 - Rajaji Salai,
Chennai - 001, Tamil Nadu
Phone - (044) 25233231, 25231254, 25231253,
Fax - (044) 25231278
Customer Care - (044) 39898911
Toll Free No - 1800 425 1400
Website - http://www.iob.in



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