IOB(Indian Overseas Bank) Education Loan,Scheme,Interest rate, details,Application form,terms and conditions
Indian Overseas Bank Provides Education Loan, for eligible Indian students studies in India and Abroad. Indian Overseas Bank Education Loan Interest rates vary depends on the total Loan sanctioned and type of Course. Indian Overseas Bank Provides Education loan of 4 lakhs to 10 lakhs for Indian Education courses of Graduation and Post graduations. For Abroad studies the loan will be up to 20 lakhs. You can have the complete details on Indian Overseas Bank Education loan, Interest rates, Documents required while submitting the application form, Schemes, courses, re-payment and eligibility for Indian Overseas Bank Education loan for student to study in India & abroad
Indian Overseas Bank Education loan interest rates, terms and conditions
Indian Overseas Bank Education loan starts form 4 lakhs and the max loan scheme is 10 lakhs for Education in India. And up to 20 lakhs for study abroad. Students, who want to take loan amount of 4 lakhs , no need to give any security. Indian Overseas Bank Education loan re-payment period is 5-7 years.
For more than 4 lakhs and up to 7.5 lakhs of Education loan, student have to give third party guarantee to re payment of Education loan along with parent’s(Third party) Salary documents, Bank balance sheet and other Property proofs.
For more than 7.5 lakhs and up to 10 lakhs, Indian Overseas Bank executives will check all necessary documents, according to Indian Overseas Bank Education loan terms and conditions to provide loan as per parent’s future Income and type of course selected by student.
Up to 20 lakhs education loan(only for foreign studies), students have to submit all documents with proof of admission in college, according to Indian Overseas Bank terms and conditions
Indian Overseas Bank Education loan Interest Rate:
For 4 lakhs of Indian Overseas Bank loan, students have to pay 12.75% per year and the amount of above 4 lakhs and below 7.5 lakhs need to pay 14.00% of interest. Candidates, who got more than 7.5 lakhs and up to 20 lakhs, have to pay interest rate of 13.75% per year. You can have the below chart to get conclusion on Indian Overseas Bank Education loan Interest rate.
4 Lakhs- 12.75% p.a
4 lakhs to 7.5 lakhs- 14.00% p.a
Above 7.5 lakh – 13.75% p.a
Indian Overseas Bank Education Loan – courses:
1. Regular Professional and Technical Education courses of Graduation and Post-graduation studies, which are approved by AICTE/UGC/Government of India.
2. Aeronautical, Shipping degree and Diploma courses
3. Teacher Training and Nursing Courses, approved by state government or central govt of India.
4. Job oriented professional courses for abroad studies
4. Degree/Intermediate courses
Indian Overseas Bank Education Loan covers:
Indian Overseas Bank Education Loan in India and foreign includes College fee, exam fee, building fee and other fees like library/lab etc. With this Education loan you can purchase any 2-wheeler. You can have the complete expenses and how this Education loan helps you to study in India and abroad
Books and other Equipment charges
Hostel Fee etc
Documents required while applying for Indian Overseas Bank Education loan to study in India and abroad:
Students have to submit the following documents to get Indian Overseas Bank Education loan. Candidates have to fill the Indian Overseas Bank Education loan application form and must include relevant necessary documents of latest last 2 months salary slip of parent and income tax assessment sheet. Student have to attach one set of Education qualification certificates of his/her last studies like 10th class and Intermediate etc. you can have the complete details on Indian Overseas Bank Education loan documents need to submit to approve/get loan.
Income Proof-Any either salary slip/other
Education Certificates of SSC, Intermediate and other necessary, if required.
Income tax assessment of last 2 years
Last 6 months of Bank account balance sheet
Latest 2 passport Photo graphs
Admissions proof in college
1. After 1 year completion of course or After 6 months of getting job, whichever is happen earlier?
2. Loan re Payment period is commencement of 5-7 years
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