Student Education loans in India

Here know the complete information about Student Education Loans offered by Indian Overseas Bank India.

Indian Overseas Bank

Studies in India

Eligibility for Education Loan
  • Must be an Indian National.
  • Secured admission to Professional/ Technical courses through Entrance Test/ Selection Process.
Eligible Courses for Education Loan
  • Graduation Courses, Post Graduation Courses, Doctorate Courses and courses like C.A, ICWA, CFA, CS, etc.
  • Computer certificate courses of reputed institutes affiliated to universities and courses conducted by IIM, IIT, IISc, XLRI. NIFT etc.
  • Courses offered by National Institutes and other reputed private institutions with prior approval of Head Office
  • Other courses leading to diploma/degree, etc. conducted by colleges/universities approved by UGC/Govt./AICTE/AIBMS/ ICMR, etc.
Expenses considered for Education Loan
  • Fee payable to college/school/hostel
  • Examination/Library/Laboratory fee
  • Purchase of books/equipments/instruments/uniforms
  • Travel expenses/passage money for studies abroad. Purchase of computers - essential for completion of the course.
  • Any other expense required to complete the course - like study tours, project work, thesis, etc.
Quantum of Finance
Finance upto Rs. 10.00 lacs.
Margin
  • Upto Rs.4,00,000/- -- NIL
  • Above Rs.4,00,000/- -- 5%

Studies in Abroad

Eligibility
  • Must be an Indian National and age should be above 17 and below 35 years.
  • Secured admission to Overseas College/ University/ Institution in any of the following disciplines
Eligible Courses for Education Loan
  • Post graduation in MCA, MBA, MS and PhD(Doctor of Philosophy).
  • Courses conducted by CIMA - London, CPA in USA etc.,
  • Job oriented Professional and Technical courses offered by reputed universities.
Quantum of Finance
Need based as informed in the admission/ confirmation letter of the University/ College, subject to a maximum of Rs. 20.00 lacs
Margin
  • Upto Rs.4,00,000/- -- NIL
  • Above Rs.4,00,000/- -- 15%

Common aspects for studying in India and Abroad

Security
  • Upto Rs.4.00 lacs - Co obligation of parents . No security
  • Above Rs.4.00 lacs upto Rs.7.50 lacs - Co obligation of parents together with collateral security in the form of suitable third party guarantee.
  • Above Rs.7.50 lacs - Co obligation of parents together with tangible collateral security .Collateral security in the form of NSC /KVP/ LIC Policy/ Gold/ Shares/Debentures or immovable properties. Bank Deposits in the name of student/Parent/Guardian or any other third party with suitable margin. Wherever the land/ building is already mortgaged, the unencumbered portion can be taken as security on second charge basis-provided it covers the required loan amount. In case the loan is given for the purchase of computer , the computer has to be hypothecated to the bank.
Holiday period
6 months after getting the job or 12 months after completion of the course whichever is earlier.
Repayment
Repay the loan in equal monthly Instalments for a maximum period of 5 - 7 years excluding holiday period.
Interest servicing
It is left to the option of the student either to service the interest during the study period or pay it along with the principal over a period of 5 - 7 years to commence from 12th month after completion of the study.
For more details visit Indian Overseas Bank official website: iob.in

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