Indian Overseas Bank
Eligibility:
Should have a good academic record.
You should have secured admission to professional/technical courses in India or abroad through entrance test/ Merit based selection process.
Courses Eligible:
Loan for your Graduation/Post graduation/Diploma/Computer education in any recognised 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.
Amount:
Maximum Amount for India : Rs 10 lacs
Maximum Amount Overseas : Rs 20 lacs
Documents to be submitted :
Mark sheets,addmission approval,address proof,photgraph,income proof .
Interest Rate:
Upto Rs 4.00 lakh: 12% .
Above Rs 4.00 lakh: 13.25%.
Interest to be debited monthly on simple basis during the repayment holiday/moratorium period.
Margin:
For loans upto Rs. 4.00 lakh: Nil
For loans above Rs. 4.00 lakh: Studies within India 5%, For studies abroad 15%
Security:
Indian Overseas Bank charges various securities for issuing education loans under Vidya Jothi Scheme.
For education loans up to Rs.4 lacs co-obligation of parents is required.
For loans more than Rs.4 lacs and up to Rs.7.50 lacs- collateral security and Co-obligation of parents are needed.
For loans more than Rs.7.50 lacs, you need to submit tangible collateral security and ensure co obligation of parents.
Repayment:
You can repay the loan in equal monthly Instalments for a maximum period of 5 - 7 years excluding holiday period.
Contact :
Delhi Tel: 3362003
Bangalore Tel: 2266207
Chennai Tel: 044-28524212
Hyderabad Tel: 4755324
Kolkata Tel: 2299700
Mumbai Tel: 2182226