The education loan offered by Indian Overseas Bank is also known as Vidya Jothi Scheme.
Candidates applying for the education loan from Indian Overseas Bank should be Indian nationals. Students who get admission to various professional and technical courses through merit based selection process or entrance examination are eligible to apply.
There are various kinds of courses which are eligible for Indian Overseas Bank student loans.
- Loans are available for various graduation, post graduation, computer education and diploma courses offered by recognized universities or government statutory bodies in India.
- Indian Overseas Bank student loan is also provided for technical and professional courses, regular diploma and degree courses as well as courses conducted by reputed foreign universities in India.
- In case of studies abroad, the institutes offering the courses should be approved by the competent authority of the nation.
- Study Abroad upto Rs.20 lakhs
- Study in India - upto Rs.10 lakhs
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.
- For education loans up to Rs.4 lacs -10.75%
- For loans more than Rs.4 lacs - 12.00%
The repayment of loan begins either 6 months after getting the job or 12 months after completion of the course whichever is earlier. Repay the loan in equal monthly Installments for a maximum period of 5 - 7 years.