Indian Overseas Bank Education Loans

Through "Vidya Jothi Scheme" Indian Overseas Bank offers educational loans to the deserving or meritorious students to pursue their studies.

Eligibility

Student should be an Indian National.
He/she should have secured admission to professional/technical courses or other academic courses.
Student should have secured admission to foreign University/Institution (in the case of overseas study)

Courses

His/Her school education including plus 2 stage/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. and courses conducted by IIM, IISC, XLRI, NIFT etc.
Courses offered in India by reputed foreign universities/Evening courses of approved institutes.

Loan Amount

A student can get a maximum of Rs.7.5lakh for studying in India and Rs.15lacs for studying abroad.

Repayment

Students can repay the loan in equal monthly Installments for a maximum period of 5 - 7 years excluding holiday period.
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.
Option to service the interest.
For prompt servicing of interest for all quarters during the study period, an interest rebate of 0.5% is allowed.
The interest rebate thus calculated will be credited back to loan account at the time of commencement of repayment of the principal sum.
For further details, click on the link:
Indian Overseas Bank Education Loans