Indian Overseas Bank Education Loan

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Indian Overseas Bank Education Loan Summary Table

Indian Overseas Bank Education Loan Limit For India – INR 10 Lacs

For Abroad – 20 Lacs (Up to ₹ 7.5 lakh without collateral)

Indian Overseas Bank Education Loan Interest Rate 9.65% per annum
Indian Overseas Bank Education Loan Margin For loan above INR 4 LacsIn India: 5%

In abroad: 15%

Indian Overseas Bank Education Loan Processing Fee Up to INR 4 Lacs: NilAbove INR 4 Lacs: INR 5000
Indian Overseas Bank Education Loan Security Up to 7.50 Lacs: Only Parent/ Guardian as co-borrower. No third party guarantee. Above INR 7.50 Lacs: Tangible security along with parents as co-borrower
Indian Overseas Bank Education Loan Repayment Starts After 1 year of course completion or 6 months after getting a job

Indian Overseas Bank Education Loan Features

Indian Overseas Bank Education Loan

The need for higher education from a supposed college is growing which in result improves the chance of getting a well-paid job. However, a university with a good quality costs much more expensive due to its premium faculties and facilities.

To overcome this, Education Loan plays an essential role in a student’s life!

Education loans serve those students, who have the capabilities and potential. The loan covers their expenses for education such as tuition fees, facilities, etc.

The loan can be taken to study in India or indeed abroad studies. Whatever the case Indian Overseas Bank is constantly there to help the students.

Every student can apply for the Indian Overseas Bank education loan by adhering to the specific criteria and documentation.

Indian Overseas Bank Education Loan Eligibility

Parameters  Eligibility Criteria
Applicant’s Age
  • Non-employed personnel: Up to 35 years
  • Working employees: Up to 45 years
Who Can Apply?
  • An Indian National: secured admission to professional courses in recognized institutions.
  • Permanent employees: Who are employed for not less than three years with any organization and have secured admissions in a reputed institute or who intend to acquire higher professional qualifications.
Maximum Loan Amount
  • For studies in India: Up to Rs. 1,000,000
  • For studies in Abroad: Up to Rs. 2,000,000
  • For studies at IIT’s, IIM’s and ISB’s: Upto Rs. 4,000,000
Frequency Of Repayment
  • Quarterly or monthly rests.
  • Starts 1 year after completing the course of six months after getting a job, whichever is first.
  • Loan interest re‐payment will start immediately after disbursement of the first installment of the loan.
Repayment Period
  • Tenure: Education Loan consists of Duration of Study, Grace Period after the Study, and Repayment Period.
  • For Indian courses: Repayment tenure is a maximum of 12 years after the commencement of repayment.
  • For Abroad courses: Repayment tenure is a maximum of 12 years after the commencement of repayment.

Indian Overseas Bank Education Loan Interest Rate

Indian Overseas Bank Education loan interest rates are 9.65%.

Loan Amount Range Courses in India Courses Abroad IIT, IIM, ISB Courses
Loans upto Rs. 4 lakh 10.50 % , for Girls – 10.00% 10.50 % , for Girls – 10.00% 8.85 %
Loans Rs. 4.0 – 7.5 lakh 10.50 % , for Girls – 10.00% 10.50 % , for Girls – 10.00% 8.85 % – 10.00%
Loans > Rs. 7.5 lakh 10.75 % , for Girls – 10.25% 10.75 % , for Girls – 10.25% 8.85 % – 10.00%

Indian Overseas Bank Education Loan Schemes with detailed features, documents, max loan, courses

Indian Overseas Bank Education Loan Schemes, Maximum Loan Amount, and Interest Rates

TABLE WILL APPEAR

Indian Overseas Bank Education Loan Documents Required

Under Know Your Customer Policy (KYC), the bank requires certain documents.

These documents are required from both the student and co-borrower:

Identity Proof
  • Passport
  • Photo Credit Card
  • PAN Card
  • Aadhaar Card
  • Voter’s ID Card
  • Driving Licence
  • Central and State Govt. issued Photo ID Proof
  • Defense ID Card.
Residence Proof
  • Aadhaar Card
  • Ration Card
  • Bank Account Statement
  • Voter’s ID Card
  • Letter from any recognized public authority
  • Passport
  • Telephone Bill
  • Electricity Bill
  • Water Bill
Income Proof in case of salaried co-borrower
  • Bank Statements
  • ITR
  • Salary Slips
  • Form-16
  • bank account statement
Income proof for self-employed co-applicant
  • Business address proof
  • IT returns for the last two years
  • TDS certificate
  • Form 16A
  • Certificate of qualification
  • Bank account statement

Additional documents:

  Student Applicant Mandatory Passport submission
Academic Records: X, XII grade results. Graduation results semester wise. Entrance Exam results that formed the basis of admission
Proof of admission: A conditional application letter may be considered
Cost of education, schedule of expenses.
2-passport size photographs
If the loan was taken out before then loan account statement for the last 1 year.
Co-applicant 2-passport size photographs
If the loan was taken out before then loan account statement for the last 1 year.

Indian Overseas Bank Education Loan Offered Courses

The Education Loan covers courses that are only regular full-time Degree or Diploma courses that the student secured through selection or merit. Indian Overseas Bank Education Loan also considers Full-time Executive Management Courses like PGPX.

EMI Calculator

Indian Overseas Bank Education Loan EMI Calculator

EMI Calculation Table

Indian Overseas Bank: Takeover of Education Loan

An Education Loan is Movable, it is essentially a process of carrying high-interest debt from one to another lender and with a lower interest rate and better repayment policies.

Indian Overseas Bank Takeover Of Collateralised Education Loans Scheme can be availed at an interest rate of 1Year MCLR + 1.50% spread. Indian Overseas Bank also gives a 0.50% permission in the interest rate for girls.

How To Apply For Indian Overseas Bank Education Loan

  • Visit  Dialabank for an education credit.
  • Go to the Indian Overseas Bank Education Loan side.
  • Check out all the ability and documents guidelines for an education loan.
  • Fill out all the specifications required in the Education Loan application form.
  • Once done, our agent will soon contact you for a further stress-free process.

FAQs For Indian Overseas Bank Education Loan

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List of Approved Institutes

  • Architecture college
  • Bio-technology
  • college
  • Law college
  • Medical college
  • Pharmacy college
  • Engineering college
  • Management college
  • Science, Commerce, and Arts college
  • Physical education college
  • B.ED college
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