Educational Loans

Eligibility
Should be an Indian National
Should have secured admission to professional/technical courses in India or abroad

Purpose
Loan is made available for 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., courses conducted by IIM, IISC, XLRI, NIFT etc, courses offered in India by reputed foreign universities/Evening courses of approved institutes, regular degree/ diploma courses like Aeronautical , Pilot training , shipping etc approved by Director General of Civil Aviation/ shipping if the course is pursued in India. Incase the course is pursued abroad, the institute should be recognized by the competent local aviation/ shipping authority. For studies abroad, loans will be made available only for Graduation and Post Graduation Courses offered by Reputed Universities and not for diplomas

http://www.iob.in/Vidya_Jyothi.aspx

Quantum of loan
Maximum of Rs. 10.00 lakh for studying in India and Rs. 20.00 lakh for studying abroad.

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 Installments 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.

Interest servicing - concession
For prompt servicing of interest for all months during the study period when repayment holiday is specified for interest / repayment under the scheme, an interest rebate @1.00 % is allowed. Interest concession at 0.50% on all Education Loans to Girl Students for pursuing education in India and Abroad 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.
Download the application form in MS - Word format.
Save it on your computer, print it out and send it to the nearest/convenient I.O.B. branch for processing

About Indian Overseas Bank :
Welcome to the family of IOB pioneer in Banking, Insurance and Industry with a specialisation in forex business and overseas banking With our wide network of more than 1300 ATMs, you can now never be far away from your IOB account. The Composition of the Board of Directors of a Bank is governed by “The Nationalised Banks (Management and Miscellaneous Provisions)Scheme 1970” read with “The Banking Companies (Acquisition and Transfer of Undertakings) and Financial Institutions Laws (Amendment) Act 2006” and amendment to thevide Extraordinary Gazette Notification dated 19.02.2007 of the Central Government.