Education Loan in Indian Overseas Bank

Indian Overseas Bank
In Indian Overseas Bank , Education loan is provided in the name of vidhyajyothi.
Education loan amount size:
For the students studying in India , maximum amount of upto Rs.7,50,000 will be provided and for the students studying in abroad , maximum amount of upto Rs.15,00,000 will be provided.
Advance amount to be paid:
Nothing till 4,00,000 rs.
More than Rs.4,00,000 – Students studying in India should pay 5% of the amount and students studying in abroad should pay 15% of the amount.
Education scholarship will be added to the advance amount to be paid.
Interest rate:
Vidhyajyothi Higher education loan
Rs.4 lakhs  and  upto Rs.7.5 lakhs

Above Rs.7.5 lakhs

One year after finishing the studies or right from 6th month after joining the job the repayment is to be started. The loan amount is to be closed within 5 to 7 years.
Upto 4,00,000 Rs : No property guarantor is required.
From 4,00,000 Rs. upto 7,50,000 Rs.: Third party’s guarantee is required.
More than 7,50,000 Rs: Parents, student or the third party agreeing letter assuring the repayment of loan is required.


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