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	01.08.2011
	Above Rs.7.5 lakhs

One year after finishing the studies or right from 6^th month after joining the job the repayment is to be started. The loan amount is to be closed within 5 to 7 years.

Warranty:

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.