Education and Career Forum

I want to take an education loan from Indian Overseas Bank. Kindly let me know about the interest rates which will charge in this Bank’s Education Loan Scheme because I want to take an education loan for my Diploma Engineering course.

Interest rates against Indian Overseas Bank Education Loan Scheme are as follows:-
Up to Rs. 4 Lakhs- 12.25%
Above Rs. 4 Lakhs to Rs. 7.50 Lakhs- 13.50%
Vocational courses- 12.25%
Ward of Staffs- 12.00%

Interest rates against Indian Overseas Bank Education Loan Scheme for Diploma Engineering course are as listed below:-
Up to Rs. 4 Lakhs - 12.25%
Above Rs. 4 Lakhs to Rs. 7.50 Lakhs - 13.50%
Above Rs. 7.50 Lakhs - 13.25%
Ward of Staff - 12.00%
Vocational Courses - 12.25%

Note - Additional concession in interest rate of 0.50% to female candidates

For any type of course, in indian overseas bank you will get educational loan based on sanction limit. Here i am providing you the interest rate as per loan limit.

1.upto 4 lakhs. : 12.25%

2.from 4 lakh to 7.5 lakh : 13.50%

3.above 7.5 lakh :13.25%

4.for vocational courses : 12.25%

5.for staff :12.00%

And also you will get subsidy on interest under CSIS scheme , for family income upto 4 lakh.

Originally Posted by Unregistered

I want to take an education loan from Indian Overseas Bank. Kindly let me know about the interest rates which will charge in this Bank’s Education Loan Scheme because I want to take an education loan for my Diploma Engineering course.

Indian Overseas Bank Education Loan interest rates are given below:

For Vidya Jyothi – MCLR + 3.00%, i.e. - 8.65 + 3.00 = 11.65%

For Vidya Suraksha - MCLR + 2.00%, i.e. - 8.65 + 2.00 = 10.65%

Students can find the details in the Indian Overseas Bank website link given https://www.iob.in/Retail-credit-interest-rates

Interest rates against Indian Overseas Bank Education Loan Scheme for Diploma Engineering course is 8.65 (MCLR) + 1.5 (spread) = 10.15%

Details regarding Interest rates against Indian Overseas Bank Education Loan Scheme is available on the below mentioned official website link;
https://www.iob.in/Retail-credit-interest-rates