Education and Career Forum

Hello everyone, I am preparing for various MBA entrance exams. My aim is to do MBA. I want to get an education loan for this course. So, I am looking forward to apply for an education loan in Indian Overseas Bank. But I would like to know about the moratorium period of this bank education loan scheme.

Originally Posted by Unregistered

Hello everyone, I am preparing for various MBA entrance exams. My aim is to do MBA. I want to get an education loan for this course. So, I am looking forward to apply for an education loan in Indian Overseas Bank. But I would like to know about the moratorium period of this bank education loan scheme.

The moratorium period or repayment holiday is 6 months after getting a job or 12 months after completion of the course whichever is earlier in Indian Overseas Bank (IOB). The repayment duration is 5 to 7 years, excluding holiday period and students can repay the loan in equal monthly installments (EMI). Students can get up to Rs 30 Lakhs for studies in India and Rs 40 Lakhs for studies abroad. The margin for the education loan of up to Rs 4 Lakhs is NIL and above Rs 4 Lakhs is 5% for studies in India & 15% for studies abroad. Students can find the details in the IOB website link given Click Here

The moratorium period under Indian Overseas Bank Education Loan Scheme is 6 months after getting the job or 12 months after completion of the course, whichever is earlier. The loan amount has to be repaid in EMIs within 5-7 years excluding moratorium period.

Moratorium Period Under the scheme, the interest payable by the student belonging to EWS for availing of the Educational Loan for Technical/Professional Courses in India for the period of moratorium i.e. Course Period plus one year or six months after getting job, whichever is earlier.