Education and Career Forum

Hello sir, I want to study engineering course so, want to apply for an education loan at Indian Overseas Bank. What is the terms and condition to apply for it? Interest rate of previous year?

In order to apply for education loan in Indian Overseas bank, you need to provide following documents which is mentioned under terms and conditions for sanction of education loan which is called "Vidya Jyoti". You must be an Indian national and got admission in any professional course in India or abroad.

Documents required for education loan:

>>Loan letter from institute containing fee structure of course.

>>Proof of identity and address.

>>PAN card is necessary of both parents and candidate.

>>Income certificate.

>>Entrance exam scorecard.

>>If loan is above 4.5 lacs then guarantor is needed, for loans above 7.5 lacs, collateral is needed.

Upto 4.5 lacs loans, interest rate is 12.25%, above it upto 7.5 lacs, it is 13.5%. For more details about loan, Click Here.

The detailed terms and conditions of education loan at Indian Overseas Bank is attached below for your kind reference. Kindly refer the attachment below and get the details. The rate of interest fluctuates from time to time as per the instructions from Reserve Bank of India. It fluctuates in the range of 12.5-13.5 percent. However, it is computed as simple interest for the entire study period.