Education and Career Forum

Hello everyone, I am looking forward to apply for an education loan in Indian Overseas Bank for studying BDS course. I would like to know about the terms and conditions for applying an education loan in this bank. Can anyone tell me?

Terms and conditions of indian overseas bank education loan :

1.Maximum amount can be sanctioned in indian is 30 lakh and for abroad is 40 lakh.

2.marigin required for more than 4 lakh is 5% in india and for abroad studies margin of 15%.

3.repayament will be in monthly installments around 5 to 7 years excluding moratorium period .

4.Interest rate will be depends on sanction limit like upto 4 lakh interests rate of 12.25% and upto 7.5 lakh it will be 13.50%

5.upto 7.5 lakh there is no need of collateral security as a guarantee.

The above mentioned are the basic terms and conditions of Indian Overseas Bank education loan scheme.

There is one more advantage for female candIdates on interest rate .a concession of 0.5%.

Originally Posted by Unregistered

Hello everyone, I am looking forward to apply for an education loan in Indian Overseas Bank for studying BDS course. I would like to know about the terms and conditions for applying an education loan in this bank. Can anyone tell me?

Terms and conditions apply for the education loan in Indian Overseas Bank are given below:

Students who have obtained admission to the technical or professional courses in India or abroad after completion of the 12th standard or graduation

Students should be Indian Citizens

Students have to provide the necessary margin (for education loan above Rs 4 Lakhs – 5% for studies in India and 15% for studies in abroad)

Students have to provide necessary security for the education loan amount

Students can avail a computer under the IOB education loan scheme and it has to be hypothecated to the bank

Students have to contact the IOB branch for more details

Terms and Conditions under Indian Overseas Bank Education Loan Scheme for BDS aspirant are;

For loans up to Rs. 4.00 lakh - No margin
For loans above Rs. 4.00 lakh - 5% margin to study in India and 15% for studies abroad.
Scholarship/assistantship are included in margin.

For loans up to Rs. 4.00 lakh, no security required. Only co obligation of parents.

For loans above Rs. 4.00 lakh and up to Rs.7.50 lakh, co obligation of parents together with collateral security in the form of suitable third party guarantee is required.
For loans above Rs. 7.50 lakh - Co obligation of parents together with tangible collateral security equal to the loan amount with suitable margin.

Holiday period is 6 months after getting a job or 12 months after course period which is earlier.

Repayment tenure is maximum period of 5 - 7 years excluding holiday period.

Detailed information is available on;
https://www.iob.in/Educational-loans-vidya-jyoti