Education and Career Forum

Hello, I am looking forward to apply an education loan in Indian Overseas Bank. I would like to know about the terms and conditions for applying an education loan in this bank which is Vidya Jyoti Education Loan Scheme. Can anyone tell me?

Terms &a Conditions under Indian Overseas Bank Vidya Jyoti Education Loan Scheme:-

To apply for the loan, one must be an Indian citizen having secured an admission into a Colleges/University recognised by a competent authority in India or abroad.
Quality education is a must for a complete and successful life.

To apply for the loan, one must be Indian citizen
Must have secured admission to a college or university recognised by a competent authority in India or Abroad.

Must have good academic background and the admission is secured on merit basis.

Repayment of loan will be equated in equal monthly installments for a period of 15 years.

1% concession may be provided by bank if interest is serviced during the study period and subsequent moratorium period prior to commencement of repayment.

Terms & Conditions under Indian Overseas Bank Vidya Jyoti Education Loan Scheme

If the student is not able to complete the course within the scheduled time, extension of time for a completion of course maybe permitted for a maximum period of 2 years.

1% interest concession may be provided by the bank if interest is serviced during the study period and subsequent more tutorial period prior to commencement of repayment.

The loan to be disbursed in stages as per the requirement directly to the institutions.

Official website
http://www.vidyalakshmi.co.in

°°° One percent interest concession may be provided by the bank if interest is serviced during the study period and subsequent Moratorium period prior to commencement of repayment.

If the student is not able to complete the course within the scheduled time then extension of time for completion of course maybe per metre for a maximum period of 2 years.

The loan to be disbursed in stages as per the requirement directly to the institutions.

Repayment of loan will be in equator monthly installment for a period of 15 years.

The Terms and Conditions under Indian Overseas Bank Vidya Jyoti Education Loan Scheme are given below.

--> If the student is not able to complete the course within the scheduled time, an extension of time for completion, of course, may be permitted for a maximum period of 2 years.
--> One percent interest concession may be provided by the bank if interest is serviced during the study period and subsequent moratorium period prior to commencement of repayment.
--> The loan is granted jointly with the parent/guardian (Co-borrower) of the applicant.
--> The bank may ask the borrower to submit a progress report during the course.
--> The loan is disbursed directly to the school, bookseller or publisher, computer seller, and so on and not to the applicant.

Terms &a Conditions under Indian Overseas Bank Vidya Jyoti Education Loan Scheme?

The loan amount for each year is repayable in equated monthly instalments up to a period of 15 years after the end of the moratorium period.

This means that you pay only interest during the moratorium period and then EMIs every month until the complete repayment of the loan.

Terms &a Conditions under Indian Overseas Bank Vidya Jyoti Education Loan Scheme?

Vidya Jyoti
Interest Rate: As per the discretion of the bank
Processing Fee: Contact the bank
Collateral:
Co-obligation of parents.
Collateral security of relevant value.
Assignment of the student’s income in the future for the payment of EMIs.