Education and Career Forum

I am interested to do MBBS in any private college. So, I want to apply an education loan for this course. I came to know that Indian Overseas Bank provides an education loan for such course. Is it true? If yes, then tell me about the process to apply in this education loan.

Loan is made available for
Graduation
Post graduation
Diploma
Computer etc from a recognised university.
Professional courses including
Engineering
Medical
Agriculture
Law
Dental etc
Quantum of loan:_
Maximum of 30 lacs for Indian college and 40 lacs for abroad.

You can either apply online or visit nearby overseas bank IOB branch for application. You can also download the application form , from their official website.
Complete the form and submit it to the representative.
Documents required
Admission letter
PAN card
Aadhar card
Identity and residential proof etc

°°° Of course, you can get an education loan of up to rupees 80 lakhs to pursue MBBS course in India. These are mostly secured loans that require you to pledge equivalent collateral.

Indian Overseas Bank education loan interest rates:

There is a scheme known as Vidya Jyoti where you can get maximum loan of rupees 30 lakh if you want to pursue MBBS course in India.
Tenure of the loan will be 15 years.

°°° Eligibility°°°

You must be an Indian citizen.

You must have secured admission at a University that is recognised in India by the merit based selection process or entrance based.

In case of states that do not have a common entrance exam you must have scored 60% in the qualifying examination.

The reputation of the university is considered in case the common entrance test is not required for admission.

Does Indian Overseas Bank offer Education Loan to study private MBBS courses? Procedure to apply?

Yes, Indian Overseas Bank offers Education Loan to study private MBBS courses.

Documents required:
Signed application form with photograph.
Copy of passport/voter ID card/driving license.
Processing fee cheque.
Last 3 months bank statement/6 months bank passbook.