Education and Career Forum

I am trying to apply for an education loan in Indian Overseas Bank for my BDes course. I want to know that for applying an education loan what interest charges during the moratorium period? Kindly tell me immediately. Waiting for your response!

During the moratorium period only simple interest is charged on the loan amount under Indian Overseas Bank Education Loan Scheme. You can get a concession of 1% on the interest rate when the payments for the interest charged during the repayment holiday/moratorium period.

The rate of under Indian Overseas Bank education loan for pursuing BDes course is 11.65% per annum. During moratorium period, 1% rebate on rate of interest of education loan is allowed.

You should have secured admission to higher education course in a recognised college/ university to be eligible to apply for an education loan.

Interest Rate charged by Indian Overseas Bank on Education Loan

- Upto 4 lacs: 10.55%

- Between 4 lacs and 7.50 lacs: 10.55%

- Above 7.50 lacs: 11.55%

- Vocational courses: 11.55%

The rates can change according to the RBI monetary policy which is revised from time to time.