Indian Overseas Bank Education Loan Summary Table
| Indian Overseas Bank Education Loan Limit | For India – INR 10 Lacs
For Abroad – 20 Lacs (Up to ₹ 7.5 lakh without collateral) |
| Indian Overseas Bank Education Loan Interest Rate | 9.65% per annum |
| Indian Overseas Bank Education Loan Margin | For loan above INR 4 LacsIn India: 5%
In abroad: 15% |
| Indian Overseas Bank Education Loan Processing Fee | Up to INR 4 Lacs: NilAbove INR 4 Lacs: INR 5000 |
| Indian Overseas Bank Education Loan Security | Up to 7.50 Lacs: Only Parent/ Guardian as co-borrower. No third party guarantee. Above INR 7.50 Lacs: Tangible security along with parents as co-borrower |
| Indian Overseas Bank Education Loan Repayment | Starts After 1 year of course completion or 6 months after getting a job |
Indian Overseas Bank Education Loan Features
The need for higher education from a supposed college is growing which in result improves the chance of getting a well-paid job. However, a university with a good quality costs much more expensive due to its premium faculties and facilities.
To overcome this, Education Loan plays an essential role in a student’s life!
Education loans serve those students, who have the capabilities and potential. The loan covers their expenses for education such as tuition fees, facilities, etc.
The loan can be taken to study in India or indeed abroad studies. Whatever the case Indian Overseas Bank is constantly there to help the students.
Every student can apply for the Indian Overseas Bank education loan by adhering to the specific criteria and documentation.
Indian Overseas Bank Education Loan Eligibility
| Parameters | Eligibility Criteria |
| Applicant’s Age |
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| Who Can Apply? |
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| Maximum Loan Amount |
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| Frequency Of Repayment |
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| Repayment Period |
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Indian Overseas Bank Education Loan Interest Rate
Indian Overseas Bank Education loan interest rates are 9.65%.
| Loan Amount Range | Courses in India | Courses Abroad | IIT, IIM, ISB Courses |
|---|---|---|---|
| Loans upto Rs. 4 lakh | 10.50 % , for Girls – 10.00% | 10.50 % , for Girls – 10.00% | 8.85 % |
| Loans Rs. 4.0 – 7.5 lakh | 10.50 % , for Girls – 10.00% | 10.50 % , for Girls – 10.00% | 8.85 % – 10.00% |
| Loans > Rs. 7.5 lakh | 10.75 % , for Girls – 10.25% | 10.75 % , for Girls – 10.25% | 8.85 % – 10.00% |
Indian Overseas Bank Education Loan Schemes with detailed features, documents, max loan, courses
Indian Overseas Bank Education Loan Documents Required
Under Know Your Customer Policy (KYC), the bank requires certain documents.
These documents are required from both the student and co-borrower:
| Identity Proof |
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| Residence Proof |
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| Income Proof in case of salaried co-borrower |
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| Income proof for self-employed co-applicant |
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Additional documents:
| Student Applicant | Mandatory Passport submission |
| Academic Records: X, XII grade results. Graduation results semester wise. Entrance Exam results that formed the basis of admission | |
| Proof of admission: A conditional application letter may be considered | |
| Cost of education, schedule of expenses. | |
| 2-passport size photographs | |
| If the loan was taken out before then loan account statement for the last 1 year. | |
| Co-applicant | 2-passport size photographs |
| If the loan was taken out before then loan account statement for the last 1 year. |
Indian Overseas Bank Education Loan Offered Courses
The Education Loan covers courses that are only regular full-time Degree or Diploma courses that the student secured through selection or merit. Indian Overseas Bank Education Loan also considers Full-time Executive Management Courses like PGPX.
EMI Calculator
Indian Overseas Bank Education Loan EMI Calculator
Indian Overseas Bank: Takeover of Education Loan
An Education Loan is Movable, it is essentially a process of carrying high-interest debt from one to another lender and with a lower interest rate and better repayment policies.
Indian Overseas Bank Takeover Of Collateralised Education Loans Scheme can be availed at an interest rate of 1Year MCLR + 1.50% spread. Indian Overseas Bank also gives a 0.50% permission in the interest rate for girls.
How To Apply For Indian Overseas Bank Education Loan
- Visit Dialabank for an education credit.
- Go to the Indian Overseas Bank Education Loan side.
- Check out all the ability and documents guidelines for an education loan.
- Fill out all the specifications required in the Education Loan application form.
- Once done, our agent will soon contact you for a further stress-free process.
List of Approved Institutes
- Architecture college
- Bio-technology
- college
- Law college
- Medical college
- Pharmacy college
- Engineering college
- Management college
- Science, Commerce, and Arts college
- Physical education college
- B.ED college
FAQs For Indian Overseas Bank Education Loan
Is it necessary to have a co-applicant for a student loan?
Yes, a co-applicant is necessary for all full-time programmes. A parent, guardian, or spouse can be a co-applicant (if married).
Is there a penalty for paying off a student loan early?
On school loans, most banks do not charge prepayment penalties. However, before signing on the dotted line, double-check with the bank.
Is there any kind of incentive for a female student who applies for a student loan?
Banks often provide women students seeking higher education in India and abroad a 0.5 per cent interest rate reduction on their education loans.
