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COMPARE : EDUCATION LOANS Indian Overseas Bank Education Loan Introduction Indian overseas bank offers education loan under Vidya Jothi scheme. Student who is an Indian National and have gained admission to professional / technical courses in India or abroad through entrance test / merit based selection procedure can apply for loan. Highlights   Study Abroad Study India Course Graduation Graduation Loan Type Term Loan Term Loan Loan Amount Min. - Rs 50000 Max. - Rs 2000000 Min. - Rs 50000 Max. - Rs 100000 Margin Money For loans upto Rs. 4.00 lakh - Nil For loans above Rs. 4.00 lakh - For studies abroad 15% Scholarship/assistantship to be included in margin For loans upto Rs. 4.00 lakh: Nil For loans above Rs. 4.00 lakh: 5% for studies within India Tenure Min. - 5 Yrs. Min. - 1 Yrs. Interest Rate upto Rs.4 lac - 12.75% Above Rs 4 lac and up to Rs. 7.5 Lacs - 14.00% Above Rs. 7.5 lacs - 13.75% Interest concession at 0.50% on all Education Loans to Girl Students for pursuing education Abroad. upto Rs.4 lac - 12.75% Above Rs 4 lac and up to Rs. 7.5 Lacs - 14.00% Above Rs. 7.5 lacs - 13.75% Interest concession at 0.50% on all Education Loans to Girl Students for pursuing education Abroad. Time to Process Loan 7 days 7 days  Fees & charges   Fees & charges   Study Abroad Study India  Security   Security For loans upto Rs. 4.00 lakh- Co obligation of parents . No security 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. For loans above Rs.7.50 lakh - Co obligation of parents together with tangible collateral security .Collateral security in the form of NSC /KVP/ LIC Policy/ Gold/ Shares/Debentures or immovable properties Bank Deposits in the name of student/Parent/Guardian or any other third party with suitable margin. Wherever the land/ building is already mortgaged the unencumbered portion can be taken as security on second charge basis provided it covers the required loan amount. In case the loan is given for the purchase of computer , the computer has to be hypothecated to the bank..  Terms & Conditions   Terms & Conditions Repay the loan in equal monthly Instalments for a maximum period of 5 - 7 years excluding holiday period. Holiday period 6 months after getting the job or 12 months after completion of the course whichever is earlier. It is left to the option of the student either to service the interest during the study period or pay it along with the principal over a period of 5 - 7 years to commence from 12th month after completion of the study. 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Repco Bank  Select a Category: Study India Study Abroad  Select Course: Graduation Post Graduation     Indian Overseas Bank Products Indian Overseas Bank Credit Cards Indian Overseas Bank Auto Loans Indian Overseas Bank Home Loans Indian Overseas Bank Personal Loans Indian Overseas Bank Fixed Deposits Indian Overseas Bank Savings Accounts COMPARE QUICKLY  Select a product: Credit Cards Car Loans Home Loans Personal Loan Fixed Deposits Savings Accounts Education Loans   CALCULATE QUICKLY  Select a product: Credit Cards Car Loans Home Loans Personal Loan Fixed Deposits Savings Accounts Education Loans   EDITORS' PICKS Credit profile and its effect on loan... Carnival of Indian Personal Finance Blogs #2 Complete guide to education loans in India Carnival of Indian Personal Finance Blogs #1 J&K Bank raises PLR