Indian Overseas Bank Education Loan:

Indian Overseas Bank Education Loan is available for students who have desire to reach heights on their own. Indian Overseas Bank provides support to the students in the form of financial help so as to study in India or any country abroad. Indian Overseas Bank Education Loan is a great way of studying abroad when one has not been able to qualify for a full time scholarship program. It has been observed that students specially pursuing technical education have applied more and more for these loans.

Indian Overseas Bank Education Loan Interest Rate:

The Indian Overseas Bank Education Loan interest rate is competitive and attractive for the students applying to study in India and abroad.

Indian Overseas Bank Education Loan rate for loan up to Rs. 4 lacs is 11.5%

Indian Overseas Bank Education Loan interest rate for loan above Rs. 4 lacs and upto 7.5 lacs is 12.75%

Indian Overseas Bank Education Loan interest rate for loan above Rs. 7.5 lacs is 12.50%

Indian Overseas Bank Education Loan rate for girl student has a concession of 1%.

Indian Overseas Bank Education Loan interest rate has a penal interest rate of 2% for studies abroad.

Indian Overseas Bank Education Loan Eligibility And Expenses Covered:

For Indian Overseas Bank Education Loan can be taken for the following purposes and courses. If one wants to study in India one can go for graduation, post graduation and professional courses. Courses which are conducted or hosted by eminent institutes like ICWAI, CA, CFA, NIFT, IISC, XLRI, IIM and IIT or courses offered by UGC held program qualify for Indian Overseas Bank Education Loan eligibility.

The eligibility process has a process of margin money if the loan is taken for more than 4 lacs.

Studies In India 5%

Studies Abroad 15%

Other Major Qualifications For Indian Overseas Bank Education Loan Eligibility Are:

1To qualify for Indian Overseas Bank Education Loan eligibility the candidate should be an Indian national.

2Admission to technical kind of courses in India is possible through Indian Overseas Bank Education Loan eligibility.

3For admission abroad the student should have qualified in the merit selection process of the university.

4The maximum loan for studies in India is at the maximum is Rs.10 lacs

5The maximum loan for studies abroad is at the maximum is Rs. 20 lacs.

The expenses covered under the loan is

1.College Fee

2Hostel charges

3Library charges

4Caution deposit

5Money to go abroad

6Money to purchase a computer

7Money for Study tours, Project work etc.

Indian Overseas Bank Education Loan Review And Documentation:

According to the Indian Overseas Bank Education Loan review the student would need to provide the following documents for the processing of the loan.

1Fully completed loan application form

2Two Photographs

3Mark sheet for the exam one has qualified for

Indian Overseas Bank Education Loan review and documentation for the salaried co- borrower

1Bank Statement

2Income Tax Statement for the last two years

3A brief about the asset and liabilities possessed by the borrower

4Salary slip

Indian Overseas Bank Education Loan review and documentation for the self employed individual

1Bank Statement

2Income Tax Return

3Profit and Loss Account or Balance Sheet of the Company

4Proof of Source Of Income

5Brief about the asset and liabilities possessed by the borrower.

Indian Overseas Bank Education Loan Review And Application Procedure:

Indian Overseas Bank Education Loan application can be downloaded from the website http://www.iob.in/Vidya.aspx. People can go ahead and fill up the form in which the details of the student and the co- borrower are mentioned along with the necessary documentation. People can go ahead and submit the application at the branch and the loan will be disbursed in installments to the college or institute directly.

Indian Overseas Bank Education Loan Rate Repayment Option And Pre Closure Process:

The loan needs to be paid back in 5 to 7 years from the date of disbursement of the loan. The student can avail a repayment holiday for a period of six months or till the person gets a job or whichever is earlier. The pre closure process is stated by the branch of the bank. Late fee charges will be as per the agreement.

Indian Overseas Bank Education Loan Tax benefits: One can get tax benefits if any according to the Income Tax Act 1961 which varies yearly according to the changes made by the Government.

More details on Indian Overseas Bank Education Loan eligibility and Indian Overseas Bank Education Loan Rate etc. are on the official site at http://www.iob.in