Indian Overseas Bank Education Loan

Indian Overseas Bank (IOB) was founded by Shri.M.Ct.M. Chidambaram Chettyar, on February 10th 1937 with the objective of specializing in overseas banking and business related to foreign exchange and was nationalized in the year 1969. The education loan offered by Indian Overseas Bank is also known as Vidya Jyoti Scheme. To pursue higher education either in India or aboard educational loans is offered by IOB to the deserving candidates.

• Student should have nationality Indian.
• Student must take secured admission to the standard universities or colleges in India as well as in abroad.

Education in the India:

• School education including graduation, postgraduate, computer or any diploma courses of standard universities and approved by state or central government.
• Certificate Courses of computers in the standard institutes approved by electronics department.

Education in abroad:

• Technical and job oriented courses offered in the standard universities.
• Master courses such as MBA, MCA, MS etc.
• Courses conducted by CPA in the USA, CIMA in London, etc.

• Fee payable to Hostel, school or college.
• Fees of exam.
• Purchase of books and the equipments.
• Passage money or travel expenses for the studies in abroad.
• Buy computers needed for the completion of course.

• The maximum amount is Rs. 30.00 Lakh for studying in India.
• The maximum amount is Rs. 40.00 Lakh for studying abroad.

• No margin up to Rs. 4 Lakh.
• The margin is 5 percent on the amount above Rs.4 Lakh to studies in India and 15 percent for studies abroad.

Documents must be submitted by both students and parents.

• No need of security for the loan up to Rs.4.00 Lakh.
• Guarantee of third party is required when loan amount is in between Rs. 4 Lakh and &.Rs. 7.50 Lakh.
• Collateral security or co-obligation of the guardians, parents or the third party is required for the loan amount above Rs. 7.50 Lakh.

One can repay the loan in equal monthly Installment for a maximum period of 5 - 7 years excluding holiday period.

Indian Overseas Bank
66 - Rajaji Salai,
Chennai - 001, Tamil Nadu
Phone - (044) 25233231, 25231254, 25231253,
Fax - (044) 25231278
Customer Care - (044) 39898911
Toll Free No - 1800 425 1400
Website - http://www.iob.in

Since the rules, regulations, eligibility conditions, repayments and interests rates etc. are revised by the banks from time to time in keeping pace with the changing capital market conditions, students and parents are advised to thoroughly check the terms and conditions of educational loan scheme on offer at the time of application.