iob.in Online Educational Loan Application & Status : Indian Overseas Bank
Organization : Indian Overseas Bank
Service Name : Online Educational Loan Application & Status
Applicable State/UT: All India
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Website : http://www.iob.in/
Apply Online : https://www.iobnet.co.in:4430/edu/edu_home.asp
Educational Loan :
Eligibility:
Should be an Indian National
Should have secured admission to professional/technical courses in India or abroad
Related : Indian Overseas Bank mPassBook : www.statusin.in/19972.html
Purpose :
Loan is made available for Graduation/Post graduation/Diploma/Computer education in any recognized State/Central Government/University, professional courses including Engineering, Medical, Agriculture, Veterinary, Law, Dental, Management, courses like ICWA, CA, CFA, etc., courses conducted by IIM, IISC, XLRI, NIFT etc, courses offered in India by reputed foreign universities/Evening courses of approved institutes, regular degree/ diploma courses like Aeronautical , Pilot training , shipping etc approved by Director General of Civil Aviation/ shipping if the course is pursued in India. Incase the course is pursued abroad, the institute should be recognized by the competent local aviation/ shipping authority. For studies abroad, loans will be made available only for Graduation and Post Graduation Courses offered by Reputed Universities and not for diplomas
Quantum of loan:
Maximum of Rs. 30.00 lakhs for studying in India and Rs. 40.00 lakhs for studying abroad.
Rate of Interest :
Interest to be debited monthly on simple basis during the repayment holiday/moratorium period.
Holiday period:
6 months after getting the job or 12 months after completion of the course whichever is earlier.
Repayment :
Repay the loan in equal monthly Instalments for a maximum period of 5 – 7 years excluding holiday period.
Interest servicing:
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.
Interest servicing – concession :
For prompt servicing of interest for all months during the study period when repayment holiday is specified for interest / repayment under the scheme, an interest rebate @1.00 % is allowed. Interest concession at 0.50% on all Education Loans to Girl Students for pursuing education in India and Abroad is allowed. The interest rebate thus calculated will be credited back to loan account at the time of commencement of repayment of the principal sum.
How to Apply:
Download the application
Save it on your computer, print it out and send it to the nearest/convenient I.O.B. branch for processing.
About Us :
The Constitution of the Board of the Bank is governed by “The Nationalized Banks (Management and Miscellaneous Provisions) Scheme, 1970, formulated by the Central Government, after consultation with the Reserve Bank of India, in exercise of the powers conferred by section 9 of “The Banking Companies (Acquisition and Transfer of Undertakings) Act 1970”.
The Composition of the Board of Directors of a Bank is governed by “The Nationalised Banks (Management and Miscellaneous Provisions) Scheme 1970” read with “The Banking Companies (Acquisition and Transfer of Undertakings) and Financial Institutions Laws (Amendment) Act 2006” and amendment vide Extraordinary Gazette Notification dated 19.02.2007 of the Central Government.