Indian Overseas Bank (IOB) Education Loan for India and Abroad

To alleviate the burden of aspiring students planning to pursue higher education in India or abroad, the Indian Overseas Bank (IOB) offers education loan schemes. The Indian Overseas Bank has three education loan schemes to help students finance their higher education, namely - the Vidya Jyoti Education Loan, IOB Vidya Shrest, and IOB Scholar Education Loan.

Features of Indian Overseas Bank (IOB)

Let us quickly get a glance at important features of Indian Overseas Bank (IOB):

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  Education loan from Indian Overseas Bank covers tuition fees, hostel expenses, examination fees, airfares, and study material costs.
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  Wide range of eligible courses for graduation, post-graduation, diplomas, and professional courses.
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  No margin requirements for loans up to INR 4 lakhs. However, for above INR 5 lakhs, 5% margin money is required for studies in India and 15% for abroad
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  There are no processing fees for education loans 
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  The entire process and pricing are transparent, and no hidden charges are there.
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  Moratorium period or grace period is 12 months after course completion.
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  Flexible repayment options are also available.
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  With GyanDhan, the application process is very simple, direct and transparent. Plus, with GyanDhan you can track your application status in real-time on your dashboard.

Comparison with Other Banks Education Loans

Let us compare Indian Overseas Bank education loan with others from this table:

Indian Overseas Bank IOB Education Loan Interest Rates

Let us understand Indian Overseas bank education loan interest rates from the table below. Please note that these rates can change, and we recommend that you check with the bank’s official website.

Indian Overseas Bank Education Loan Scheme - Vidya Jyoti

The Vidya Jyoti education loan scheme is designed for students pursuing professional/technical courses in India or abroad. 

IOB Vidya Jyoti Education Loan - Eligibility Criteria:

The eligibility criteria for the Vidya Jyoti Education Loan Scheme are as follows -

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  The student should have secured admission to a recognized higher education course in India should be obtained through an entrance test/merit-based selection process.
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  In states where a Common Entrance Test (CET) is not available, the applicant must achieve a minimum of 60% for others and 55% for SC/ST students in the qualifying examination as a cut-off.
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  If there is no Common Entrance Test (CET) for securing admission to post-graduate courses/research programs, the criteria should be based on the employment opportunities and reputation of the institution concerned.
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  The student should not be engaged in any employment.

Indian Overseas Bank Education Loan Scheme - IOB Scholar 

The IOB Scholar education loan scheme is designed for students pursuing higher education in India & abroad other than loans covered under the IBA model scheme.

IOB Scholar Education Loan Scheme - Eligibility Criteria:

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  Students should have secured a minimum of 60% for general & 55% for SC/ST in the plus two or its equivalent examination approved by the Government of India.

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  Students who wish to pursue vocational training and skill development courses that are not covered under the IBA Model Scheme (VJEL) are also eligible for this loan.

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  This loan scheme also covers students pursuing any other course that offers employment upon completion.

Please note: that the loan amount for students falling under these categories may exceed the eligibility limits set by the IBA Model Scheme, provided they meet the eligibility criteria specified for this scheme.

IOB Education Loan - IOB Vidya Shrest

This IOB bank education loan scheme aims at providing term loans to students for pursuing higher education in premier institutions in India’s best engineering and medical colleges, top B-schools, law colleges & other reputed institutions. Top colleges are divided into categories A & B.

IOB Vidya Shrest Education Loan Scheme - Eligibility Criteria:

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  The student should be an Indian national and must have secured admission to the select premier institutions.
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  This scheme covers regular full-time degree/diploma courses that require an entrance test/selection process for admission. Executive management Courses such as PGPX are also included in this scheme.
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  Certificate/part-time courses are not eligible for coverage under this scheme.

IOB Education Loan - Important Points

Indian Overseas Bank IOB Education Loan - Documents Required

Below listed are the IOB education loan documents required list -

Applicants Documents:

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  Identity proof: PAN/ Passport/ Driver’s License/ Voter ID card or government-issued identification document
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  Education loan application form
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  Address proof: recent copy of telephone bill/ electricity bill/water bill/ piped gas bill/ Driving license/ Aadhaar card
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  Passport
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  Past academic record
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  10th standard mark sheet
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  12th standard mark sheet
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  Undergraduate result (semester-wise)
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  Entrance exam results (e.g. GMAT, GRE, TOEFL, etc.)
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  Proof of admission: admission letter (A conditional admission letter is also applicable).
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  Statement of expenses
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  2 passport-size photographs
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  Loan A/C statement of one year (if applicable)
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  Bank account statement of the student (if applicable)

Co-applicant’s Documents:

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  Identity proof: PAN/ Passport/ Driver’s license/ Voter ID card or governm