Education loan in IOB

Hello sir I want to take Education loan in IOB so here can you please give me its interest rate ?

[Raman Vij]

Hey as Indian Overseas Bank is a major public sector bank based in Chennai,

Quantum of Loan:

Indian Overseas Bank sanctions education loans up to a maximum loan amount of Rs. 30 lakhs for studies in India and up to Rs. 40 lakhs for education abroad.

Interest rates:

Loan Amount Rate of Interest

Up to Rs. 4 Lacs 12.25%

Above Rs. 4 lacs to Rs.7.50 lacs 13.50%

Above Rs.7.50 lacs 13.25%

Vocational Courses 12.25%

Ward of Staff 12.00%

Female applicants can enjoy an additional discount of 0.50% on Indian Overseas Bank education loan interest rates.

Repayment:

An Indian Overseas Bank educational loan can be repaid in monthly instalments for a maximum period of up to 5 to 7 years, excluding the holiday period

Eligibility

Candidate should be an Indian national.

Students applying for an IOB educational loan should have secured admissions to professional or technical courses in institutions in India or abroad.

Loan Margin:

Borrowers are not required to bring in any loan margin for education loans taken up to Rs 4 lakhs. But IOB requires a loan margin of 5% for studies in India and a margin of 15% for studies abroad for loan amounts exceeding Rs 4 lakhs.