Indian Overseas Bank Education Loan Interest Rates

Sir, Please Provide me the Indian Overseas Bank Education Loan Interest Rates in 2013.

[Pathak]

Here I am providing the Indian Overseas Bank Education Loan Interest Rates which is effective from18.02.2013

Indian Overseas Bank Education Loan Interest Rates:
Vidya jyothi - loan for pursuing higher education effective from18.02.2013

up to Rs.4 lac 12.25
>Rs 4 lac and up to Rs. 7.5 Lacs 13.5
Above Rs.7.5 lacs 13.25

Quantum of loan
Maximum of Rs. 15.00 lakh for studying in India and Rs. 25.00 lakh for studying abroad.

Margin
For loans upto Rs. 4.00 lakh Nil
For loans above Rs. 4.00 lakh Studies within India 5%
For studies abroad 15%

Security
For loans upto Rs. 4.00 lakh Co obligation of parents . No security
For loans above Rs. 4.00 lakh and up to Rs.7.50 lakh Co obligation of parents together with collateral security in the form of suitable third party guarantee.

Comparison of Education Loan Rates:
ICICI Bank 11

Course:
Graduation
The Surat People’s Cooperative bank 11

Course:
Graduation
THE HP State Co-operative Bank Ltd. 11.5

Course:
Graduation
HSBC Bank 12

Course:
Graduation
Vijaya Bank 12.2

Course:
Graduation
Andhra Bank 12.5

Course:
Graduation
Central Bank of India 12.5

Course:
Graduation
Centurion Bank of Punjab 13

Course:
Graduation
Karnataka State Cooperative Apex Bank Ltd 13

Course:
Graduation
Corporation Bank 13.25

Course:
Graduation
Bank of Maharashtra 13.35

Course:
Graduation
Allahabad Bank 13.5

Course:
Graduation
State Bank of India 13.5

Course:
Graduation
IDBI Bank 13.5

Course:
Graduation
Syndicate Bank 13.5

Course:
Graduation
Bank of India 13.75

Course:
Graduation
HDFC Bank 14

Course:
Graduation
Dena Bank 14

Course:
Graduation
Indian Overseas Bank 14

Course:
Graduation
State Bank of Hyderabad 14

Course:
Graduation
Tamilnad Mercantile Bank Ltd 14

Course:
Graduation
The Tamil Nadu State Apex Co-operative Bank Ltd 14

Course:
Graduation
The Ratnakar Bank Ltd. 14

Course:
Graduation
Oriental Bank of Commerce 14.25

Course:
Graduation
UCO bank 14.5

Course:
Graduation
State Bank of Mysore 14.5

Course:
Graduation
State Bank of Bikaner and Jaipur 14.5

Course:
Graduation
Canara Bank 14.75

Course:
Graduation
Bank of Baroda 14.75

Course:
Graduation
Indian Bank 14.75

Course:
Graduation
Punjab National Bank 14.75

Course:
Graduation
Catholic Syrian Bank 15

Course:
Graduation
State Bank of Patiala 15

Course:
Graduation
Union Bank of India 15

Course:
Graduation
State Bank of Travancore 15

Course:
Graduation
Karur Vysya Bank 15.25

Course:
Graduation
Karnataka bank 15.5

Course:
Graduation
City Union Bank Ltd. 15.75

Course:
Graduation
South Indian Bank 16.5

Course:
Graduation
Federal Bank 17.75

Course:
Graduation
AXIS BANK 18

Course:
Graduation
The Lakshmi Vilas Bank Limited 18.25

Hii Buddy , I want to Get Education Loan from Indian Overseas Bank , for my help ,Will you plzz Give me information about Education Loan Interest Rates ?

[Raman Vij]

Vidya Jyoti Education Loan’ offered from Indian Overseas Bank is one of the Best Financing Options for Students Aspiring to Pursue Education in Premier Institutions in India .


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:

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%

Loan Margin:

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.

Holiday period :

6 months after the applicant gets a job or 12 months after the course is completed for repayment of educational loans.

Eligible Courses:

Studies in India –
An Indian Overseas Bank educational loan can be availed for Graduation, Post-Graduation or Diploma education in any recognized State or Central Government institution with any of the following Disciplines –
Engineering
Medical
Agriculture
Veterinary
Law
Dental
Management
Aeronautical
Pilot training (courses should be approved by the local aviation authority)
Shipping (courses should be approved by the local shipping authority)

Other Courses:
ICWA, CA or CFA
Foreign University courses
Evening courses

Eligibility Criteria for an IOB Education Loan:

Applicant 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.

Can you tell me about the Retail Credit Schemes Interest Rate of IOB (Indian Overseas Bank) as I want to apply for Education Bank through the Bank?

[Neelu Bhasin]

Education Bank in IOB (Indian Overseas Bank) 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.

In case 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

Rate of Interest


Schemes MCLR Spread Int Rate @ 1 YR MCLR

Housing Loans
Upto Rs 30.00 lacs 8.65 0 8.65
Rs 30.00 to Rs 75.00 lacs 8.65 0.1 8.75
Above Rs 75.00 lacs 8.65 0.25 8.9
Reverse Mortgage 8.65 0.75 9.4
Subhagruha Top-up 8.65 3.5 12.15


Loan against Property
Upto Rs 1.00 cr 8.65 2.2 10.85
Above Rs 1.00 cr 8.65 2.7 11.35


Home Improvement
Upto Rs 2.00 lacs 8.65 0.2 8.85
Above Rs 2.00 lacs 8.65 0.35 9
Vidya Suraksha 8.65 2 10.65
Vidya Jyothi 8.65 3 11.65
Skill Loan 8.65 1.5 10.15


Vidya Shrest
A Rated Institutions 8.65 0.2 8.85
B Rated Institutions 8.65 0.7 9.35
Vocational Courses 8.65 3 11.65
Vidyajyoti - Ward of staff 8.65 1.7 10.35


Pushpaka
Two - wheeler 8.65 3 11.65


Four wheeler:
New vehicle 8.65 0.5 9.15


Used Vehicle:
Upto Rs 10.00 lacs 8.65 1.5 10.15
Above Rs 10.00 lacs 8.65 2.5 11.15


Liquirent
upto 36 months 8.65 2.7 11.35
Above 36 months 8.65 3.2 11.85
Akshay 8.65 3.25 11.9
Sahayika 8.65 3.75 12.4
Home Décor 8.65 2.75 11.4


IOB Surya
For Individuals 8.65 1.25 9.9
For Institutions 8.65 2.25 10.9


IOB Royal
Repayment less than 4 years 8.65 4.25 12.9
Repayment above 4 years 8.65 5 13.65
IOB Passion 8.65 2.75 11.4
Pensioners loan scheme 8.65 2.75 11.4
Pensioner loan FA 8.65 1.75 10.4
Clean Loan 8.65 5 13.65


Personal loan/Spl Personal
loan to HNI 8.65 3.25 11.9


IOB Career Dream
Loan secured by NSC, LIC,KVP etc 8.65 3.25 11.9
Loan wiithout security/against
immovable property 8.65 3.75 12.4


IOB Scholar
Upto Rs 7.50 lacs 8.65 2 10.65
Above Rs 7.50 lacs 8.65 3 11.65
Staff ward 8.65 1.7 10.35


Jewel loan others
Upto Rs 3.00 lacs 8.65 1.7 10.35
Above Rs 3.00 lacs 8.65 2.2 10.85