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Education loan from Indian Overseas Bank.
Posted Date: 16 Jun 2008 Resource Type: Articles/Knowledge Sharing Category: Educational Loans
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Posted By: Venkatesh Member Level: Gold
Rating:  Points: 1
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Eligibility :-
You can apply if you are a student and satisfy the following eligibility criteria.
1)You should be an Indian National
2)You should have secured admission to professional/technical courses in India or abroad through entrance test/merit based selection process.
Courses :-
His/Her school education including plus 2 stage/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. and courses conducted by IIM, IISC, XLRI, NIFT etc.
Courses offered in India by reputed foreign universities/Evening courses of approved institutes.
Loan amount:-
You can get a maximum of Rs. 10.00 lakh for studying in India and Rs. 20.00 lakh for studying abroad.
How to repay the loan:-
Students can repay the loan in equal monthly Installments for a maximum period of 5 - 7 years excluding holiday period.
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.
Option to service the interest.
For prompt servicing of interest for all quarters during the study period, an interest rebate of 0.5% 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 can I apply?
Download the application form in MS - Word format.
Save it on your computer, print it out and send it to the nearest/convenient I.O.B. branch for processing
For more details, visit http://www.iob.in/vjothi.asp
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