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INDIAN OVERSEAS BANK Vidyajyothi with Suraksha
ELIGIBILITY
Student of Indian national, secured admission to professional/technical course through entrance test/selection process/secured admission to foreign university/institution recognized by state/Central Govt.
COURSES
School education upto plus two-graduation/post graduation courses/professional courses/ICWA/CA/CFA/courses conducted by IIM, IIT, lisc, XLRI, NIFT, evening courses, Diploma Courses of reputed institutions, computer courses/foreign universities courses/Job oriented Professional/technical courses/MCA/MBA/MS by CIMA-LONDON, CPA in USA
LOAN AMOUNT
Studies in India - Rs.10.00 lacs
Studies abroad - Rs.20.00 lacs
College / school fees / exam / library / Lab fee / Cost of Books / equipments / instruments / uniforms / caution deposit / building fund / refundable deposit / travel expenses for studies abroad / computers / study tour expenses / for PH, tricycle, motorised tri wheeler,
RATE OF INTEREST
Upto 4 lacs - 12.00%
> 4 lacs - 13.25%
For wards of staff - 11.75%
SECURITY / GUARANTEE
Upto 4 lacs - NIL
|> 4 lacs upto 7.5 lacs - Suuitable Third Party guarantee as colleteral
> 7.5 lacs Collateral of suitable value or Co-obligation of parents / guardian / TPG with assignment of future income of the student. Land / building / Govt.securities / PS bonds / Units, NSC, KVIP, LIC, Gold, Shares / debentures / bank deposits.
MARGIN
Upto Rs. 4 lacs-Nil
> 4 lacs Studies in India - 5%
For studies abroad 15%
REPAYMENT PERIOD
5-7 years excluding holiday period
REPAYMENT START FROM
Normal study period and one year or 6 months after getting a job whichever is earlier. Extension for completion of course upto 2 years.
The Applicant and parents should be the resident of the place where loan is being applied.
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