Education Loans from Indian Overseas Bank

Being one of the public sector banks in India, Indian Overseas Bank(IOB) offers a range of education loans to different segments of the student population. Indian Overseas Bank offers five types of education loans, each for a particular student segment or purpose.

The five education loans from Indian Overseas Bank are:

1. Indian Overseas Bank Vidya Jyoti (Higher Study in India and Abroad)
2. Indian Overseas Bank Vidya Shrest (for Students of Premier Institutions)
3. Indian Overseas Bank IOB Scholar Loan (Higher Study in India and Abroad through Management Quota)
4. Indian Overseas Bank Career Dreams (for Financing Coaching for Entrance Examinations of Professional Courses)
5. Indian Overseas Bank Skill Loan Scheme (for Technical Courses)

In addition, the bank offers one Government of India Interest Subsidy Scheme on education loans for meritorious and deserving students. It is:

1. Central Scheme of Interest Subsidy for Education Loan

We give you a brief intro to each below. In addition you have the option to click further and read in detail about each loan in a specific page of its own. This specific page has been made specifically for you to get all the information you need on that loan in an uncluttered and easy-to-read format.

Indian Overseas Bank Vidya Jyoti (Higher Study in India and Abroad)

The Vidya Jyoti Education loan from Indian Overseas Bank helps students who want to pursue higher studies in India and abroad afford the cost of the course and related expenses. The minimum amount for this loan is Rs. 7.50 lakh. The maximum loan amount for studying in India is Rs 30 lakh and studying abroad is Rs. 40 lakh.

Features of IOB Vidya Jyoti Education Loan Scheme for Pursuing Higher Studies in India and Abroad

Why this Loan?

• The loan is meant to help students fulfil their dreams of pursuing higher education in India or abroad
• The maximum loan amount for studying in India is Rs 30 lakh and studying abroad is Rs. 40 lakh
• The IOB Vidya Jyoti Education loan is disbursed as a series of payments over the required number of years and not as a lump sum
• The loan can be taken for all institution fees as well as related expenses including purchase of books, laptops, hostel fees, lab fees, examination fees, etc.
• If the student is unable to complete the course on time, the bank may offer an extension of up to 2 years

Indian Overseas Bank Vidya Shrest (for Students of Premier Institutions)

This loan helps meritorious and deserving students pursue higher education at a premier institute in India. This loan is applicable to students who have secured admission through an Entrance-test or Merit-based Selection process. The maximum loan amount is capped at Rs. 30 lakh.

Features of IOB Vidya Shrest Education Loan

Why this Loan?

• The IOB Vidya Shrest Loan is meant for you if you have secured admission into a premier institute in India
• Indian Overseas Bank is offering a high loan amount as compared to other banks under the Vidya Turant Education Loan scheme
• The bank disburses the it as a series of payments over the required number of terms or years to pay the fees or other approved charges

Indian Overseas Bank IOB Scholar Loan (Higher Study in India and Abroad through Management Quota)

This loan helps students who have gained admission into educational institutions for higher studies in India through Management Quota to pay for their course fees. The maximum loan amount that you can apply for is Rs. 50 lakh for studying in India and Rs. 60 lakh for studying abroad. Details are below.

Features of IOB Education Loan to Students Who Secured Admission Through Management Quota

Why this Loan?

• The loan is meant for you if you have gained admission into a graduate, post-graduate, PhD, professional or any other course in an educational institution in India or abroad through Management Quota
• The bank disburses the loan as a series of payments over the required number of terms or years to pay the course fees or other approved charges
• The IOB Scholar Education Loan is applicable for courses offered in India and abroad

Indian Overseas Bank Career Dreams (for Financing Coaching for Entrance Examinations of Professional Courses)

This loan helps students who want to clear entrance tests for professional courses to pay for their tuition or coaching fees. The loan amount starts from Rs. 25,000 and can go up to Rs. 2 lakh.

Features of Indian Overseas Bank Career Dreams Loan

Why this Loan?

• The loan is meant for you if you want to attend coaching classes for Entrance tests for professional courses such as BTech, CA, BE, BBA, etc. or skill development courses such as SAP, SAS, etc.
• The Indian Overseas Bank Career Dreams Education Loan Scheme is a one-of-a-kind loan scheme to help aspiring students get access to coaching classes so that they can improve their chances of clearing the entrance tests

Indian Overseas Bank Skill Loan Scheme

This loan from Indian Overseas Bank (IOB) helps students who have secured admission into technical courses offered by training institutes, polytechnics, schools or colleges approved by the state or central government for technical education to pay for their course fees. The loan amount starts from Rs. 5,000 and can go up to Rs. 1.5 lakh depending on the duration of the course. This loan is also called Pradhan Mantri Kaushal Rin Yojana (PMKRY).

Features of Indian Overseas Bank Skill Loan Scheme for Technical Courses

Why this Loan?

• The loan is meant for you if you have gained admission into a technical course offered by a polytechnic, training institute (ITI), etc. in India
• The bank disburses the Indian Overseas Bank Skill Loan Scheme as a series of payments over the required number of terms or years to pay the course fees or other approved charges

Reference Facts

• Indian Overseas Bank Website: www.iob.in and www.iobnet.co.in (net banking)
• Headquarters: Chennai, Tamil Nadu
• Education Loan Number: 044-2851 9490, 044-2851 9639
• Call Centre Toll-Free Number: 1800 425 4445