Loan 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. Incase 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
Maximum of Rs. 30.00 lakhs for studying in India and Rs. 40.00 lakhs for studying abroad.
Please click Retail credit interest rates Interest to be debited monthly on simple basis during the repayment holiday/moratorium period.
Scholarship/assistantship to be included in margin.
6 months after getting the job or 12 months after completion of the course whichever is earlier.
Repay the loan in equal monthly Instalments 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.
For prompt servicing of interest for all months during the study period when repayment holiday is specified for interest / repayment under the scheme, an interest rebate @1.00 % is allowed. Interest concession at 0.50% on all Education Loans to Girl Students for pursuing education in India and Abroad 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.
Download the application Please Click here for Educational Loan Application Save it on your computer, print it out and send it to the nearest/convenient I.O.B. branch for processing.
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