IOB Bank Education Loan 2023 –Hi Everyone! Hope you are all doing well. Welcome back to another blog. So, guys are you looking for an opportunity that shares your burdensome educational expenses? If yes, then you are at the right platform, read the whole blog carefully and get all the details related to the Indian Overseas Bank (IOB) which provides a lot of schemes or programs to facilitate students to share their educational expenses. They provide the least interest rates, simple processing, and easy repayment facilities to students after the completion of their degree, even after getting the job. They also provide opportunities to those students that are willing to study abroad, but due to high expenses, are not ready to come forward. So, take the education loan from IOB, make your future bright, and lead your career.

What is IOB Education Loan?

Nowadays all individuals want to get quality education and spend a lot on education to complete their higher education from a prestigious university, to make their future bright. Indian Overseas Bank, help students to get an education from any university, where they want to study, and the course in which they have an interest. IOB is the private largest banking network in India, that provide education loan to deserving and talented students to fulfill their dreams, at very low-interest rates. Also, give chance to students to get an education in or outside the country. The students that are willing to complete their graduate degree, postgraduate degree, or any diploma are permitted to apply for the education loan in the IOB Vidya Jyoti loan scheme. They also offer students to get professional or vocational studies from any country of the world.

Eligibility Criteria for IOB Education Loan

The students that are willing to apply for the Indian Overseas Bank Education Loan, must have to fulfill the following eligibility conditions, to become eligible to get the loan. Those conditions are;

• Students that are willing to apply must be holders of Indian Nationality.
• Applicants must have 60% marks in the 12^th class or graduation.
• Before applying for a loan, applicants must have to complete their admission process in any university inside or outside the country on merit, through any entry test.

• Applicants must be unemployed.

Comparison of Your Bank for Education Loan

Financial Coverage of the Indian Overseas Bank Student Loan Scheme

The given loan amount in Education Loan, provided by the IOB covers the following educational expenses of the students;

• Tuition/ college/ hostel fee
• Examination/ lab/ library fee
• Books/uniforms/ instruments
• Caution deposit
• Traveling expenses to study abroad, etc.

Eligible Universities, and Courses

Indian Overseas Bank Vidya Jyothi Scheme, provide education loan to institutes that must be documented by Indian legislative interventions such as the UGC/GOVT/AICTE/AIBMS/ICMR. However, the organization eliminates vocational/skill development courses, PG diplomas, and courses taken from an online university.

Loan Amount and Margin Money to Study Abroad

In the IOB Vidya Jyoti scheme, students are provided with education loans, with a minimum amount of INR 7.5 lakhs. And, the students that are willing to study in India can get a maximum education loan of amount INR 50 lakhs, while the students that are willing to study abroad can get a maximum education loan amount of INR 60 lakhs.

Documents Required

The students that are willing to apply for the IOB Vidya Jyoti scheme must have the required following documents along with the application form, to apply for an education loan;

• Filled loan application form
• Two passport-size photographs
• Evidence of age
• Offer Letter issued by the University
• GMAT/IELTS/TOEFL/GRE test scores for the students that are willing to study abroad
• Address Evidence
• Academic transcript of latest degree
• Scholarship letter, if have
• Evidence of monthly income
• Collateral credentials
• Entry test results

Loan Schemes of IOB

IOB provides the Vidya Jyoti scheme for education loans. The details of the scheme are mentioned below;

IOB Education Loan Interest Rate

The interest rate of the IOB education loan is based on the RBI’s repo rate. The RLLR (w.e.f. 1.07.2020) is 6.85%, with a spread of 3.20%, resulting in a 10.05% actual rate of interest. Female applicants will get a discount of 0.50%. To calculate your education loan interest rate, you may use the following give formula;

RLLR + Spread (Repo Connected Lending Rate + Spread)

Benefits of Indian Overseas Bank (IOB) Education Loan

Now I will tell you some other edges of the IOB Vidya Jyoti scheme, besides financial benefits;

• Least interest rate
• No hidden charges
• No administrative charges
• Simple processing
• No processing fees
• No security is required for loans up to 4 Lakhs
• 0.50% discount for female applicants

Refunding Frequency

Now I will tell you the Refunding frequency of the Vidya Jyoti scheme offered by Indian Overseas Bank, which is very suitable for students;

• IOB offers four times a year or monthly breaks for loan refunding.
• refunding duration begins 1 year after the completion of the course or six months after getting a job.
• After payment of the first section of the loan, the interest refund begins.

EMI Payment Methods

Now I will tell you the methods that are offered by the Indian Overseas Bank, to refund the loan amount;

• Standing Instruction (SI): If you have an account with Indian Overseas Bank (IOB), Standing Instruction is the best method to refund your debt. At the end of every month, your EMI payment will be inevitably subtracted from your Indian Overseas Bank (IOB) account.

•  Electronic Clearing Service (ECS): If you have a non-Indian Overseas Bank (IOB) account then your refund payment is directly subtracted from your account at the end of every month.
• Post-Dated Cheques (PDCs): Post-dated EMI checks from a non-Indian Overseas Bank (IOB) account can be delivered to your local Indian Overseas Bank (IOB) Loan Centre. 

How to apply?

The students that are willing to apply for the IOB Vidya Jyoti education loan scheme, can apply for the loan through both online and offline processes. And, the applicants must have to follow the following mention steps;

Through Offline Platform

• applicants must have to know all the basics before applying.
• Applicants can visit the nearest branch of IOB to complete the whole paperwork.
• Fill out the application form, attach all documents, and apply for the loan.
• Then wait for the processing.

Through Online Platform

Applicants that are willing to apply through an online platform must have to follow the given steps;

• Visit the official website of IOB.
• After logging in click on ‘Educational Loan – Vidya Jyoti’, below the ‘Retail’ section.
• After which they invited you to click on www.vidyalakshmi.com.
• Then the applicant has to fill out all the required information in the application form.
• After applying for any determiner from IOB will contact you soon.

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