Categories
Uncategorized

Indian Overseas Bank Education Career Dreams Loan

Education and career are the two most important stages of an individual life. When it comes to getting an education, everyone wants to pursue it from the best institute being it as one of the Career dreams. Apart from this, there are several institutions available around the globe providing amazing professional services to the students. However, there are a lot of amounts that individuals need to pay to avail the education.

In order to attain education, it is important for students to pay a particular amount of fees. There are several highly prestigious institutes and colleges available in India that is offering higher education to the children. Not only the quality of education is amazing, but also they charge a higher amount of fees as well. There are students who cannot afford to pay the high amount, and that is why they choose to not to pursue the course. But now, the situation has changed a lot. Now, students can easily attain education from their special or favorite institution and also can pay the education fees without having any complexities. Yes, the Indian Overseas Bank is one of the most prestigious financial institutions available that is offering the career dreams retail loans to the students who are willing to pursue their careers and prepare for the courses.

Usually, most of the banks provide loans for professional courses like B.Tech or M.tech. However, when it comes to getting trained in for coaching to prepare for the professional courses entrance examination, then it becomes quite difficult to attend the loan. But, the Indian Overseas Bank has made the situation easier for the students. The bank is offering loans for financing coaching institutions in India. So, students preparing for the professional courses entrance examination like a chartered accountant, medicine, engineering, business management or any other civil service examination like IAS IPS IAS or any other career or skill development Aptech, SAS, SAP, or any other can apply for the loan.

Am I eligible to get a loan?

Before getting the loan, it is necessary to avail all the essential details regarding eligibility. In case, any student or candidate is not eligible, then he or she will not be able to attend the loan for pursuing education. In order to get the loan, it is necessary that the institution must be refuted and registered. Registration requirements depend upon the course that the student is willing to pursue, the training and also the government rules and regulations. Apart from all this, the period of the course that the student is going to pursue must be at least two years.

How much amount can I avail through this loan?

If you find yourself eligible for this loan, then you can easily complete the documentation and get the amount. The minimum amount that you can get through this loan is 25000. In case you are in need of more amounts then you can apply for the same as well. The maximum amount that you can take through this loan is rupees 200000.

Margin Percentage of the loan

Whenever we apply for any loan, it is necessary to attend the essential details regarding the margins. The margins in this loan include 5% of the tuition fee. The percentage depends upon the fee structure that is decided and issued by the institution. Apart from that, it also includes 25% for immovable property and 10% for the movable assets as well.

Repayment for the holiday period          

It is important to know that till when you can repay the amount to the bank. The payment period plays an important role because it helps you in understanding that how much time you have to repay the amount. The maximum repayment period that the bank allows you to repay the loan is for three years without having any Moratorium. In case for the salaried class comes there is no extension in the repayment period. There is no provision of extending the repayment period for the loan.

Rate of interest for the loan

The rate of interest you need to pay will be according to the rules and regulations of the Managing authorities. You will avail the details about the rate of interest just by visiting the bank authorities.

Security to be submitted

For getting the loan, it is necessary to submit particular security to the bank. The security to be submitted by you to the bank is based upon some specific factors. The factors include:

  • In case your salary gets rooted through the bank then you do not need to submit any sort of security.
  • In case your pension for the salary is not rooted through the Indian overseas bank, and then it is important to secure the loan completely with the help of collateral. In this process of the loan, there is no need to have any sort of third party guarantee
  • If you are willing to submit your immovable property as a security, then it can also get considered by the bank.

Other Conditions to be fulfilled

There are some specific conditions that are necessary to be fulfilled. The major condition is that the applicant of the loan must be the legal guardian, father, mother or spouse of the aspirant. Apart from this, the individual applying for the loan must have regular and verified income and also have the capacity to repay the loan. In case, the student has an independent income then also he can become the applicant for the loan. The loan can also get extended for meeting the needs like the fees of the spouse, daughter or son as well.

Documents for Applicant (student)

The applicant needs to submit the following documents:

  • PAN card
  • Address proof (Aadhar/ Voter-ID/Driving license/ Passport/ Any other document as asked by the bank)
  • All mark sheets and certificates (From Class 10th to the Last Qualifying examination)
  • Admission letter from the institute
  • Scorecard (If any merit list or exam held)
  • Fee Structure of the institute

Documents for Co-applicant (parents)

  • PAN card
  • Address proof (Aadhar/ Voter-ID/Driving license/ Passport/ Any other document as asked by the bank)
  • Income proof (ITR/ Form 16 for two years)
  • Salary slip of last three months (for all those who are salaried)
  • Six months bank A/C statement

Final words

Hence these are the details that you must consider if you are willing to get a career dreams  loan from the Indian Overseas Bank. The above-given details will definitely help you out in making the process simpler.

 

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.