Are you also one of those willing to pursue your higher education in India or outside India? If your answer is yes then you must have some plans in your mind. Along with having the right choice of institution, it is necessary to have the right amount of finance as well. If you are not having the right financial resources then it will become quite difficult for you to pursue your dreams and complete your education from your chosen institution.
Considering the same situation and in order to help you out, the Indian overseas Bank has introduced the IOB scholar educational loan. This loan is introduced under the retail loan sections and this educational loan scheme is specially designed for all those who are willing to pursue their higher education in India and abroad. The major motive of introducing this loan is to cover all those students or candidates who you are not eligible for or not included in the with their Suraksha or Vidya Jyothi education loan scheme. So if you are also looking out for some educational loan scheme that can help you in fulfilling your dream then check out the details given below.
What Eligibility Is Required to get Loan?
Before applying for the IOB Scholarloan, it is necessary for you to understand that are you eligible to apply for it or not? Sometimes, due to not fulfilling the eligibility conditions, people face difficulty to avail the loan benefits. Hence, before starting the documentation process must check out the eligibility requirements. In order to apply for this loan, it is important for the students to get admission into those institutions are colleges that are affiliated with recognized institutes for the educational board is without going through any sort of test or interview.
It is necessary for the students to score the minimum cutoff marks according to the merit list. Additionally, it is important for the students to complete their 12th class with at least 60% of the examination. For the scheduled caste students, the minimum scoring marks is 55%. Apart from this, the student who is looking forward to study the vocational training for skill development course which will not be included in the model is scheme can also register for the loan of IOB Scholar. This loan is applicable for all those courses which are having employability conditions on completion.
How Much Amount Can I Get Through IOB Scholar loan?
If you are going to pursue your course from any Indian institute then you can get a maximum amount of rupees 50 lacs through this loan. On the other hand, for all those students going to pursue their courses from foreign universities, the quantum of loan is rupees 60 lacs maximum. It is important to determine that no extension will be there in the maximum amount of IOB Scholar educational loan.
Also Read about : IOB Career Dreams Loan
What is the Margin rate for this Loan?
Irrespective of the IOB Scholar loan amount, the applying student needs to face a uniform margin of 25% for all the loans. Apart from this, in the margin, all the scholarship and assistantship will also be included. The margins may be brought on the basis of year to year or when the disbursements made according to the pro-rata basis.
Repayment and Holiday Period for the Loan
The amount of IOB Scholar loan taken by the student will be in equated monthly installment. The period will be defined according to the amount of loan. For example, for all the loans up to rupees 60 lacs, the repayment period will be of 15 years. This will be after the holiday on a moratorium period. The moratorium period will include the course period along with one year or after getting employed.
Rate of Interest to Be Charged
Before applying for the IOB Scholar loan, it is important for the candidates to understand the rate of interest that needs to payed to the amount. The rate of interest is an additional amount that the candidates need to pay along with the principal amount. The rate of interest will vary according to the amount to be taken by the student. Moreover, it will also depend upon the installment as well.
What Security needs to Be Submitted?
While applying for the loan, it is important for the students to have proper details about the security to be submitted. The loan will only be secured in the form of collateral security. The collective security will include land, building, UTI units, NSC KVP, life policies, mutual fund units, Bank deposits, debentures, shares, any other deposits on the name of the student or their parent, their guardian or any other third party. Apart from this, any other tangible security that is acceptable by bank along with a suitable margin can also be used for security purposes. Moreover, the assignment of future income of the student for installation payment will also be pursued.
Other Conditions to Be Fulfilled for Applying the Loan:
The bank will provide 1% interest concession. This condition is mainly applicable based on the interest is served during the time of study period for the moratorium. The loan will be e disbursed according to the requirements. The amount will be released only when the institutions demand or for the equipment required. The processing charges is applicable when you are going to apply for the loan, then it is necessary to visit www.vidyalakshmi.co.in. After visiting the homepage, students need to enter all their required credentials and submit all the required documents as well. All the other necessary details will be available on the same page available.
Finally, these are all the essential details about the Indian Overseas Bank IOB scholar loan. With the help of the given credentials, you will get to know how you can apply for the loan and what are the requirements related to it. You are highly suggested that before applying or completing the documentation must check all the eligibility requirements. If you have not fulfilled the requirements then you will not be considered as eligible to get the loan. So, make sure to check out the essential stuffs discussed above to utilize it in a better way.