Indian Overseas Bank Education Loans in India.

The education loan offered by Indian Overseas Bank is also known as Vidya Jothi Scheme. Shri. M.Ct.M. Chidambaram Chettyar founded Indian Overseas Bank on 10th February, 1937 with the objective of specializing in overseas banking and business related to foreign exchange. It was nationalized in the year 1969. To know more about Indian Overseas Bank education loans, scroll down the page.

Eligibility of the Candidate:

Candidates applying for the education loan from Indian Overseas Bank should be Indian nationals. Students who get admission to various professional and technical courses through merit based selection process or entrance examination are eligible to apply.

Courses Eligible for Indian Overseas Bank Educational Loans:

There are various kinds of courses which are eligible for Indian Overseas Bank student loans.
Loans are available for various graduation, post graduation, computer education and diploma courses offered by recognized universities or government statutory bodies in India.
Indian Overseas Bank student loan is also provided for technical and professional courses, regular diploma and degree courses as well as courses conducted by reputed foreign universities in India.
In case of studies abroad, the institutes offering the courses should be approved by the competent authority of the nation.
Quantum of Loan:
A maximum of Rs.10 lacs is provided for studying in India and Rs.20 lacs for education abroad.


For Indian Overseas Bank Student Loan up to Rs.4 lacs there is no margin. However, the margin is 5% and 15% for loans more than Rs. 4 lacs in case of education in India and abroad respectively.


Indian Overseas Bank charges various securities for issuing education loans under Vidya Jothi Scheme.
For education loans up to Rs.4 lacs co-obligation of parents is required.
For loans more than Rs.4 lacs and up to Rs.7.50 lacs- collateral security and Co-obligation of parents are needed.
For loans more than Rs.7.50 lacs, you need to submit tangible collateral security and ensure co obligation of parents.

Repayment of Indian Overseas Bank Student Loan:

A maximum time period of five to seven years is given to the students for the repayment of the education loan. 
For more information on Indian Overseas Bank education loans browse through

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