What is the interest rate for education loan in Indian Overseas bank?
Rate of Interest
| Loan Amount | Rate of Interest |
|---|---|
| Upto Rs.7.50 lakhs | 10.40% |
| Above Rs.7.50 lakhs | 11.40% |
| Vocational Courses | 11.40% |
| Ward of Staff | 10.10% |
How can I repay my education loan in IOB?
IOB Education Loan EMI (or equated monthly instalment) is a fixed amount of money paid by you to IOB against the loan taken. This is towards repayment of your loan to the bank. Every month, it is due on a fixed day of the month till your loan is fully paid back.
Which bank is best for education loan for abroad?
Top Education Loans Providers in India for Study Abroad
- HDFC Bank. HDFC Bank offers education loans with preferential interest rates for reputed universities.
- State Bank of India.
- Axis Bank.
- Punjab National Bank.
- Bank of Baroda.
- Canara Bank.
- IDBI Bank.
- Avanse Financial Services.
Which bank is best for education loan for abroad in India?
HDFC Bank:
| Interest Rate | As per scheme |
|---|---|
| Maximum Loan Amount | Rs.30 lakh |
| Maximum Tenure | 15 years including moratorium period |
| Processing Fees | Maximum of 1% of the loan amount or minimum of Rs.1,000 whichever is higher |
What are the documents required for education loan in IOB bank?
Application form along with passport-size photographs. Bank statements. Collateral documents. Income proof of the guarantor or co-borrower.
Which bank is better for education loan?
Compare Top Education Loan Offers 2021
| Name of Bank | Interest Rate (p.a.) | Loan Amount |
|---|---|---|
| Bank of Baroda | 6.75% to 9.85% | Up to 4 Lakh and above |
| HDFC | 9.45% to 13.34% | Max Apr |
| Tata Capital | 10.99% onwards | Up to 30 Lakh |
| Union Bank of India | 8.80% to 10.05% | Need-based finance |
What are the documents required for education loan in IOB?
Collateral documents. Income proof of the guarantor or co-borrower. Proof of admission at a recognised university….Indian Overseas Bank Education Loan Documents Required
- 10th and 12th marks cards.
- Marks card of any further education.
- Entrance exam results.
- GMAT/TOFEL/IELTS/GRE results.
- Scholarship documents if applicable.
How can I check my education loan status in IOB?
A person can check the loan status by calling the numbers 1800 425 4445 for any financial queries including Personal Loan. You can also directly go to the branch you apply at to meet the officer in charge to know the status of your personal loan application.
How much percentage is required for education loan?
The bank filed the present appeal saying candidates who have secured 60% marks and above alone are eligible to get education loan as they alone can be treated as meritorious candidates.
How is education loan interest calculated?
So, if you take an education loan of Rs 10 lakh with an average interest rate of 12%, for 2 years the EMI will be: P = 10 lakh, R = 12/100/12 (You convert to months), N = 2 years or 24 months EMI = [10,00,000 x 12/100/12 x (1+12/100/12)^24] / [(1+12/100/12)^24-1] EMI = Rs 47,073.
How do I pay back my education loan?
The most common method to keep your education loan repayment organized and self-driven is EMI (easy-monthly-installment). EMIs are fixed amount of sum decided at the time of taking a loan which students can pay every month to repay the study loan step-by-step.
