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Indian Overseas Bank Education Loan

Indian Overseas Bank offers an education loan, known as Vidya Jyoti, to individuals who wish to pursue a Diploma, Graduation, or Post-Graduation course in a recognised university. The loan is provided to individuals who wish to enrol for technical or professional courses abroad as well. Indian Overseas Bank offers education loans at attractive interest rates.

Indian Overseas Bank Education Loan Interest Rates

Scheme Maximum Loan Amount Interest Rate
Vidya Jyoti
  • India: Rs.30 lakh
  • Abroad: Rs.40 lakh
As per the discretion of the bank

Indian Overseas Bank Education Loan Schemes

  1. Vidya Jyoti
    • Interest Rate: As per the discretion of the bank
    • Processing Fee: Contact the bank
    • Collateral:
      • Co-obligation of parents.
      • Collateral security of relevant value.
      • Assignment of the student’s income in the future for the payment of EMIs.
    • Loan Tenure: 15 years
    • Eligibility: The eligibility criteria that must be met in order to avail the education loan are mentioned below:
      • You must be an Indian citizen.
      • You must have secured admission at a university that is recognised in India via the Merit-Based Selection Process/Entrance Exam after completing 10 plus 2.
      • In the case of states that do not have a common entrance exam, you must have scored 60% in the qualifying exam. In the case of SC/ST students, you must have scored 55% in the qualifying exam.
      • The reputation of the university is considered in case the common entrance test is not required for admission.
      • You must not be in gainful employment.

Indian Overseas Bank Education Loan Calculator

If you want to know the monthly instalments, you can use the Education Loan EMI calculator provided by BankBazaar. The calculator is simple to use, and the results are displayed immediately. Basic details such as the processing fee, interest rate, loan amount, and tenure must be entered to calculate the EMI.

How to Apply for Indian Overseas Bank Education Loan


  • Visit the official website of Indian Overseas Bank.
  • Under the ‘Retail’ section, click on ‘Educational Loan – Vidya Jyoti’.
  • On the next page, click on
  • Next, enter the relevant details.
  • An Indian Overseas Bank executive will contact you to process the request.


  • You can also apply for the education loan by visiting the nearest Indian Overseas Bank. You will need to submit the application form and the relevant documents to process the request.

Indian Overseas Bank Education Loan Documents Required

The main documents that must be submitted when you apply for an education loan are mentioned below:

  • Application form along with passport-size photographs.
  • Bank statements
  • Collateral documents
  • Income proof of the guarantor or co-borrower
  • Proof of admission at a recognised university
  • Academic documents: The list of academic documents that must be submitted are mentioned below:
    • 10th and 12th marks cards
    • Marks card of any further education
    • Entrance exam results
    • GMAT/TOFEL/IELTS/GRE results
    • Scholarship documents if applicable
  • Address Proof: Any one
    • Passport
    • Aadhaar Card
    • Driving License
    • Voter’s ID
  • Identity Proof: Any one
    • Driving License
    • Voter’s ID
    • Passport
    • Aadhaar Card
    • PAN Card

Any other documents that have been requested by the bank must be provided as well.


  1. Is the education loan interest rate linked to the RLLR or MCLR?
  2. The education loan interest rate is linked to the RLLR.

  3. What is the minimum loan amount that can be availed?
  4. The minimum loan amount that can be availed is Rs.7.50 lakh.

  5. What is the margin of the loan?
  6. The margin of the loan is mentioned below:

    • Studies Abroad: 15%
    • Studies in India: 5%
  7. Is there any moratorium period provided for the repayment of the loan?
  8. Yes, a moratorium period, which is the course period plus 1 year, is provided.

  9. Is there any extension provided in case I cannot complete the course within the scheduled time?
  10. Yes, an extension period of up to 2 years is provided in case you cannot complete the course within the scheduled time.

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