Many aspiring students prefer to take education loans from the Indian Overseas Bank due to the several advantages it offers. Students can avail of IOB education loans up to 50 lakhs to study in India and up to INR 60 lakhs to study abroad. The interest rates start from 11.55% and the loan amount can be repaid in EMIs for 15 years. To apply for education loans with Indian Overseas Bank, the bank required certain documents.
In this blog, we will list down all the important details and documents required to take IOB education loans.
Table of contents
IOB Education Loans
Indian Overseas Bank education loans provide lower interest rates as compared to other lenders. The education loan process is also simple and hassle-free due to less paperwork. IOB education loans without collateral up to INR 4 lakhs are also provided and there are no hidden costs and administrative charges. Students can avail education loans under various schemes like-
- IOB Vidya Jyoti Education loan
- IOB Scholar
- IOB Vidya Shreshta
- IOB Passion
- Career Dreams
Recommended Read: Planning to study abroad via financial assistance? Check out our blog on the List of Approved Foreign Universities for Education Loan.
Documents Required for IOB Education Loan
Students can apply easily through Vidya Laksmi Portal Indian Overseas Bank. During the application process, the applicant is required to submit a list of documents. These relate to identification documents, address, income, language proficiency scores (in the case of study abroad IOB education loan), fee structure, academic documents, and others. Keep these documents ready to ensure a quicker and hassle-free IOB education loan disbursement process.
Basic Documents
- Duly Filled education loan application form
- 2 passport-size photographs
Applicant’s Academic Documents
- Class X mark sheet
- Class XII mark sheet
- Bachelor’s result sheet
Identity and Address Proof Documents
- Aadhaar Card
- Voter ID Card
- Electricity Bill
- Passport
Income Proof Documents
For Salaried
- Last three months’ salary slips
- Form 16 (of 2 years)
- Employer’s Identification Card
- ITR Filed for the last 2 years
For Self-Employed/ Businesses
- ITR filed for the last 3 years
- Profit and loss account and Balance sheet for the past 3 years
- Evidence of a business address
Loan Sanction/ Disbursement Documents
- Admission Letter from the University
- Result of language proficiency exams like IELTS/ TOEFL/ GMAT/ GRE etc.
- Accommodation fee breakup (on-campus accommodation)
- Rent agreement documents (off-campus accommodation)
- Estimate of approximate living costs like food, clothing, electronic gadgets, books, and other study materials
- Approximate estimate of miscellaneous expenses including health insurance, travel costs, study aids, and incidental expenses.
- The self-attested final loan agreement
- Disbursement request form signed by the applicant and co-applicant
- Receipt of margin money paid to the college/university along with the bank statement reflecting the transaction
- Original KYC documents for the student, co-applicant, and guarantor
Also Read: Planning for study abroad loan from SBI? Read this and know the differences between the SBI Student Loan Scheme and SBI Global Ed-vantage Scheme
FAQs on IOB Education Loan Documents Required
To get an IOB education loan, certain documents are required like- an education loan application form, an acceptance letter from the university, a class 10/12 mark sheet, a graduation result, an Aadhar card, salary slips, ITR filing of the last three years, and many more.
Documents relating to identity, address, income, language proficiency, university fee structure, academic background, and application form are required for an IOB education loan.
The IOB education loan interest rates charged are different under different schemes. For study abroad IOB education loans, interest rates start from 11.55%.
Indian Overseas Bank usually takes 7-10 days to process IOB education loans. The bank also charges 1-2% of the processing fee.
A maximum of INR 60 lakhs is provided by the Indian Overseas Bank to study abroad. For loans availed above INR 7.50 lakhs, applicable interest rates are 12.55%.
This was all about the IOB education loan documents required. Make sure to keep them ready and avail of faster loan disbursement from the bank’s side.
To know more about education loans, the best bank accounts for students, forex and banking experience for global students or international money transfers, reach out to our experts at 1800572126 to help ease your study abroad experience.
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