IOB Vidya Suraksha Education Loan: Major Features, Eligibility, Interest Rate

IOB Vidya Suraksha Education Loan
Home » Education Loan » IOB Vidya Suraksha Education Loan: Major Features, Eligibility, Interest Rate

Indian Overseas Bank is one of the major public sector banks in India and is renowned for providing education loans. The IOB Vidya Suraksha education loan scheme is offered to students who want to study abroad or in India at an approved university. The students can get education loans under the Vidya Suraksha scheme at affordable interest rates and flexible repayment periods. IOB education loan disbursement is also very fast and the students can get the education loan within 72 hours post-sanction. Check some of the major features, eligibility criteria and application process of the this education loan.

IOB Vidya Suraksha Loan: Major Highlights

IOB Vidya Suraksha loan is provided to students who are citizens of India and are above 18 years of age. You can get an IOB education loan without collateral with this scheme as the IBA model allows collateral-free loans up to INR 7.5 lakhs in line with the RBI guidelines on collateral-free education loans. Check all the major highlights of IOB Vidya Suraksha Education Loan below:

ParticularsDetails
Name of SchemeIOB Vidya Suraksha Education Loan
Maximum Loan AmountINR 7.5 lakh
Repayment PeriodUp to 15 years
Rate of InterestMCLR + 2.00% (Floating Interest Rate)
Rebate on Interest Rate0.5% to 1.50% (subject to eligibility)
Collateral RequirementNA
Processing FeeNIL
Margin Money15% (Scholarship is applicable)

Also Read: Check out this blog and understand Why Education Loan Insurance is Essential for students taking education loans. 

IOB Vidya Suraksha Education Loan: Eligibility Criteria

Eligibility criteria is one of the major factors which you need to understand before applying for an education loan. Apply for an IOB education loan only if you’re fulfilling all the eligibility criteria as the loan may get rejected at a later stage if you fail to fulfil any single eligibility criteria. Check below all the major eligibility criteria for this education loan to study abroad:

  • The student must be an Indian citizen
  • The minimum age of the student must be 18 years
  • The student must have been admitted to a university abroad
  • The student must not be involved in a gainful employment

IOB Vidya Suraksha Loan Interest Rate

Indian Overseas Bank is known for offering low interest rates as well as rebates on the same based on various factors. IOB education loan interest rate is determined by considering the spread and the MCLR (Marginal Cost of Funds based Lending Rate). Check the interest rate for the IOB Vidya Suraksha loan:

Loan AmountRate of Interest
For loans up to INR 7.5 lakh to general applicantsRLLR + 0.40% (SP) + 1.25% (RP) = 11.00%
For loan amounts up to INR 7.5 lakh to wards of IOB staff (both present and retired staff)RLLR + 0.40% (SP)+ 0.00% (RP) = 9.75%

How to Apply for IOB VIdya Suraksha Education Loan?

As per the directions of the government of India, all education loan applications shall be made through the Vidya Lakshmi portal. In order to apply for an education loan through the Vidya Lakshmi portal, you need to follow the below-mentioned steps:

  • Visit the Vidya Lakshmi portal
  • Register and log in to the portal
  • Enter the students’ section and look for this education loan scheme
  • Check all the features of the Vidya Suraksha loan mentioned on the portal and proceed with the application
  • Fill out the loan application form and submit it along with relevant documents
  • Wait for the verification by the bank
  • The bank will check all the documents and contact you soon after the submission of the application
  • Track the application on the Vidya Lakshmi portal and get real-time updates

IOB Vidya Suraksha Loan: Documents Required

Documentation is one of the most important processes in an education loan. If you have submitted all the documents as per the bank’s instructions, the IOB education loan processing time will be much less. Check the details of the documents required for IOB education loan below:

  • Aadhaar Card and PAN card of the applicant and co-applicant
  • The last 6 months’ bank statements
  • Last 3 months’ salary slips
  • Scorecard of secondary and higher secondary exam
  • Scorecard of undergraduate exam (if applicable)
  • ITR
  • Copy of Visa approval letter
  • Admission confirmation letter

Also Read: Check here all the major information on Education Loan Default and know the consequences.

This was all the important information on the IOB Vidya Suraksha education loan to study abroad. Always check the complete information and terms and conditions of the loan before submitting the application form. Check some of the common frequently asked questions on the Vidya Suraksha education loan below.

FAQs

What is the maximum loan amount offered under the IOB Vidya Suraksha Education Loan scheme?

Under this education loan scheme, students can avail a maximum loan amount of INR 7.5 lakh.

What is the repayment period for the IOB Vidya Suraksha Education Loan?

The repayment period for the IOB Vidya Suraksha Education Loan extends up to 15 years, providing students with flexibility in managing their loan repayments.

Is collateral required for the IOB Vidya Suraksha Education Loan?

No, the IOB Vidya Suraksha Education Loan is collateral-free, making it accessible to students without the need to provide any collateral.

What is the interest rate for the IOB Vidya Suraksha Education Loan?

The interest rate for the IOB Vidya Suraksha Education Loan is determined as MCLR + 2.00% (Floating Interest Rate).

How can I apply for the IOB Vidya Suraksha Education Loan?

You can register and log into the Vidya Lakshmi portal to apply for the IOB Vidya Suraksha Education Loan. After logging in, check out the loan scheme, fill out the application form, submit relevant documents, and track your application for real-time updates.

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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About Shekhar Suman

Shekhar is a versatile writer with a passion for sharing knowledge and creativity. With expertise in crafting informative blogs on study abroad and finance, Shekhar helps readers navigate the complexities of education and financial planning. Most of his writings blend the practicality of finance and the beauty of language, making a meaningful impact in both spheres. Beyond his professional pursuits, he finds solace in the writing Shayari.

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