{"id":12222,"date":"2025-01-22T18:04:14","date_gmt":"2025-01-22T12:34:14","guid":{"rendered":"https:\/\/fly.finance\/blog\/?p=12222"},"modified":"2025-01-25T16:42:56","modified_gmt":"2025-01-25T11:12:56","slug":"iob-vidya-jyothi-education-loan","status":"publish","type":"post","link":"https:\/\/fly.finance\/blog\/education-loan\/iob-vidya-jyothi-education-loan\/","title":{"rendered":"IOB Vidya Jyothi Education Loan Scheme"},"content":{"rendered":"\n<p>The&nbsp;<strong>IOB Vidya Jyothi Education Loan Scheme<\/strong> supports students aspiring to pursue higher education in India and abroad. The interest rates range from 9% to 12%, with additional concessions for female students and those who pay interest during the moratorium period. Borrowers can repay the loan over up to 15 years. To qualify, applicants must be Indian citizens accepted into recognized institutions. <\/p>\n\n\n\n<p>The IOB Vidya Jyothi education loan application can be initiated online or at any IOB branch, ensuring a hassle-free experience for students. Explore all the key features of the IOB Vidya Jyothi Education Loan Scheme-<\/p>\n\n\n\n<div class=\"wp-block-yoast-seo-table-of-contents yoast-table-of-contents\"><h2 id=\"table-of-contents\">Table of contents<\/h2><ul><li><a href=\"#h-iob-vidya-jyothi-education-loan-scheme\" data-level=\"2\">IOB Vidya Jyothi Education Loan Scheme<\/a><ul><li><a href=\"#h-quantum-of-finance\" data-level=\"3\">Quantum of Finance<\/a><\/li><li><a href=\"#h-repayment-period-for-iob-vidya-jyothi-education-loan\" data-level=\"3\">Repayment Period for IOB Vidya Jyothi Education Loan<\/a><\/li><li><a href=\"#h-margin-money-under-iob-vidya-jyothi-education-loan-scheme\" data-level=\"3\">Margin Money Under IOB Vidya Jyothi Education Loan Scheme<\/a><\/li><li><a href=\"#h-processing-time-and-fee-for-iob-vidya-jyothi-education-loan\" data-level=\"3\">Processing Time and Fee for IOB Vidya Jyothi Education Loan<\/a><\/li><li><a href=\"#h-moratorium-period-for-iob-vidya-jyothi-education-loan-scheme\" data-level=\"3\">Moratorium Period for IOB Vidya Jyothi Education Loan Scheme<\/a><\/li><li><a href=\"#h-collateral-requirement-for-iob-vidya-jyothi-education-loan\" data-level=\"3\">Collateral Requirement for IOB Vidya Jyothi Education Loan<\/a><\/li><li><a href=\"#h-eligible-courses-to-study-abroad\" data-level=\"3\">Eligible Courses to Study Abroad<\/a><\/li><\/ul><\/li><li><a href=\"#h-iob-vidya-jyothi-education-loan-interest-rates\" data-level=\"2\">IOB Vidya Jyothi Education Loan Interest Rates<\/a><ul><li><a href=\"#h-interest-rate-concession\" data-level=\"3\">Interest Rate Concession<\/a><\/li><\/ul><\/li><li><a href=\"#h-iob-vidya-jyothi-loan-eligibility-criteria\" data-level=\"2\">IOB Vidya Jyothi Loan Eligibility Criteria<\/a><\/li><li><a href=\"#h-documents-required-under-iob-vidya-jyothi-education-loan-scheme\" data-level=\"2\">Documents Required Under IOB Vidya Jyothi Education Loan Scheme<\/a><\/li><li><a href=\"#h-how-to-apply-for-iob-vidya-jyothi-education-loan-online\" data-level=\"2\">How to Apply for IOB Vidya Jyothi Education Loan Online?<\/a><\/li><li><a href=\"#h-faqs-on-iob-vidya-jyothi-education-loan-scheme\" data-level=\"2\">FAQs on IOB Vidya Jyothi Education Loan Scheme<\/a><\/li><\/ul><\/div>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-iob-vidya-jyothi-education-loan-scheme\"><span id=\"iob-vidya-jyothi-education-loan-scheme\">IOB Vidya Jyothi Education Loan Scheme<\/span><\/h2>\n\n\n\n<p>IOB Vidya Jyothi education loan scheme is a loan scheme provided by Indian Overseas Bank to study abroad aspirants. The maximum loan amount provided under this scheme is up to INR 3 crores (subject to terms and conditions). The scheme aims to meet expenses like tuition fees, accommodation costs, and costs of books, exams and airfare.<\/p>\n\n\n\n<p>Students can pursue any job-oriented and technical graduation, post-graduation, or diploma courses in recognised universities abroad. The scheme also aims to provide&nbsp;<a href=\"https:\/\/fly.finance\/blog\/education-loan\/education-loan-for-pilot-training\/\"><strong>education loans for pilot training<\/strong><\/a>. Here is an overview of the highlights of the IOB Vidya Jyothi Education Loan Scheme:<\/p>\n\n\n\n<figure class=\"wp-block-table is-style-stripes\"><table><tbody><tr><td><strong>Basis<\/strong><\/td><td><strong>Details<\/strong><\/td><\/tr><tr><td>Maximum Loan Amount<\/td><td>Up to INR 3 crores<\/td><\/tr><tr><td>Interest Rates<\/td><td>9% p.a. to 12% p.a.<\/td><\/tr><tr><td>Repayment Period<\/td><td>180 months\/ 15 years<\/td><\/tr><tr><td>Pre-payment Charges<\/td><td>NIL<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-quantum-of-finance\"><span id=\"quantum-of-finance\">Quantum of Finance<\/span><\/h3>\n\n\n\n<p>The maximum education loan amount refers to the highest funding a borrower can receive. Under the IOB Vidya Jyothi education loan scheme, students can secure up to INR 3 crores for studying abroad. However, the approved amount is influenced by factors such as the university&#8217;s ranking on platforms like QS Rankings, Webometrics, and Top Universities.<\/p>\n\n\n\n<figure class=\"wp-block-table is-style-stripes\"><table><tbody><tr><td><strong>Ranks of University\/ College\/ Insitute<\/strong><\/td><td><strong>Maximum Loan Amount<\/strong><\/td><\/tr><tr><td>Within top 50<\/td><td>Up to INR 3 crores<\/td><\/tr><tr><td>Ranked between 50 to 200<\/td><td>Up to INR 2 crores<\/td><\/tr><tr><td>Ranked between 200 to 300<\/td><td>Up to INR 1.5 crores<\/td><\/tr><tr><td>Ranked above 300<\/td><td>Up to INR 1 crore<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-repayment-period-for-iob-vidya-jyothi-education-loan\"><span id=\"repayment-period-for-iob-vidya-jyothi-education-loan\">Repayment Period for IOB Vidya Jyothi Education Loan<\/span><\/h3>\n\n\n\n<p>The IOB Vidya Jyothi education loan scheme allows applicants to pay back the education loan for up to 15 years. This can be paid back in<a href=\"https:\/\/fly.finance\/blog\/education-loan\/full-form-of-emi\/\"><strong>EMIs<\/strong><\/a>which allows easy repayment of principal and interest amount.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-margin-money-under-iob-vidya-jyothi-education-loan-scheme\"><span id=\"margin-money-under-iob-vidya-jyothi-education-loan-scheme\">Margin Money Under IOB Vidya Jyothi Education Loan Scheme<\/span><\/h3>\n\n\n\n<p><a href=\"https:\/\/fly.finance\/blog\/education-loan\/margin-money-in-education-loans\/\"><strong>Margin Money<\/strong><\/a>refers to the amount of money that the borrower\/ applicant has to contribute towards the loan amount. It is the difference between your loan amount requirement and what banks sanction. The IOB Vidya Jyothi education loan to study abroad margin requirements are-<\/p>\n\n\n\n<figure class=\"wp-block-table is-style-stripes\"><table><tbody><tr><td><strong>Loan Amount<\/strong><\/td><td><strong>Margin % of the Total Loan Amount Required<\/strong><\/td><\/tr><tr><td>Up to INR 4 lakhs<\/td><td>NIL<\/td><\/tr><tr><td>Between INR 4 lakhs to INR 30 lakhs<\/td><td>15% <\/td><\/tr><tr><td>Above INR 30 lakhs to INR 1 crore<\/td><td>20%<\/td><\/tr><tr><td>Above INR 1 crore to INR 1.5 crore<\/td><td>25%<\/td><\/tr><tr><td>Above INR 1.5 crores to INR 3 crores<\/td><td>25%<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-processing-time-and-fee-for-iob-vidya-jyothi-education-loan\"><span id=\"processing-time-and-fee-for-iob-vidya-jyothi-education-loan\">Processing Time and Fee for IOB Vidya Jyothi Education Loan<\/span><\/h3>\n\n\n\n<p>The <a href=\"https:\/\/fly.finance\/blog\/education-loan\/iob-education-loan-processing-time\/\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>IOB education loan processing time<\/strong><\/a> is usually 15-20 days. Once, you submit the application form and attach the required documents, during this period, the bank will verify your documents. However, once the loan is sanctioned, it may take up to 72 hours to disburse funds to the university\u2019s account. There are no charges for processing the IOB education loan.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-moratorium-period-for-iob-vidya-jyothi-education-loan-scheme\"><span id=\"moratorium-period-for-iob-vidya-jyothi-education-loan-scheme\">Moratorium Period for IOB Vidya Jyothi Education Loan Scheme<\/span><\/h3>\n\n\n\n<p>The moratorium period for the Vidya Jyothi education loan scheme is the Course period + 1 year or 6 months after getting the job (whichever is earlier). During the <a href=\"https:\/\/fly.finance\/blog\/education-loan\/what-is-moratorium-period-and-how-does-it-work\/\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>Moratorium Period<\/strong><\/a>, the applicant is not required to make any payments towards the repayment of an education loan from the bank. This is also referred to as the holiday period.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-collateral-requirement-for-iob-vidya-jyothi-education-loan\"><span id=\"collateral-requirement-for-iob-vidya-jyothi-education-loan\">Collateral Requirement for IOB Vidya Jyothi Education Loan<\/span><\/h3>\n\n\n\n<p>The applicants\/ borrowers can avail of <a href=\"https:\/\/fly.finance\/blog\/education-loan\/iob-education-loan-without-collateral\/\"><strong>IOB education loans without collateral<\/strong><\/a>. However, for higher loan amounts, one is required to arrange valid collateral\/ security.<\/p>\n\n\n\n<figure class=\"wp-block-table is-style-stripes\"><table><tbody><tr><td><strong>Loan Amount<\/strong><\/td><td><strong>Security Requirements<\/strong><\/td><\/tr><tr><td>Up to INR 7.5 lakhs<\/td><td>No Security is Required. However, Co-obligation of parent\/ guardian is needed.<\/td><\/tr><tr><td>Above INR 7.5 lakhs<\/td><td>Co-obligation of parent\/s or guardian together with tangible collateral security in the form of land\/ building\/ government securities policy\/ shares\/ gold\/ debentures etc.<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-eligible-courses-to-study-abroad\"><span id=\"eligible-courses-to-study-abroad\">Eligible Courses to Study Abroad<\/span><\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Government-Supported Courses:<\/strong> Courses recognized under various government subsidy schemes are eligible for funding.<\/li>\n\n\n\n<li><strong>Undergraduate Programs:<\/strong> Job-oriented professional and technical courses offered by reputable universities or institutions are eligible for the loan.<\/li>\n\n\n\n<li><strong>Postgraduate Programs:<\/strong> Includes specialized courses such as MCA, MBA, MS, and other similar postgraduate qualifications.<\/li>\n\n\n\n<li><strong>Professional Certifications:<\/strong> Courses conducted by prestigious bodies like CIMA London, CPA in the USA, and similar internationally recognized programs.<\/li>\n\n\n\n<li><strong>Degree\/Diploma Courses:<\/strong> Programs such as aeronautical engineering, pilot training, shipping, and other specialized degrees\/diplomas, provided they are recognized by the relevant regulatory authorities for employment in India or abroad.<\/li>\n<\/ul>\n\n\n\n<p class=\"has-pale-ocean-gradient-background has-background\"><strong>Also Read: Know all about the <\/strong><a href=\"https:\/\/fly.finance\/blog\/full-form\/full-form-of-npa\/\"><strong>full form of NPA<\/strong><\/a><strong> and check out what happens with NPAs when the borrowers of education loans stop making payments.<\/strong><\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-iob-vidya-jyothi-education-loan-interest-rates\"><span id=\"iob-vidya-jyothi-education-loan-interest-rates\">IOB Vidya Jyothi Education Loan Interest Rates<\/span><\/h2>\n\n\n\n<p>The&nbsp;<a href=\"https:\/\/fly.finance\/blog\/education-loan\/iob-education-loan-interest-rate\/\"><strong>IOB education loan interest rates<\/strong><\/a>&nbsp;are based on&nbsp;<a href=\"http:\/\/v\/\"><strong>RLLR<\/strong><\/a>, which are floating rates of interest. For the Vidya Jyothi loan scheme, the interest rates range from 9% to 12%. They are calculated as the sum of the base rate and spread. Below is a table that outlines the effective interest rates for the IOB Vidya Jyothi education loan scheme:<\/p>\n\n\n\n<figure class=\"wp-block-table is-style-stripes\"><table><tbody><tr><td><strong>Details<\/strong><\/td><td><strong>Rate of Interest<\/strong><\/td><td><strong>Effective ROI<\/strong><\/td><\/tr><tr><td>For General Customers<\/td><td>RLLR + 0.40% (SP) + 1.25% (RP)<\/td><td>11.00% p.a<\/td><\/tr><tr><td>For the wards of current staff and retired staff<\/td><td>RLLR + 0.40% (SP)+ 0.00% (RP) <\/td><td>9.75% p.a<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-interest-rate-concession\"><span id=\"interest-rate-concession\">Interest Rate Concession<\/span><\/h3>\n\n\n\n<p>A special concession of 0.50% is provided for female students according to the IOB Vidya Jyothi education loan scheme. Besides, IOB also provides a concession on the following terms-<\/p>\n\n\n\n<figure class=\"wp-block-table is-style-stripes\"><table><tbody><tr><td><strong>Details<\/strong><\/td><td><strong>Concession Percentage<\/strong><\/td><\/tr><tr><td>For serving interest during the moratorium period<\/td><td>1.00%<\/td><\/tr><tr><td>For securing admission to institutes ranked up to 100 (study abroad)<\/td><td>1.50%<\/td><\/tr><tr><td>For securing admission to institutes ranked from 101 to 200<\/td><td>1.00%<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-iob-vidya-jyothi-loan-eligibility-criteria\"><span id=\"iob-vidya-jyothi-loan-eligibility-criteria\">IOB Vidya Jyothi Loan Eligibility Criteria<\/span><\/h2>\n\n\n\n<p>To be able to apply for the IOB Vidya Jyothi education loan scheme, the applicant must be an Indian citizen. However, NRI (Non-Indian Resident), PIO (Person of Indian Origin) and OCI (Overseas Citizenship of India) are also eligible to apply. The applicants must also fulfil other eligibility criteria as discussed below-<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Nationality Requirements:<\/strong> Applicants must be Indian citizens, NRIs, PIOs, or OCIs.<\/li>\n\n\n\n<li><strong>Admission Criteria:<\/strong> Students must secure admission to a recognized university abroad through an entrance exam or merit-based selection process after completing Class 12 (HSC) or its equivalent.<\/li>\n\n\n\n<li><strong>Employment Status:<\/strong> The applicant must not be engaged in gainful employment during their study period, meaning they cannot have a steady job with regular income.<\/li>\n\n\n\n<li><strong>Academic Performance:<\/strong> For applicants without a Common Entrance Test (CET), a minimum of 60% marks in the qualifying examination is required. SC\/ST applicants require a minimum of 55% marks in the same scenario.<\/li>\n\n\n\n<li><strong>Alternative Admission Evaluation:<\/strong> If CET scores are not available, factors like the course type, the applicant\u2019s work history, the institution&#8217;s reputation, and its global ranking (as per Webometrics) will be considered. <\/li>\n<\/ul>\n\n\n\n<p>IOB Vidya Jyothi Education loan approval will depend on these parameters assessed by the lending branch.<\/p>\n\n\n\n<p class=\"has-pale-ocean-gradient-background has-background\"><strong>Also Read: Did you know about tax benefits on interest paid on education loans? Check out the details on <\/strong><a href=\"https:\/\/fly.finance\/blog\/education-loan\/income-tax-rebate-on-education-loan\/\"><strong>Income Tax Rebates on education loans<\/strong><\/a><strong> under Section 80E of the Income Tax Act.<\/strong><\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-documents-required-under-iob-vidya-jyothi-education-loan-scheme\"><span id=\"documents-required-under-iob-vidya-jyothi-education-loan-scheme\">Documents Required Under IOB Vidya Jyothi Education Loan Scheme<\/span><\/h2>\n\n\n\n<p>When applying for an education loan through IOB Vidya Jyothi education loan scheme, applicants must submit various documents. The <a href=\"https:\/\/fly.finance\/blog\/education-loan\/iob-education-loan-documents-required\/\"><strong>IOB Education loan documents required<\/strong><\/a> include identity and address proof, academic records, and income verification. After the loan is sanctioned, additional documents may also be needed.  Below is a comprehensive checklist for each stage:<\/p>\n\n\n\n<p class=\"has-medium-font-size\"><strong>Documents Required During Application<\/strong><\/p>\n\n\n\n<p>When you first apply for the education loan, you must submit the following documents, required during the application process while applying for the loan:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Duly Filled out the education loan application form<\/li>\n\n\n\n<li>2 passport-size photographs<\/li>\n\n\n\n<li>Class X\/ XII\/ graduation mark sheet<\/li>\n\n\n\n<li>Aadhaar Card\/ Voter ID\/ Passport\/<\/li>\n\n\n\n<li>Salary slips, Form 16, ITR for Salaried employees<\/li>\n\n\n\n<li>P&amp;L Statement, Balance Sheet, ITR, and Business evidence for Businessman<\/li>\n<\/ul>\n\n\n\n<p class=\"has-medium-font-size\"><strong>Documents Required After Loan Sanction<\/strong><\/p>\n\n\n\n<p>Once the loan is sanctioned, you will need to provide the following documents:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Acceptance letter from the university<\/li>\n\n\n\n<li>Language proficiency exam result<\/li>\n\n\n\n<li>Accommodation fee breakup (on-campus accommodation)<\/li>\n\n\n\n<li>Rent agreement documents (off-campus accommodation)<\/li>\n\n\n\n<li>Estimate of approximate living costs like food, clothing, electronic gadgets, books, and other study materials<\/li>\n\n\n\n<li>Approximate estimate of miscellaneous expenses including health insurance, travel costs, study aids, and incidental expenses. <\/li>\n\n\n\n<li>The self-attested final loan agreement<\/li>\n\n\n\n<li>Disbursement request form signed by the applicant and co-applicant<\/li>\n\n\n\n<li>Receipt of margin money paid to the college\/university along with the bank statement reflecting the transaction<\/li>\n\n\n\n<li>Original KYC documents for the student, co-applicant, and guarantor<\/li>\n<\/ul>\n\n\n\n<p class=\"has-pale-ocean-gradient-background has-background\"><strong>Also Read: Check out our blog on <\/strong><a href=\"https:\/\/fly.finance\/blog\/education-loan\/top-up-education-loans-for-specialised-programs\/\"><strong>Top-up Education for specialised programs<\/strong><\/a><strong>. It includes details related to the process, eligibility, and repayment.<\/strong><\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-how-to-apply-for-iob-vidya-jyothi-education-loan-online\"><span id=\"how-to-apply-for-iob-vidya-jyothi-education-loan-online\">How to Apply for IOB Vidya Jyothi Education Loan Online?<\/span><\/h2>\n\n\n\n<p>The borrowers can simply visit the nearest Indian Overseas Bank branch and connect with the bank representative. However, for a hassle-free application process, you can apply online for a Vidya Jyothi loan. This can be easily done through&nbsp;<a href=\"https:\/\/fly.finance\/blog\/education-loan\/vidya-lakshmi-portal-indian-overseas-bank\/\"><strong>Vidya Lakshmi Portal Indian Overseas Bank<\/strong><\/a>. Follow the given steps to apply for an IOB education loan online through Vidya Lakshmi Portal-<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Visit the official website of Vidya Lakshmi Portal.<\/li>\n\n\n\n<li>Register yourself if you are not yet registered.<\/li>\n\n\n\n<li>Log in by using the credentials created during the registration process.<\/li>\n\n\n\n<li>Click on \u2018Search and Apply for Loan Scheme\u2019.<\/li>\n\n\n\n<li>Search \u2018Vidya Jyothi Education Loan Scheme\u2019.<\/li>\n\n\n\n<li>Click on \u2018Apply\u2019 and \u2018Fill the Application Form\u2019.<\/li>\n\n\n\n<li>Fill in the required details.<\/li>\n\n\n\n<li>The concerned bank personnel will connect for further process.<\/li>\n<\/ul>\n\n\n\n<p>This was all about the Vidya Jyothi education loan scheme of the Indian Overseas Bank. Make sure to check the interest rates, and repayment period, and plan your education loan in a way that ensures hassle-free repayment to the banks.<\/p>\n\n\n\n<p class=\"has-pale-ocean-gradient-background has-background\"><strong>Also Read: Check out all the details on&nbsp;<\/strong><a href=\"https:\/\/fly.finance\/blog\/education-loan\/idfc-first-bank-emi-payment-for-education-loans\/\"><strong>IDFC First Bank EMI Payment for Education Loans<\/strong><\/a><strong>.<\/strong><\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-faqs-on-iob-vidya-jyothi-education-loan-scheme\"><span id=\"faqs-on-iob-vidya-jyothi-education-loan-scheme\">FAQs on IOB Vidya Jyothi Education Loan Scheme<\/span><\/h2>\n\n\n\n<div class=\"schema-faq wp-block-yoast-faq-block\"><div class=\"schema-faq-section\" id=\"faq-question-1715239495635\"><strong class=\"schema-faq-question\"><strong>What is the IOB<\/strong> <strong>Vidya Jyothi education loan scheme?<\/strong><\/strong> <p class=\"schema-faq-answer\">The IOB Vidya Jyothi education loan scheme is the financial support provided by Indian Overseas Bank to study abroad aspirants. The maximum loan amount provided under this scheme is up to INR 3 crores.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1715239497003\"><strong class=\"schema-faq-question\"><strong>What are the interest rates in the IOB Vidya Jyothi education loan scheme?<\/strong><\/strong> <p class=\"schema-faq-answer\">The IOB\u00a0Vidya Jyothi loan scheme interest rates range from 9% to 12%. For public, interest rates are RLLR + 0.40% (SP) + 1.25% (RP) = 11.00% p.a and for the wards of staff and retired staff, applicable rates are RLLR + 0.40% (SP)+ 0.00% (RP) = 9.75% p.a.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1715239498425\"><strong class=\"schema-faq-question\"><strong>Who is eligible for the IOB Vidya Jyothi education loan scheme?<\/strong><\/strong> <p class=\"schema-faq-answer\">To be able to apply for the IOB Vidya Jyothi education loan scheme, the applicant must be an Indian citizen. Besides, students must have secured admission to a recognised university abroad through an entrance examination or merit-based selection process.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1715239499566\"><strong class=\"schema-faq-question\"><strong>What expenses are covered under the IOB<\/strong> <strong>Vidya Jyothi loan to study abroad?<\/strong><\/strong> <p class=\"schema-faq-answer\">The IOB Vidya Jyothi loan scheme aims to meet educational expenses. Expenses like tuition fees, accommodation costs, and costs of books, exams and airfare.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1715239500651\"><strong class=\"schema-faq-question\"><strong>What is Vidya Jyothi&#8217;s maximum education loan amount?<\/strong><\/strong> <p class=\"schema-faq-answer\">IOB Vidya Jyothi education loans are provided up to INR 3 crores to study abroad. However, the exact amount will depend on factors like the rank of the university according to the websites of QS, Webometrics, and Top Universities.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1715239572522\"><strong class=\"schema-faq-question\"><strong>Do I have to arrange margin money for the IOB<\/strong> <strong>Vidya Jyothi education loan scheme?<\/strong><\/strong> <p class=\"schema-faq-answer\">Yes, the IOB Vidya Jyothi Education Loan Scheme requires the applicant to arrange margin money, which is a percentage of the total loan amount. The margin varies based on the loan amount approved by the bank. Here&#8217;s the breakdown of margin requirements:<br\/>&#8211; Up to INR 4 Lakhs: No margin required<br\/>&#8211; Between INR 4 Lakhs to INR 30 Lakhs: 15% margin<br\/>&#8211; Above INR 30 Lakhs to INR 1 Crore: 20% margin<br\/>&#8211; Above INR 1 Crore to INR 1.5 Crore: 25% margin<br\/>&#8211; Above INR 1.5 Crore to INR 3 Crore: 25% margin<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1715239582507\"><strong class=\"schema-faq-question\"><strong>How can I apply for a IOB<\/strong> <strong>Vidya Jyothi education loan online?<\/strong><\/strong> <p class=\"schema-faq-answer\">Borrowers can visit the nearest Indian Overseas Bank (IOB) branch and connect with a bank representative to apply for the IOB Vidya Jyothi Education Loan. However, for a hassle-free application process, you can apply online for a IOB Vidya Jyothi loan. This can be easily done through Vidya Lakshmi Portal Indian Overseas Bank.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1715239601610\"><strong class=\"schema-faq-question\"><strong>Do I get an interest concession on the Vidya Jyothi loan?<\/strong><\/strong> <p class=\"schema-faq-answer\">Yes, the IOB Vidya Jyothi Education Loan Scheme offers several interest concessions to eligible applicants:<br\/>&#8211; Female students get a special concession of 0.50%. <br\/>&#8211; Applicants who serve interest during the moratorium period get a concession of 1%. <br\/>&#8211;  Meritorious students also get a concession of 1.50% who secure admission among the top 100 universities to study abroad.<\/p> <\/div> <\/div>\n\n\n\n<p>To know more about <a href=\"https:\/\/fly.finance\/blog\/education-loan\/\"><strong>education loans<\/strong><\/a>, the best <a href=\"https:\/\/fly.finance\/blog\/student-account\/\"><strong>bank accounts for students<\/strong><\/a>, forex and banking experience for global students or<a href=\"https:\/\/fly.finance\/blog\/money-transfer\/\"><strong> international money transfers<\/strong><\/a>, reach out to our experts at 1800572126 to help ease your study abroad experience.<\/p>\n\n\n\n<figure class=\"wp-block-table is-style-stripes\"><table class=\"has-pale-ocean-gradient-background has-background\"><tbody><tr><td><a href=\"https:\/\/fly.finance\/blog\/education-loan\/auxilo-education-loan-for-wards-of-defence-personnel\/\"><strong>Auxilo Education Loan for Wards of Defence Personnel<\/strong><\/a><\/td><td><a href=\"https:\/\/fly.finance\/blog\/education-loan\/education-loan-for-mba-without-collateral\/\"><strong>Education Loan for MBA without Collateral<\/strong><\/a><\/td><\/tr><tr><td><a href=\"https:\/\/fly.finance\/blog\/education-loan\/indian-army-education-loan\/\"><strong>Indian Army Education Loan<\/strong><\/a><\/td><td><a href=\"https:\/\/fly.finance\/blog\/education-loan\/education-loans-in-west-bengal\/\"><strong>Education Loans in West Bengal<\/strong><\/a><\/td><\/tr><tr><td><a href=\"https:\/\/fly.finance\/blog\/education-loan\/sbi-education-loan-disbursement-process\/\"><strong>SBI Education Loan Disbursement Process<\/strong><\/a><\/td><td><a href=\"https:\/\/fly.finance\/blog\/education-loan\/bajaj-finserv-personal-loan-for-education\/\"><strong>Bajaj Finserv Personal Loan For Education<\/strong><\/a><\/td><\/tr><tr><td><a href=\"https:\/\/fly.finance\/blog\/education-loan\/education-loan-interest-rates-of-different-banks-and-nbfcs\/\"><strong>Education Loan Interest Rates of Different Banks and NBFCs<\/strong><\/a><\/td><td><a href=\"https:\/\/fly.finance\/blog\/education-loan\/karnataka-bank-education-loan-interest-rate\/\"><strong>Karnataka Bank Education Loan Interest Rates<\/strong><\/a><\/td><\/tr><tr><td><a 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c7.547,0,11.675-6.252,11.675-11.675c0-0.178-0.004-0.355-0.012-0.531C20.985,7.47,21.68,6.747,22.23,5.924z\"><\/path><\/svg><span class=\"wp-block-social-link-label screen-reader-text\">Twitter<\/span><\/a><\/li>\n\n<li class=\"wp-social-link wp-social-link-facebook  wp-block-social-link\"><a href=\"https:\/\/www.facebook.com\/Flydotfinance\" class=\"wp-block-social-link-anchor\"><svg width=\"24\" height=\"24\" viewBox=\"0 0 24 24\" version=\"1.1\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" aria-hidden=\"true\" focusable=\"false\"><path d=\"M12 2C6.5 2 2 6.5 2 12c0 5 3.7 9.1 8.4 9.9v-7H7.9V12h2.5V9.8c0-2.5 1.5-3.9 3.8-3.9 1.1 0 2.2.2 2.2.2v2.5h-1.3c-1.2 0-1.6.8-1.6 1.6V12h2.8l-.4 2.9h-2.3v7C18.3 21.1 22 17 22 12c0-5.5-4.5-10-10-10z\"><\/path><\/svg><span class=\"wp-block-social-link-label screen-reader-text\">Facebook<\/span><\/a><\/li><\/ul>\n","protected":false},"excerpt":{"rendered":"<p>The&nbsp;IOB Vidya Jyothi Education Loan Scheme supports students aspiring to pursue higher education in India and abroad. The interest rates range from 9% to 12%, with additional concessions for female students and those who pay interest during the moratorium period. Borrowers can repay the loan over up to 15 years. To qualify, applicants must be &#8230; <a title=\"IOB Vidya Jyothi Education Loan Scheme\" class=\"read-more\" href=\"https:\/\/fly.finance\/blog\/education-loan\/iob-vidya-jyothi-education-loan\/\" aria-label=\"Read more about IOB Vidya Jyothi Education Loan Scheme\">Read more<\/a><\/p>\n","protected":false},"author":29,"featured_media":12225,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[21],"tags":[],"class_list":["post-12222","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-education-loan"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.2 (Yoast SEO v27.2) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>IOB Vidya Jyothi Education Loan Scheme: Features, Eligibility, &amp; Interest Rate<\/title>\n<meta name=\"description\" content=\"IOB Vidya Jyothi Education Loan Scheme: Discover IOB Vidya Jyothi education loan to study abroad. 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Check out the interest rates, documents required, and how to apply online.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/fly.finance\/blog\/education-loan\/iob-vidya-jyothi-education-loan\/","og_locale":"en_US","og_type":"article","og_title":"IOB Vidya Jyothi Education Loan Scheme","og_description":"IOB Vidya Jyothi Education Loan Scheme: Discover IOB Vidya Jyothi education loan to study abroad. Check out the interest rates, documents required, and how to apply online.","og_url":"https:\/\/fly.finance\/blog\/education-loan\/iob-vidya-jyothi-education-loan\/","og_site_name":"Fly Finance","article_author":"https:\/\/www.facebook.com\/shubhika.garg\/","article_published_time":"2025-01-22T12:34:14+00:00","article_modified_time":"2025-01-25T11:12:56+00:00","og_image":[{"width":1024,"height":640,"url":"https:\/\/flyblog.fly.finance\/wp-content\/uploads\/2024\/05\/09130549\/IOB-Vidya-Jyoti.webp","type":"image\/webp"}],"author":"Shubhika Garg","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Shubhika Garg","Est. reading time":"11 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/fly.finance\/blog\/education-loan\/iob-vidya-jyothi-education-loan\/#article","isPartOf":{"@id":"https:\/\/fly.finance\/blog\/education-loan\/iob-vidya-jyothi-education-loan\/"},"author":{"name":"Shubhika Garg","@id":"https:\/\/fly.finance\/blog\/#\/schema\/person\/1f13adc00f6f67e7ed5a2fb5e97bfec6"},"headline":"IOB Vidya Jyothi Education Loan Scheme","datePublished":"2025-01-22T12:34:14+00:00","dateModified":"2025-01-25T11:12:56+00:00","mainEntityOfPage":{"@id":"https:\/\/fly.finance\/blog\/education-loan\/iob-vidya-jyothi-education-loan\/"},"wordCount":2297,"commentCount":0,"publisher":{"@id":"https:\/\/fly.finance\/blog\/#organization"},"image":{"@id":"https:\/\/fly.finance\/blog\/education-loan\/iob-vidya-jyothi-education-loan\/#primaryimage"},"thumbnailUrl":"https:\/\/flyblog.fly.finance\/wp-content\/uploads\/2024\/05\/09130549\/IOB-Vidya-Jyoti.webp","articleSection":["Education Loan"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/fly.finance\/blog\/education-loan\/iob-vidya-jyothi-education-loan\/#respond"]}],"accessibilityFeature":["tableOfContents"]},{"@type":["WebPage","FAQPage"],"@id":"https:\/\/fly.finance\/blog\/education-loan\/iob-vidya-jyothi-education-loan\/","url":"https:\/\/fly.finance\/blog\/education-loan\/iob-vidya-jyothi-education-loan\/","name":"IOB Vidya Jyothi Education Loan Scheme: Features, Eligibility, & Interest Rate","isPartOf":{"@id":"https:\/\/fly.finance\/blog\/#website"},"primaryImageOfPage":{"@id":"https:\/\/fly.finance\/blog\/education-loan\/iob-vidya-jyothi-education-loan\/#primaryimage"},"image":{"@id":"https:\/\/fly.finance\/blog\/education-loan\/iob-vidya-jyothi-education-loan\/#primaryimage"},"thumbnailUrl":"https:\/\/flyblog.fly.finance\/wp-content\/uploads\/2024\/05\/09130549\/IOB-Vidya-Jyoti.webp","datePublished":"2025-01-22T12:34:14+00:00","dateModified":"2025-01-25T11:12:56+00:00","description":"IOB Vidya Jyothi Education Loan Scheme: Discover IOB Vidya Jyothi education loan to study abroad. 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I'm Shubhika- a proud graduate in English Literature and Language from Delhi University. My journey as a content writer transitioned from online teacher into the world of words. Stepping into the domain of blogs and articles, I discovered my passion for writing growing deeper and stronger. Having said that, I have experience of writing for diverse industries in automobile, technology, ed-tech, finance and mental-health; crafting details to help you find the solution to what you are looking for. Join me as I invite you all explore and learn together.","sameAs":["https:\/\/www.facebook.com\/shubhika.garg\/","https:\/\/www.instagram.com\/shubhika.garg\/","https:\/\/www.linkedin.com\/in\/shubhikagarg71\/","https:\/\/www.tumblr.com\/blog\/shubhikahere"],"url":"https:\/\/fly.finance\/blog\/author\/shubhika\/"},{"@type":"Question","@id":"https:\/\/fly.finance\/blog\/education-loan\/iob-vidya-jyothi-education-loan\/#faq-question-1715239495635","position":1,"url":"https:\/\/fly.finance\/blog\/education-loan\/iob-vidya-jyothi-education-loan\/#faq-question-1715239495635","name":"What is the IOB Vidya Jyothi education loan scheme?","answerCount":1,"acceptedAnswer":{"@type":"Answer","text":"The IOB Vidya Jyothi education loan scheme is the financial support provided by Indian Overseas Bank to study abroad aspirants. The maximum loan amount provided under this scheme is up to INR 3 crores.","inLanguage":"en-US"},"inLanguage":"en-US"},{"@type":"Question","@id":"https:\/\/fly.finance\/blog\/education-loan\/iob-vidya-jyothi-education-loan\/#faq-question-1715239497003","position":2,"url":"https:\/\/fly.finance\/blog\/education-loan\/iob-vidya-jyothi-education-loan\/#faq-question-1715239497003","name":"What are the interest rates in the IOB Vidya Jyothi education loan scheme?","answerCount":1,"acceptedAnswer":{"@type":"Answer","text":"The IOB\u00a0Vidya Jyothi loan scheme interest rates range from 9% to 12%. For public, interest rates are RLLR + 0.40% (SP) + 1.25% (RP) = 11.00% p.a and for the wards of staff and retired staff, applicable rates are RLLR + 0.40% (SP)+ 0.00% (RP) = 9.75% p.a.","inLanguage":"en-US"},"inLanguage":"en-US"},{"@type":"Question","@id":"https:\/\/fly.finance\/blog\/education-loan\/iob-vidya-jyothi-education-loan\/#faq-question-1715239498425","position":3,"url":"https:\/\/fly.finance\/blog\/education-loan\/iob-vidya-jyothi-education-loan\/#faq-question-1715239498425","name":"Who is eligible for the IOB Vidya Jyothi education loan scheme?","answerCount":1,"acceptedAnswer":{"@type":"Answer","text":"To be able to apply for the IOB Vidya Jyothi education loan scheme, the applicant must be an Indian citizen. Besides, students must have secured admission to a recognised university abroad through an entrance examination or merit-based selection process.","inLanguage":"en-US"},"inLanguage":"en-US"},{"@type":"Question","@id":"https:\/\/fly.finance\/blog\/education-loan\/iob-vidya-jyothi-education-loan\/#faq-question-1715239499566","position":4,"url":"https:\/\/fly.finance\/blog\/education-loan\/iob-vidya-jyothi-education-loan\/#faq-question-1715239499566","name":"What expenses are covered under the IOB Vidya Jyothi loan to study abroad?","answerCount":1,"acceptedAnswer":{"@type":"Answer","text":"The IOB Vidya Jyothi loan scheme aims to meet educational expenses. Expenses like tuition fees, accommodation costs, and costs of books, exams and airfare.","inLanguage":"en-US"},"inLanguage":"en-US"},{"@type":"Question","@id":"https:\/\/fly.finance\/blog\/education-loan\/iob-vidya-jyothi-education-loan\/#faq-question-1715239500651","position":5,"url":"https:\/\/fly.finance\/blog\/education-loan\/iob-vidya-jyothi-education-loan\/#faq-question-1715239500651","name":"What is Vidya Jyothi's maximum education loan amount?","answerCount":1,"acceptedAnswer":{"@type":"Answer","text":"IOB Vidya Jyothi education loans are provided up to INR 3 crores to study abroad. However, the exact amount will depend on factors like the rank of the university according to the websites of QS, Webometrics, and Top Universities.","inLanguage":"en-US"},"inLanguage":"en-US"},{"@type":"Question","@id":"https:\/\/fly.finance\/blog\/education-loan\/iob-vidya-jyothi-education-loan\/#faq-question-1715239572522","position":6,"url":"https:\/\/fly.finance\/blog\/education-loan\/iob-vidya-jyothi-education-loan\/#faq-question-1715239572522","name":"Do I have to arrange margin money for the IOB Vidya Jyothi education loan scheme?","answerCount":1,"acceptedAnswer":{"@type":"Answer","text":"Yes, the IOB Vidya Jyothi Education Loan Scheme requires the applicant to arrange margin money, which is a percentage of the total loan amount. The margin varies based on the loan amount approved by the bank. Here's the breakdown of margin requirements:<br\/>- Up to INR 4 Lakhs: No margin required<br\/>- Between INR 4 Lakhs to INR 30 Lakhs: 15% margin<br\/>- Above INR 30 Lakhs to INR 1 Crore: 20% margin<br\/>- Above INR 1 Crore to INR 1.5 Crore: 25% margin<br\/>- Above INR 1.5 Crore to INR 3 Crore: 25% margin","inLanguage":"en-US"},"inLanguage":"en-US"},{"@type":"Question","@id":"https:\/\/fly.finance\/blog\/education-loan\/iob-vidya-jyothi-education-loan\/#faq-question-1715239582507","position":7,"url":"https:\/\/fly.finance\/blog\/education-loan\/iob-vidya-jyothi-education-loan\/#faq-question-1715239582507","name":"How can I apply for a IOB Vidya Jyothi education loan online?","answerCount":1,"acceptedAnswer":{"@type":"Answer","text":"Borrowers can visit the nearest Indian Overseas Bank (IOB) branch and connect with a bank representative to apply for the IOB Vidya Jyothi Education Loan. However, for a hassle-free application process, you can apply online for a IOB Vidya Jyothi loan. This can be easily done through Vidya Lakshmi Portal Indian Overseas Bank.","inLanguage":"en-US"},"inLanguage":"en-US"},{"@type":"Question","@id":"https:\/\/fly.finance\/blog\/education-loan\/iob-vidya-jyothi-education-loan\/#faq-question-1715239601610","position":8,"url":"https:\/\/fly.finance\/blog\/education-loan\/iob-vidya-jyothi-education-loan\/#faq-question-1715239601610","name":"Do I get an interest concession on the Vidya Jyothi loan?","answerCount":1,"acceptedAnswer":{"@type":"Answer","text":"Yes, the IOB Vidya Jyothi Education Loan Scheme offers several interest concessions to eligible applicants:<br\/>- Female students get a special concession of 0.50%. <br\/>- Applicants who serve interest during the moratorium period get a concession of 1%. <br\/>-  Meritorious students also get a concession of 1.50% who secure admission among the top 100 universities to study abroad.","inLanguage":"en-US"},"inLanguage":"en-US"}]}},"_links":{"self":[{"href":"https:\/\/fly.finance\/blog\/wp-json\/wp\/v2\/posts\/12222","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/fly.finance\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/fly.finance\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/fly.finance\/blog\/wp-json\/wp\/v2\/users\/29"}],"replies":[{"embeddable":true,"href":"https:\/\/fly.finance\/blog\/wp-json\/wp\/v2\/comments?post=12222"}],"version-history":[{"count":6,"href":"https:\/\/fly.finance\/blog\/wp-json\/wp\/v2\/posts\/12222\/revisions"}],"predecessor-version":[{"id":17323,"href":"https:\/\/fly.finance\/blog\/wp-json\/wp\/v2\/posts\/12222\/revisions\/17323"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/fly.finance\/blog\/wp-json\/wp\/v2\/media\/12225"}],"wp:attachment":[{"href":"https:\/\/fly.finance\/blog\/wp-json\/wp\/v2\/media?parent=12222"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/fly.finance\/blog\/wp-json\/wp\/v2\/categories?post=12222"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/fly.finance\/blog\/wp-json\/wp\/v2\/tags?post=12222"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}