{"id":7460,"date":"2023-10-05T18:16:13","date_gmt":"2023-10-05T12:46:13","guid":{"rendered":"https:\/\/fly.finance\/blog\/?p=7460"},"modified":"2024-05-08T13:35:31","modified_gmt":"2024-05-08T08:05:31","slug":"vidya-lakshmi-portal-indian-overseas-bank","status":"publish","type":"post","link":"https:\/\/fly.finance\/blog\/education-loan\/vidya-lakshmi-portal-indian-overseas-bank\/","title":{"rendered":"Vidya Lakshmi Portal Indian Overseas Bank: A Comprehensive Guide"},"content":{"rendered":"\n<p>To live the dream of <a href=\"https:\/\/leverageedu.com\/blog\/quality-education\/\"><strong>quality education<\/strong><\/a> and a high standard of living with plenty of opportunities, people are choosing <a href=\"https:\/\/leverageedu.com\/blog\/overseas-education\/\"><strong>overseas education<\/strong><\/a>. To ease the process of financial assistance and arrangements the government of India launched the <a href=\"https:\/\/fly.finance\/blog\/education-loan\/vidya-lakshmi-portal-education-loan\/\"><strong>Vidya Lakshmi Portal<\/strong><\/a>. In coordination with over 40 banks, the portal extends its hands to provide financial assistance to aspiring students. In this blog, we will discuss the loan programs offered by Indian Overseas Bank.<\/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-vidya-jyothi-educational-loan-scheme\" data-level=\"2\">Vidya Jyothi Educational Loan Scheme<\/a><\/li><li><a href=\"#h-eligibility-criteria\" data-level=\"2\">Eligibility Criteria<\/a><\/li><li><a href=\"#h-rate-of-interest\" data-level=\"2\">Rate of Interest<\/a><\/li><li><a href=\"#h-vidya-suraksha-educational-loan-scheme\" data-level=\"2\">Vidya Suraksha Educational Loan Scheme<\/a><\/li><li><a href=\"#h-eligibility-criteria-nbsp\" data-level=\"2\">Eligibility Criteria&nbsp;<\/a><\/li><li><a href=\"#h-rate-of-interest-0\" data-level=\"2\">Rate of Interest<\/a><\/li><li><a href=\"#h-expenses-covered\" data-level=\"2\">Expenses Covered<\/a><\/li><li><a href=\"#h-how-to-apply\" data-level=\"2\">How to Apply?<\/a><\/li><li><a href=\"#h-faqs\" data-level=\"2\">FAQs<\/a><\/li><\/ul><\/div>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-vidya-jyothi-educational-loan-scheme\"><span id=\"vidya-jyothi-educational-loan-scheme\">Vidya Jyothi Educational Loan Scheme<\/span><\/h2>\n\n\n\n<p>Indian Overseas Bank offers a maximum amount of up to 40 lakhs under Vidya Jyothi Educational Loan Scheme. It is for students who secured admission to any recognised university abroad.<\/p>\n\n\n\n<figure class=\"wp-block-table is-style-stripes\"><table><tbody><tr><td>Loan Program<\/td><td>Vidya Jyothi Educational Loan Scheme<\/td><\/tr><tr><td>Quantum of Loan<\/td><td>Minimum Loan Amount: Above INR 7.50 lakhs<br>Maximum Loan Amount: Up to INR 40 lakhs<\/td><\/tr><tr><td>Repayment Period<\/td><td>180 months excluding the moratorium period.<br>It will be in equated monthly instalments for a period of 15 years.<\/td><\/tr><tr><td>Moratorium Period<\/td><td>Course period plus one year.<br>The maximum moratorium Period is 12 months.<\/td><\/tr><tr><td>Margin<\/td><td>15% for overseas educationScholarship\/assistantship to be included in the margin.<br>Margin may be brought in on a year-to-year basis as and when disbursements are made on a pro-rata basis.<\/td><\/tr><tr><td>Security<\/td><td>Co-obligation of parents&nbsp;Tangible collateral security of suitable value<br>Assignment of future income of the student<br>Plan for payment of instalments.<\/td><\/tr><tr><td>Processing Fees<\/td><td>No processing charges<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p class=\"has-pale-ocean-gradient-background has-background\"><strong>Also Read: <\/strong><a href=\"https:\/\/fly.finance\/blog\/education-loan\/reasons-to-choose-fly-finance-for-study-abroad-education-loan\/\"><strong>Reasons to Choose Fly Finance for Study Abroad Loan<\/strong><\/a><\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-eligibility-criteria\"><span id=\"eligibility-criteria\">Eligibility Criteria<\/span><\/h2>\n\n\n\n<p>The eligibility criteria to avail loan under the Vidya Jyothi loan scheme is<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>A student should be an Indian National.<\/li>\n\n\n\n<li>Should have secured admission to recognised institutions abroad.<\/li>\n\n\n\n<li>The student applicant should not be in gainful employment.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-rate-of-interest\"><span id=\"rate-of-interest\">Rate of Interest<\/span><\/h2>\n\n\n\n<p>There are two kinds of interest rates, floating and fixed interest rate. The interest rate under the Vidya Jyothi loan program is as follows<\/p>\n\n\n\n<figure class=\"wp-block-table is-style-stripes\"><table><tbody><tr><td>Interest rate for Male (Fixed)&nbsp;<\/td><td>Upto INR 4 lakh: N.A.<br>INR 4 lakh to INR 7.5 lakh: N.A.<br>Above INR 7.5 lakh: N.A.<\/td><\/tr><tr><td>Interest rate for Male (Floating)&nbsp;<\/td><td>Upto INR 4 lakh: N.A.<br>INR 4 lakh to INR 7.5 lakh: N.A.<br>Above INR 7.5 lakh: MCLR +3.00 %<\/td><\/tr><tr><td>Interest rate for Female (Fixed)&nbsp;<\/td><td>Upto INR 4 lakh: N.A.<br>INR 4 lakh to INR 7.5 lakh: N.A.<br>Above INR 7.5 lakh: N.A.<\/td><\/tr><tr><td>Interest rate for Female (Floating)&nbsp;<\/td><td>Upto INR 4 lakh: N.A.<br>INR 4 lakh to INR 7.5 lakh: N.A.<br>Above INR 7.5 lakh: MCLR +2.50 %<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-vidya-suraksha-educational-loan-scheme\"><span id=\"vidya-suraksha-educational-loan-scheme\">Vidya Suraksha Educational Loan Scheme<\/span><\/h2>\n\n\n\n<p>Indian Overseas Bank offers a maximum amount of up to INR 7.50 lakhs under the Vidya Suraksha Educational Loan Scheme. It is for students who secured admission to any recognised university abroad.<\/p>\n\n\n\n<figure class=\"wp-block-table is-style-stripes\"><table><tbody><tr><td>Loan Program<\/td><td>Vidya Suraksha Educational Loan Scheme<\/td><\/tr><tr><td>Quantum of Loan<\/td><td>Maximum Loan Amount: Up to INR 7.50 lakhs<\/td><\/tr><tr><td>Repayment Period<\/td><td>180 months excluding the moratorium period.<br>It will be in equated monthly instalments for a period of 15 years.<\/td><\/tr><tr><td>Moratorium Period<\/td><td>Course period plus one year.<br>The maximum Moratorium Period is 12 months.<\/td><\/tr><tr><td>Margin<\/td><td>Nil<\/td><\/tr><tr><td>Security<\/td><td>Nil<\/td><\/tr><tr><td>Processing Fees<\/td><td>No processing charges<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-eligibility-criteria-nbsp\"><span id=\"eligibility-criteria-2\">Eligibility Criteria&nbsp;<\/span><\/h2>\n\n\n\n<p>The eligibility criteria to avail loan under the Vidya Suraksha loan scheme is<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>A student should be an Indian National.<\/li>\n\n\n\n<li>Should have secured admission to recognised institutions abroad.<\/li>\n\n\n\n<li>The student applicant should not be in gainful employment.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-rate-of-interest-0\"><span id=\"rate-of-interest-2\">Rate of Interest<\/span><\/h2>\n\n\n\n<p>There are two kinds of Interest rates, floating and fixed interest rate. The interest rate under the Vidya Jyoti loan program is as follows<\/p>\n\n\n\n<figure class=\"wp-block-table is-style-stripes\"><table><tbody><tr><td>Interest rate for Male (Fixed)&nbsp;<\/td><td>Upto INR 4 lakh: N.A.<br>INR 4 lakh to INR 7.5 lakh: N.A.<br>Above INR 7.5 lakh: N.A.<\/td><\/tr><tr><td>Interest rate for Male (Floating)&nbsp;<\/td><td>Upto INR 4 lakh: MCLR + 2.00%<br>INR 4 lakh to INR 7.5 lakh: MCLR + 2.00%<br>Above INR 7.5 lakh: N.A.<\/td><\/tr><tr><td>Interest rate for Female (Fixed)&nbsp;<\/td><td>Upto INR 4 lakh: N.A.<br>INR 4 lakh to INR 7.5 lakh: N.A.<br>Above INR 7.5 lakh: N.A.<\/td><\/tr><tr><td>Interest rate for Female (Floating)&nbsp;<\/td><td>Upto INR 4 lakh: MCLR + 2.00 %<br>INR 4 lakh to INR 7.5 lakh: MCLR + 2.00 %<br>Above INR 7.5 lakh: N.A.<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p class=\"has-pale-ocean-gradient-background has-background\"><strong>Also Read: <\/strong><a href=\"https:\/\/fly.finance\/blog\/education-loan\/vidya-lakshmi-portal-documents-required\/\"><strong>Vidya Lakshmi Portal Documents Required \u2013 Check Complete List<\/strong><\/a><\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-expenses-covered\"><span id=\"expenses-covered\">Expenses Covered<\/span><\/h2>\n\n\n\n<p>The amount of the loan and the <a href=\"https:\/\/leverageedu.com\/blog\/expenses-covered-in-education-loan\/\"><strong>expenses covered<\/strong><\/a> varies according to the loan program you have chosen. The expenses covered under the Vidya Jyoti and Vidya Suraksha education loan programs are<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Tuition fee<\/li>\n\n\n\n<li>Hostel fee&nbsp;<\/li>\n\n\n\n<li>Lodging and boarding charges<\/li>\n\n\n\n<li>Travel expenses<\/li>\n\n\n\n<li>Passage money and living expenses<\/li>\n\n\n\n<li>Insurance premiums for students<\/li>\n\n\n\n<li>Caution deposit<\/li>\n\n\n\n<li>Any deposit or refundable funds<\/li>\n\n\n\n<li>Books and uniforms<\/li>\n\n\n\n<li>Laptop, if required for completion of the course<\/li>\n\n\n\n<li>Study tours and project work<\/li>\n\n\n\n<li>Academic &amp; maintenance fee, if required.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-how-to-apply\"><span id=\"how-to-apply\">How to Apply?<\/span><\/h2>\n\n\n\n<p>The student can apply for the Vidya Jyothi and Vidya Suraksha loan schemes in both modes, online as well as offline. The steps to apply for an online loan process are as follows<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Sign up on the Vidya Lakshmi portal.<\/li>\n\n\n\n<li>Login with the \u2018student login\u2019 option on the screen.<\/li>\n\n\n\n<li>Click on the \u2018search and apply for loan scheme\u2019 tab&nbsp;<\/li>\n\n\n\n<li>Apply a filter for the Indian Overseas Bank.<\/li>\n\n\n\n<li>Choose the loan program and select the appropriate program.<\/li>\n\n\n\n<li>Click on the \u2018Apply Now\u2019 tab.<\/li>\n\n\n\n<li>Fill Common Educational Loan Application Form.<\/li>\n\n\n\n<li>Check the status and track the application you submitted.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-faqs\"><span id=\"faqs\">FAQs<\/span><\/h2>\n\n\n\n<div class=\"schema-faq wp-block-yoast-faq-block\"><div class=\"schema-faq-section\" id=\"faq-question-1696509689201\"><strong class=\"schema-faq-question\">Am I eligible for the loan if I am pursuing open or distance programs?<\/strong> <p class=\"schema-faq-answer\">No, courses offered by Open Universities and distance education programs are not eligible under any of the above loans.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1696509698799\"><strong class=\"schema-faq-question\">What is the moratorium period in both loan programs?<\/strong> <p class=\"schema-faq-answer\">The maximum moratorium period is 12 months.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1696509710023\"><strong class=\"schema-faq-question\">Are diploma courses eligible for both schemes?<\/strong> <p class=\"schema-faq-answer\">Indeed, PG diploma courses from reputed universities are eligible however, certified courses are not eligible.<\/p> <\/div> <\/div>\n\n\n\n<p>The details mentioned above are based on the data provided by the website of the Indian Overseas Bank and the Vidya Lakshmi portal. To avail education loan from the Indian Overseas Bank, make sure to check all the related details with the bank as it may vary with the changing times.<\/p>\n\n\n\n<p>To know more about an education loan, the best <a href=\"https:\/\/fly.finance\/international-bank-account\"><strong>international 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 <a href=\"https:\/\/leverageedu.com\/\"><strong>study abroad<\/strong><\/a> experience. Follow our social media handles on <a href=\"https:\/\/twitter.com\/flydotfinance\"><strong>Twitter<\/strong><\/a>, <a href=\"https:\/\/www.linkedin.com\/company\/flyfinance\/\"><strong>LinkedIn<\/strong><\/a> and <a href=\"https:\/\/instagram.com\/flydotfinance\"><strong>Instagram<\/strong><\/a>.&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>To live the dream of quality education and a high standard of living with plenty of opportunities, people are choosing overseas education. To ease the process of financial assistance and arrangements the government of India launched the Vidya Lakshmi Portal. In coordination with over 40 banks, the portal extends its hands to provide financial assistance &#8230; <a title=\"Vidya Lakshmi Portal Indian Overseas Bank: A Comprehensive Guide\" class=\"read-more\" href=\"https:\/\/fly.finance\/blog\/education-loan\/vidya-lakshmi-portal-indian-overseas-bank\/\" aria-label=\"Read more about Vidya Lakshmi Portal Indian Overseas Bank: A Comprehensive Guide\">Read more<\/a><\/p>\n","protected":false},"author":25,"featured_media":7462,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[21],"tags":[],"class_list":["post-7460","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>Vidya Lakshmi Portal Indian Overseas Bank: A Comprehensive Guide<\/title>\n<meta name=\"description\" content=\"This blog includes the details about the Vidya Lakshmi Portal Indian Overseas Bank. 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She carries over a decade of experience in Journalism and Mass Communication and worked with some renowned media organisations like Doordarshan and Zee Media. She performed numerous roles during her work tenure including reporting, anchoring, and heading output as well. Her passion for writing, combined with dedication in delivering high-quality content, drives her to excel in the dynamic field of content writing. From thought-provoking articles to SEO-friendly blog posts, or engaging website content, She is here to bring the ideas to life through words.","sameAs":["https:\/\/www.quora.com\/profile\/Farina-Khan-73","https:\/\/www.tumblr.com\/blog\/farinakhan"],"honorificPrefix":"Ms","gender":"female","knowsLanguage":["English","Hindi","Urdu","Arabic"],"jobTitle":"Senior Associate - Content Marketing","url":"https:\/\/fly.finance\/blog\/author\/farina\/"},{"@type":"Question","@id":"https:\/\/fly.finance\/blog\/education-loan\/vidya-lakshmi-portal-indian-overseas-bank\/#faq-question-1696509689201","position":1,"url":"https:\/\/fly.finance\/blog\/education-loan\/vidya-lakshmi-portal-indian-overseas-bank\/#faq-question-1696509689201","name":"Am I eligible for the loan if I am pursuing open or distance programs?","answerCount":1,"acceptedAnswer":{"@type":"Answer","text":"No, courses offered by Open Universities and distance education programs are not eligible under any of the above loans.","inLanguage":"en-US"},"inLanguage":"en-US"},{"@type":"Question","@id":"https:\/\/fly.finance\/blog\/education-loan\/vidya-lakshmi-portal-indian-overseas-bank\/#faq-question-1696509698799","position":2,"url":"https:\/\/fly.finance\/blog\/education-loan\/vidya-lakshmi-portal-indian-overseas-bank\/#faq-question-1696509698799","name":"What is the moratorium period in both loan programs?","answerCount":1,"acceptedAnswer":{"@type":"Answer","text":"The maximum moratorium period is 12 months.","inLanguage":"en-US"},"inLanguage":"en-US"},{"@type":"Question","@id":"https:\/\/fly.finance\/blog\/education-loan\/vidya-lakshmi-portal-indian-overseas-bank\/#faq-question-1696509710023","position":3,"url":"https:\/\/fly.finance\/blog\/education-loan\/vidya-lakshmi-portal-indian-overseas-bank\/#faq-question-1696509710023","name":"Are diploma courses eligible for both schemes?","answerCount":1,"acceptedAnswer":{"@type":"Answer","text":"Indeed, PG diploma courses from reputed universities are eligible however, certified courses are not eligible.","inLanguage":"en-US"},"inLanguage":"en-US"}]}},"_links":{"self":[{"href":"https:\/\/fly.finance\/blog\/wp-json\/wp\/v2\/posts\/7460","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\/25"}],"replies":[{"embeddable":true,"href":"https:\/\/fly.finance\/blog\/wp-json\/wp\/v2\/comments?post=7460"}],"version-history":[{"count":2,"href":"https:\/\/fly.finance\/blog\/wp-json\/wp\/v2\/posts\/7460\/revisions"}],"predecessor-version":[{"id":12205,"href":"https:\/\/fly.finance\/blog\/wp-json\/wp\/v2\/posts\/7460\/revisions\/12205"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/fly.finance\/blog\/wp-json\/wp\/v2\/media\/7462"}],"wp:attachment":[{"href":"https:\/\/fly.finance\/blog\/wp-json\/wp\/v2\/media?parent=7460"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/fly.finance\/blog\/wp-json\/wp\/v2\/categories?post=7460"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/fly.finance\/blog\/wp-json\/wp\/v2\/tags?post=7460"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}