Indian Overseas Bank Education Loans: Are they the Best Foreign Study Loans?
Indian Overseas Bank offers five types of education loans:
- Indian Overseas Bank Vidya Jyoti
- Indian Overseas Bank Vidya Shrest
- Indian Overseas Bank IOB Scholar Loan
- Indian Overseas Bank Career Dreams
- Indian Overseas Bank Skill Loan Scheme
Indian Overseas Bank Vidya Jyoti Education Loan
The Vidya Jyoti Education Loan from Indian Overseas Bank helps students who want to pursue higher studies in India or abroad afford the cost of the course and related expenses. Minimum amount for this loan is Rs. 7.50 lakh while the cap for studying in India is Rs 30 lakh and for foreign studies, it is Rs 40 lakh.
Indian Overseas Bank Vidya Shrest Education Loan
The IOB Vidya Shrest Education Loan is for students of premier institutions and helps meritorious and deserving students pursue higher education at a premier institute in India. Students should have secured admission through an Entrance-test or Merit-based Selection process. Loan amount is capped at Rs 30 lakh.
Indian Overseas Bank IOB Scholar Education Loan
The IOB Scholar Education Loan is for higher study in India or abroad through Management Quota. It helps students who have gained admission through this quota to pay their course fees and other expenses. Maximum loan amount is capped at Rs 50 lakh for India and Rs 60 lakh for abroad.
Indian Overseas Bank Career Dreams Education Loan
The IOB Career Dreams Education Loan helps finance the coaching fees for cracking entrance exams of professional courses. It helps students who want to clear entrance tests for professional courses to pay their tuition or coaching fees. Loan amount ranges from Rs. 25,000 to Rs 2 lakh.
IOB is one of the few banks in India that offers this loan. You can take this loan for coaching classes for clearing the entrance tests for professional courses such as BTech, CA, BE, BBA, etc. and even skill development courses such as SAP, SAS, etc.
Indian Overseas Bank Skill Loan Scheme
This is the standard skill loan to help students pay the fees for technical courses offered by training institutes, polytechnics, schools or colleges approved by the state or central government for technical education. Loan amount ranges from Rs 5,000 to Rs 1.5 lakh depending on course duration.
Answer to the Question
Finally, to answer your question, no they are not. Other banks may and do offer better rates and terms for foreign study loans.
Our education loan guide gives you the details you need on interest rates, terms, etc. that will help you find the loan with the lowest rate of interest.
The price is at a discount of Rs 49 right now, if you are someone who values their money and time, you may buy it here.
One thing is guaranteed: most people will like to go from bank to bank for a few weeks wasting your time trying to find the right loan. That is before they fall for a sales pitch at the wrong bank and lose lakhs of hard-earned money to bank as excess interest payments.
So the question is: Rs 49 investment or Rs 2 lakh or losses in excess interest payments? You decide.
If you want more information before trusting us (after all we are not Coke or Pepsi, right?) you may read more here: India’s First Comprehensive Education Loan Guide: Find 100+ Loans from Top Indian Banks for Rs 49