Purpose

To purchase of basic materials to pursue in one`s passion like sports kits, music instruments, painting materials etc. and payment of coaching fees etc.

Eligibility

Category A: Any individual with a proven skills in any specific field like sports, arts, paints, music etc who has taken it has CAREER and are in need of an financial assistance to tone their skills to excel in it

The age of the individual should be between 10-25 Years

Category B: Any individual who wants to pursue as HOBBY and the age of the individual should be between 25-50 years

Quantum of Loan

90% of the cost of article including Coaching fee etc., but not to exceed Rs. 3.00 lacs

Margin

10% on cost of the article

Rate of Interest

Retail Credit Interest Rates (Click here)

Repayment

Maximum Repayable is 60 equated monthly installments without holiday period

No Pre payment charges

Security

Hypothecation on purchase of articles out of loan or a suitable 3rd party guarantee or collateral Security

Processing Charges: For up to Date Processing Charges, You are requested to kindly visit your nearest IOB Branch.