PURPOSE OF THE LOAN

IOB SCHOLAR is an Educational Loan Scheme for pursuing Higher Education in India & Abroad other than loans covered under IBA Model Scheme.

i.e To cover all those students who have been kept outside the purview of our Vidya Suraksha/Vidya Jyothi Educational Loan Scheme.

ELIGIBLE PERSONS

Students who have got admission into a college approved by AICTE, UGC or any other recognized Statutory Body under Management Quota without undergoing any test or Interview but have secured minimum cut off marks (60% for General & 55% for SC/ST ) in the plus two or its equivalent examination approved by Govt. of India / respective State Governments.Students who seek loan for a total amount more than that is eligible under the IBA Model Scheme subject to fulfilling eligibility norms to be covered under this Scheme.

Students who want to pursue Vocational Training and skill development courses that are kept outside the Model Scheme (VJEL).

Any other course pursued by students which are having employability on completion.

QUANTUM OF LOAN

Maximum Loan Amount : Inland : Rs. 50.00 Lacs

Foreign : Rs. 60.00 Lacs

MARGIN

Uniform Margin of 25% for all loans, irrespective of the loan amount.

Scholarship/ assistantship to be included in margin.

Margin may be brought-in on year-to-year basis as and when disbursements are made on a pro-rata basis.

REPAYMENT & HOLIDAY PERIOD

Will be in equated monthly installments for a period as under:

For loans upto Rs. 60.00 Lakhs : up to 15 Years*

*after Holiday/Moratorium Period

Repayment Holiday/Moratorium:

Course period + 1 year or after getting job, whichever is earlier.

RATE OF INTEREST

Refer - Interest rates at a Glance.

SECURITY

Loans to be secured in the form of collateral security such as land / building / units of UTI, NSC, KVP, life policy, shares / mutual fund units / debentures, bank deposits in the name of student / parent / guardian / any other third party or any other tangible security acceptable to the bank with suitable margin.

Assignment of future income of the student for payment of installments on assessment of employability of the course to be pursued.

OTHER CONDITIONS

• 1% interest concession may be provided by the bank, if interest is serviced during the study period and subsequent moratorium period prior to commencement of repayment.

• The loan to be disbursed in stages as per the requirement / demand directly to the Institutions / Vendors of equipments / instruments to the extent possible.

• Processing charges are applicable.