Indian Overseas Bank Education Loan Interest Rate

Note: Updated on 03 July 2025, for latest interest rates, please visit bank website.

About Indian Overseas Bank

Indian Overseas Bank is a public sector bank in india with total assets 457 crore. It has headquarter in Chennai. Indian Overseas Bank was founded on Feb 10, 1937. It has 3381 branches and total assets 4573571 ATMs across India.

It provides all the financial services to its customers like saving deposit, fixed deposit, recurring deposit, home loans, personal loan, car loan, education loan, gold loan, PPF account, lockers, netbanking, mobile banking, RTGS, NEFT, IMPS, E-Wallet, Atal Pension Yojana, Pradhan Mantri Jandhan Yojana, Pradhan Mantri Suraksha Bima Yojana, Pradhan Mantri Jeevan Jyoti Bima Yojana and many more.

Find details about Indian Overseas Bank which includes Indian Overseas Bank Official Website, Indian Overseas Bank ATMs accross the India, Indian Overseas Bank Branches accross the India, Indian Overseas Bank Contact Numbers, Indian Overseas Bank official EmailID, Indian Overseas Bank Headquarter and Indian Overseas Bank Headquarter Address. Find Indian Overseas Bank Education loan purpos, Eligibility, Margin, Repayment of Education Loan ,Security, Documents Required for Education Loan from below.

Other Products of Indian Overseas Bank:

Indian Overseas Bank Education Loan Purpose

Indian Overseas Bank Eligible Courses for Education Loan

Graduation|Post graduation|Diploma|Computer education in any recognized State|Central Government|University, professional courses including Engineering, Medical, Agriculture, Veterinary, Law, Dental, Management, courses like ICWA, CA, CFA, etc., courses conducted by IIM, IISC, XLRI, NIFT etc, courses offered in India by reputed foreign universities|Evening courses of approved institutes, regular degree| diploma courses like Aeronautical , Pilot training , shipping etc approved by Director General of Civil Aviation| shipping if the course is pursued in India. Incase the course is pursued abroad, the institute should be recognized by the competent local aviation| shipping authority. For studies abroad, loans will be made available only for Graduation and Post Graduation Courses offered by Reputed Universities and not for diplomas

Indian Overseas Bank Education Loan Document Required

For salaried individuals

• Duly filled up and signed education loan application form along with photographs
• KYC (Know Your Customer)documents
• Proof of identity- Passport, Voter ID card, Driving license, PAN card, Aadhar Card, Government department ID card
• Latest salary slip showing all deductions or Form 16 along with recent salary certificate
• Proof of residence - Bank account statement, Latest electricity bill, Latest mobile/telephone bill, Latest credit card statement, Existing house lease agreement
• Bank Statement or Bank Pass Book of having entries of last 6 months
• Guarantor Form, Copy of admission letter or the Institute along with Fees schedule (Optional)
• Mark sheets/pass certificates of S.S.C., H.S.C, Degree courses (Optional)
• Detailed break-up of the costs of the course (Optional)

For all individuals except salaried

• Duly filled up and signed education loan application form along with photographs
• KYC (Know Your Customer)documents
• IT returns of the last 2 years and computation of income of last 2 years certified by a Chartered Accountant
• Proof of identity- Passport, Voter ID card, Driving license, PAN card, Aadhar Card, Government department ID card
• Proof of residence - Bank account statement, Latest electricity bill, Latest mobile/telephone bill, Latest credit card statement, Existing house lease agreement
• Bank Statement or Bank Pass Book of having entries of last 6 months
• Guarantor Form, Copy of admission letter or the Institute along with Fees schedule (Optional)
• Mark sheets/pass certificates of S.S.C., H.S.C, Degree courses (Optional)
• Detailed break-up of the costs of the course (Optional)

Indian Overseas Bank Education Loan Amount

a) For studies in India, maximum Rs. 30 Lakhs.
b) For studies abroad, maximum Rs. 40 Lakhs.

Margin

a) Up to Rs.4 lakhs-Nil.
b) Above Rs. 4 lakhs- Studies in India 5% Studies Abroad 15%

Indian Overseas Bank Education Loan Repayment

Repayment Holiday| Moratorium: Course Period + 1 year or 6 months after getting job, whichever is earlier.The loan to be repaid in 5 - 7 years after commencement of the repayment.

Security

Upto Rs.4.00 Lakhs - No Security. Parent(s)|guardian to be joint borrower(s).
Above Rs.4.00 Lakhs upto Rs.7.50 Lakhs - Collateral in the form of satisfactory third party guarantee.
Above Rs.7.50 Lakhs: Co obligation of parents together with tangible collateral security .Collateral security in the form of NSC |KVP| LIC Policy| Immovable properties| Bank Deposits in the name of student|Parent|Guardian or any other third party with suitable margin. Wherever the land| building is already mortgaged the unencumbered portion can be taken as security on second charge basis provided it covers the required loan amount. In case the loan is given for the purchase of computer , the computer has to be hypothecated to the bank.

Mode of Repayment of Education Loan

Post Dated Cheque (PDC): PDCs are given by the borrower in advance to the bank. They will be for future dates. Bank will deposit the cheque on the date mentioned on the cheque. This mode used to be opted by the borrowers when there were no online repayment options available. This mode is no longer popular and is used by very few borrowers.

Electronic Clearance System (ECS): This mode is very popular and most of the borrowers opted for this mode of repaying the loan. It is an electronic mode for transferring the EMI from borrower's bank to lender's bank.

National Automated Clearing House (NACH): NACH is a facility offered by National Payment Corporation of India (NPCI) for online transfer of funds on due date. This system has come into force recently and is preferred by many people. The benefit of this mode is that it allows transactions to be processed in real time.

Standing Instruction (SI): It is an order or instruction which the account holder gives to his/ her bank to pay a fixed amount to another bank/ account at a regular interval. It is also used by many borrowers to pay EMIs as EMI is a fixed amount. SI is not suitable for variable amounts.

Contact details of Indian Overseas Bank, Indian Overseas Bank SMS balance check number SMS banking, Indian Overseas Bank mobile banking, Indian Overseas Bank toll free number,Indian Overseas Bank toll free number 24*7, Indian Overseas Bank miss call number.

• MISSED CALL NUMBERS - 9210622122
• CUSTOMER CARE NUMBERS - 18008904445, 18004254445, 044-28524212
• CONTACT NUMBERS - 18008904445, 18004254445, 044-28524212

Indian Overseas Bank Contact Details

• BANK OFFICIAL WEBSITE - https://www.iob.in
• CONTACT NUMBERS - 18008904445, 18004254445, 044-28524212
• EMAIL ID - [email protected]
• MISSED CALL NO. - 9210622122
• CUSTOMER CARE NO. - 18008904445, 18004254445, 044-28524212
• TOTAL BRANCHES - 3381
• TOTAL ATMS - 3571
• HEADQUARTER - Chennai
• BANK ADDRESS - 763 Anna Salai, Chennai - 600002

Indian Overseas Bank EMI Calculator  Indian Overseas Bank Branches  

Indian Overseas Bank Education Loan FAQs  Education Loan Document Required

Upcoming Bank Holidays

• 📅 2025 July 28 is a bank holiday in Sikkim due to Drukpa Tshe-zi.
• 📅 2025 August 08 is a bank holiday in Sikkim due to Tendong Lho Rum Faat.
• 📅 2025 August 09 is a bank holiday in Dadra And Nagar Haveli due to Raksha Bandhan/Jhulana Purnima.
• 📅 2025 August 13 is a bank holiday in Manipur due to Patriot's Day.
• 📅 2025 August 15 is a bank holiday in Andaman And Nicobar Island due to Independence Day/Parsi New Year (Shahenshahi).
• 📅 2025 August 16 is a bank holiday in Andaman And Nicobar Island due to Janmashtami (Shravan Vad-8)/Krishna Jayanthi.
• 📅 2025 August 25 is a bank holiday in Arunachal Pradesh due to Tirubhav Tithi Of Srimanta Sankardeva.

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