IOB Vocational Course & Skill Development Loan Scheme

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IOB Scheme for Vocational Education and Training is for providing financial support to students who have the minimum educational qualification and to support the national initiatives for skill development.

Eligibility :

Student

The student should be an Indian National
Student have to secureadmission in a course run or supported by a Ministry / Department /Organization of the Government or a company/ society/ organization supported by National Skill Development Corporation or State Skill Missions/ State Skill Corporations, preferably leading to a certificate/ diploma/ degree, etc. issued by a Government organization or an organization recognized/authorized by the Government to do so.

Loan Details

Quantum

Need based finance to meet expenses will be considered subject to the following ceilings :

For courses duration upto 3 months Rs. 20,000
For courses duration 3 to 6 months Rs. 50,000
For courses duration 6 months to 1 year Rs. 75,000
For courses duration above 1 year Rs.1,50,000

Margin

Security

No collateral or third party guarantee will be taken

Rate of Interest

Interest to be debited monthly on simple basis during the repayment holiday/moratorium period.

For interest rate check out this link, IOB Interest Rate

Holiday period

For courses of duration up to 1 year : 6 months
For courses of duration above 1 year : 12 months

Repayment

Courses upto 1 year : 2 to 5 years
Courses above 1 year : 3 to 7 years

Other Conditions :

For prompt servicing of interest for all months during the study period when repayment holiday is specified for interest / repayment under the scheme, an interest rebate @1.00 % is allowed.

No interest Subsidy

Contact Details

Indian Overseas Bank
Head Office :PB No.1384, 66, Rajaji Salai, Chennai 600 001, Tamil Nadu
Telephone No. : 044-25233231/25231253/25231254
Fax No. : 044-25231278
Customer Care Centre : ( 044 ) 39898911
National Toll Free No.: 1800 425 1400
E-mail : Contact Now
Website : visit

Click here for the nearest bank branches

Note : Since the rules, regulations, eligibility conditions, repayments and interests rates etc. are revised by the banks from time to time in keeping pace with the changing capital market conditions, students and parents are advised to thoroughly check the terms and conditions of educational loan scheme on offer at the time of application.

Tags

Indian Overseas Bank Education Loan , Skill Loan , Loan for vocational course

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