www.targetMDS.com - Education Loan Scheme from Indian overseas Bank

Eligibility criteria
	Should be an Indian National
	Should have secured admission to professional/technical courses or other academic courses
	Should have secured admission to foreign University/Institution (in the case of overseas study)
Courses eligible
	School education including plus 2 stage /Graduation /Post graduation /Diploma /Computer education in any recognised 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.
Quantum of Finance
	Maximum of Rs. 7.50 lakh for studying in India and Rs. 15.00 lakh for studying abroad.
Interest
	Up to Rs. 4.00 lakh	PLR
	Above Rs. 4.00 lakh	PLR+1%
�	The rate of Interest prevailing at the time of first availment shall prevail throughout the repayment period.
�	Interest to be debited quarterly/half yearly on simple basis during the repayment holiday/moratorium period.

Margin
	Loans upto Rs. 4.00 lakh	Nil
	Loans above Rs. 4.00 lakh	Studies within India 5%
		Studies abroad 15%
�	Scholarship/assistantship to be included in margin.
Security
	loans upto Rs. 4.00 lakh	Nil
	loans above Rs. 4.00 lakh	Personal guarantee of parent(s)
�	Collateral security in the form of NSC/KVIP, LIC Policy, Gold, Shares/Debentures or immovable properties Bank Deposits in the name of student/Parent/Guardian or any other third party with suitable margin.
Holiday period
	6 - 12 months after completion of the course.
Repay
	Equal monthly Installments for a maximum period of 5 - 7 years excluding holiday period.