How to take Education Loan from Bank of India?

Bank of India Education Loan: Like other banks, Bank of India is also offering education loan to students with attractive interest rates. In this article we Bank of India Education Loan Will get all the information related to it, so you are requested to read this article till the end.

When we take a loan for any kind of expenses related to our education, then it is a student loan. If you want to take advantage of this loan, then you have to apply for it. Bank of India offers you this loan for a long tenure of 15 years.

Bank of India Education Loan

Bank of India offers loans up to Rs.80 lakhs to its customers with attractive interest rates as compared to other lenders. No matter what course or degree you are pursuing, if you Bank of India Education Loan If you fulfill all the conditions, then you can apply for this loan both online and offline.

You can avail this education loan to study anywhere in the country or abroad. There are different types of loan amount for studies in the country and abroad, about which information has been given in this table. The bank offers various types of education loans as per the need of the customers.

HIGHLIGHTS:

loan name	Bank of India Education Loan
name of lender	Bank of India
amount of loan	Maximum Rs.80.00 Lakhs for medical courses other than Nursing Maximum Rs.40.00 lakh for other than medical courses.
Application Process	online / offline
processing fee	To study in India – Zero For studying abroad – Rs 5000
loan term	Course duration plus moratorium up to 1 year Repayment Tenure: 15 years from the date of commencement of repayment
Rate of interest	Starting at 10.45% p.a.
official website	bankofindia.co.in

Bank of India Education Loan interest rate 2022

At present this loan Interest rate 10.45% per annum starts from Since education loan is an unsecured loan, your CIBIL score matters a lot. People with a good credit score can avail this loan at a low interest rate.

Features related to BOI Education loan interest rate:

• Simple interest will be charged during the repayment holiday/moratorium period.
• 1% interest subvention can be provided to the borrowers if the interest is paid during the study period.
• Women beneficiaries will be given a concession of 0.50% in the interest rate.
• All students pursuing professional courses (such as Engineering/Medical/Management etc.) are also eligible for interest rate concession of 0.50% but subject to certain conditions.

Bank of India Student Loan Schemes

Bank of India offers several types of student loans to its customers, details of which are given below:

Star Education Loan

• Star Education Loan can be availed by the student for pursuing higher education in India or abroad.
• Every meritorious student has to follow all the conditions of the bank to avail this loan.
• A maximum loan of Rs 10 lakh can be availed for studies in India.
• A maximum loan of Rs 20 lakh can be obtained for studying abroad.
• Loan Repayment Tenure:
• Moratorium up to the duration of the course + 1 year
• Repayment Tenure: 15 years from the date of commencement of repayment
• Margin:
• Up to Rs.4 lakh – Nil
• Above INR 4 Lakh – Study in India: 5%, Study Abroad: 15%
• Security:
• Up to Rs.7.5 lakh – Parent or guardian should be a joint borrower.
• Above Rs.7.5 Lakhs – Co-obligation of parents with tangible collateral security of suitable value along with assignment of future income of the student for payment of installments.

List of courses to study in India:

• Approved Courses for Undergraduate/ Postgraduate Degree and PG Diploma conducted by Colleges/ Universities recognized by UGC/ Government/ AICTE/ AIBMS/ ICMR.
• Courses like ICWA, CA, CFA etc.
• Courses conducted by IIMs, IITs, IISc, XLRI, NIFT, NID and other institutes set up by the Central/State Government.
• Regular Degree/Diploma courses like Degree/Diploma in Aeronautical, Pilot Training Shipping, Nursing or any other discipline approved by the Director General of Civil Aviation/ Shipping/ Indian Nursing Council.

Study Abroad Course List:

• Graduate: For job oriented professional/technical courses offered by reputed universities.
• Post Graduate: MCA, MBA, MS, etc. |
• CIMA – Courses conducted by CPA Etc in London, USA.

Charges covered under the loan:

• Fee payable to College/School/Hostel.
• Examination / Library / Laboratory Fees |
• Purchase of books/equipment/equipment/uniform.
• Caution Deposit/Building Fund/Repayable Deposit supported by Bills/Receipts of the Institution.
• Travel expenses/money money for studying abroad.
• Purchase of Computer/Laptop – Required to complete the course.
• Life insurance premium for life insurance of the student/co-borrower.
• Any other expenses required to complete the course – like study tour, project work, thesis, etc.

BOI Star Vidya Loan Scheme

• To avail this loan, the applicant student must be a permanent resident of India.
• On taking admission in select premier educational institutions in India, it Bank of India Education Loan can be taken
• No adverse credit history.
• The interest rate of this loan is based on RBI pattern.
• This loan can be taken for regular full time degree/diploma courses.
• This loan can be taken for full time executive management courses like PGPX.
• Margin – Zero
• No Collateral Security |
• Parent/Guardian to join as co-borrower.
• Assignment of future income.
• The loan tenure is 15 years from the date of commencement of repayment.
• star vidya for loan list of institute You can check by visiting the official website of the bank.
• Loan Amount:
• Institutions under List “A” Rs.40.00 Lakh
• Institutions under List “B” Rs.25.00 Lakh
• Institutions under List “C” Rs.15.00 Lakh

Covered Expenses:

• Fee payable to College/School/Hostel.
• Examination / Library Fee |
• Purchase of Books/Tools/Appliances.
• Purchase of Computer/Laptop.
• Life insurance premium for life insurance of the student/co-borrower for the total tenure of the loan.
• Any other expenses related to education.

BOI Education Loan Eligibility

• The applicant student must be a permanent resident of India.
• The student must have secured admission to higher education courses in recognized institutions in India or abroad.
• There should not be any outstanding student loan in other banks.
• Father/Mother should be co-borrower.
• The branch nearest to the permanent residence of the student will consider the loan.

Bank of India Education Loan Documents Required

• duly filled application form
• Address Proof – Voter ID, Ration Card, Passport etc.
• Identity Proof – Voter ID, Passport, PAN Card etc.
• Education Documents – SSC & HSC Marksheets, Degree Certificates |
• Income Details – PAN Card, Form 16, Form 60, Income Tax Return, Salary Slip etc.

How to apply for Bank of India Education Loan?

Any student can apply for this loan either online or offline. Follow the steps given below to apply:

Bank of India Education Loan Apply Online

• You can apply online through the Vidyalakshmi Portal started by the government.
• For this, first of all you have to visit the official website of Vidyalakshmi Education loan portal.
• After coming to the website you will have to create your account.
• After that you have to select the bank and you can apply.
• For more information about the process of applying, click on the link given above.

Apply Offline for BOI Education Loan

• To apply offline, you must first go to your nearest Bank of India branch.
• You will have to contact the bank employee by going to the bank branch.
• The bank employee will provide you all the information related to education loan.
• Then you have to fill a form.
• By attaching the documents with the form, it has to be deposited in the same bank.
• If your loan is approved then you will be provided the loan.

Bank of India Customer Care Number

• Bank of India Customer Care Number: 1800 103 1906 / 1800 220 229 / 022-4091 9191

conclusion

In this article we have given you Bank of India Education Loan Complete information about has been provided. If you want to get any other kind of information about this loan, then you can get information by calling Bank of India Customer Care Number.

Any student can take this loan to meet the expenses related to his education. For more information you can visit the official website of the bank.

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