Bank of India (BOI)

Low Interest Rates

The interest rates are very competitive and best in the market. Interest rates depend on the concept of Revised Repo Based Lending Rate (RBLR). Bank of India lending rates depends on the RBI REPO rate and they provide all commercial loans including Education loan on the basis of the REPO rate. The Education loan ranges between RBLR to RBLR + 2.5%. They Bank provides moratorium period and the interest gets added as a simple interest to the principal.

No Hidden Charges

Star Education Loan Abroad is a product designed by Bank of India Education loan which caters to the students looking to study abroad. They product is designed in the most conducive way and we would look at all the aspects in detail.

Minimal Documentation

Star Education Loan Abroad is a product designed by Bank of India Education loan which caters to the students looking to study abroad. They product is designed in the most conducive way and we would look at all the aspects in detail.

Apply online

Star Education Loan Abroad is a product designed by Bank of India Education loan which caters to the students looking to study abroad. They product is designed in the most conducive way and we would look at all the aspects in detail.

Customised Loan Product

Bank of India has got a various products which support the student in various studies while at school, in India and abroad. They cover a very wide variety of courses and study abroad options.

Eligibility of the Student

• Students should be Indian National. Indian National Living abroad can as well apply for a loan.
• Should have secured admission in recognized institution abroad for approved courses after completion of HSC (10 plus 2 or equivalent).
• Bank of India Education loans for higher studies abroad is for students who are seeking regular full time Degree/Post Graduation courses abroad
• Where criterion for admission is not based on entrance test or selection based on marks obtained in qualifying examination, Education loan can be based on employability of the student and reputation of the institution concerned
• The Course should be approved/ recognized by the designated local academic authority/regulatory body for the stream of study concerned.
• Institutes or Universities upto world ranking of 3000 provided in the website www.webometrics.info (indicative only)
• Institutes or Universities upto world Ranking 1000 provided in the website www.topuniversities.com / www.qs.com (indicative only) will be covered.

Loan Amount

• Maximum Rs.150.00 Lakh for Medical courses excluding Nursing and non-medical courses.
• Need-based finance to meet expenses, subject to earning potential of students upon completion of the course.

Expenses Covered

• Tuition Fees payable to college or school
• Living Cost Paid to hostel
• Examination and Library Fees if applicable
• Air Fare one way is covered in the loan
• Reimbursement of Purchase of computer and laptop.
• Bank of India Education loan covers complete cost of Purchase of books, equipment and instruments required to study
• Student can reimburse any fees such as Caution deposit, refundable deposit, Building Fund etc which is charged by the Institution. The same has to be supported by the Receipt from the institute.
• The Student is required to take Life Insurance Premium for life cover of student/co- borrower for total tenure of loan
• Any other expenses related to education.
• All the student borrowers are offered a specially designed OPTIONAL Term Insurance cover and the premium can be included as an item of finance.

Margin Money

Security for the Loan

Bank of India Education loan has primarily two securities apart from the Student. They require a Co-signor / Guarantor which is generally the parent and collateral which can be House, Commercial property, Warehouse Etc .

Agricultural Land as tangible collateral security may be considered only in States where it is permitted to mortgage Agricultural Land for purpose other than Agricultural Activities, subject to terms & conditions.

Rate of Interest

Processing Fees and Other Incidental Charges

• Rs. 5000/- excluding GST, to be refunded once actual loan is availed.
• VLP portal charges of Rs. 100.00 + 18% GST
• One time charges for any deviation from the scheme norms including approval of courses outside the scheme:

• Student applicant may be required to pay fee/charges, if any, levied by third party service providers who operate common portal for lodging loan applications set up

Repayment and Moratorium Period

• Moratorium up to course period plus 1 year. The Course if extended as well is covered.
• Repayment period: 15 years from the date of commencement of repayment

General Terms and Conditions

• All Educational Loans upto Rs.7.50 lacs conforming to the guidelines of “IBA Model Education Loan Scheme for pursuing studies in India and Abroad” are eligible for coverage under CGFSEL by National Credit Guarantee Trustee Company(NCGTC)
• Loan will be disbursed in stages as per requirement / demand, directly to the Institution/ Vendors of books/equipment’s/instruments to the extent possible
• Student to produce mark list of previous term/semester before availing next instalment
• Student / Parent to provide latest mailing address, in case of any change
• Student /Parent to inform Branch immediately on change of course /completion of studies/termination of studies/ any refund of fees by college /institution /successful placement /obtention of job/change of job etc.

Loan Documentation

• KYC of the Student - PAN & Aadhaar & Passport
• KYC of the Cosigner - PAN & Aadhaar
• Proof of address - Light Bill, maintenance Bill
• Income proof of Cosigner / Guarantor - ITR (2 Years), Form 16, Salary Slip
• Academic Profile of the Student - X, XII, Graduation if applicable
• Proof of Admission into the University
• Score report of any competitive exams if required
• Schedule of Study and Living Expenses
• One year Bank Statement of the Co-signor
• 2 Passport size Photos
• Vidyalaxmi Portal Reference No & Application No
• Collateral Documents such as chain of Agreement, OC, CC, Society Share Certificate etc

Eligibility of the Students

• Students should be Indian National/ PIO/OCI.
• Should have secured admission in recognized institution for approved courses by UGC / Govt. / AICTE through Entrance Test / Merit Based selection process after completion of HSC (10 plus 2 or equivalent)
• Where criterion for admission is not based on entrance test or selection based on marks obtained in qualifying examination, Education loan can be based on employability of the student and reputation of the institution concerned.
• The Course should be approved/ recognized by the designated academic authority/regulatory body for the stream of study concerned in India.

Loan Amount

• Maximum Rs.150.00 Lakh for Medical courses excluding Nursing and non-medical courses.
• Need-based finance to meet expenses, subject to earning potential of students upon completion of the course

Margin Money

Security for the Loan

Bank of India Education loan has primarily two securities apart from the Student. They require a Co-signor / Guarantor which is generally the parent and collateral which can be House, Commercial property, Warehouse Etc .

Agricultural Land as tangible collateral security may be considered only in States where it is permitted to mortgage Agricultural Land for purpose other than Agricultural Activities, subject to terms & conditions.

Rate of Interest

Processing Fees

• No processing Charges
• VLP portal charges of Rs. 100.00 + 18% GST
• One time charges for any deviation from the scheme norms including approval of courses outside the scheme:

• Student applicant may be required to pay fee/charges, if any, levied by third party service providers who operate common portal for lodging loan applications set up

Moratorium Period

• Moratorium up to course period plus 1 year.
• Repayment period : 15 years from the date of commencement of repayment

General Terms and Conditions

• All Educational Loans upto Rs.7.50 lacs conforming to the guidelines of “IBA Model Education Loan Scheme for pursuing studies in India and Abroad” are eligible for coverage under CGFSEL by National Credit Guarantee Trustee Company(NCGTC)
• Loan will be disbursed in stages as per requirement / demand, directly to the Institution/ Vendors of books/equipment’s/instruments to the extent possible
• Student to produce mark list of previous term/semester before availing next instalment
• Student / Parent to provide latest mailing address, in case of any change
• Student /Parent to inform Branch immediately on change of course /completion of studies/termination of studies/ any refund of fees by college /institution /successful placement /obtention of job/change of job etc.
• Eduloans will help students apply online via Vidya Lakshmi Portal developed by NSDL e-Governance Infrastructure Ltd. To apply on line on Vidya Lakshmi Portal

Loan Documentation

• KYC of the Student - PAN & Aadhaar & Passport
• KYC of the Cosigner - PAN & Aadhaar
• Proof of address - Light Bill, maintenance Bill
• Income proof of Cosigner / Guarantor - ITR (2 Years), Form 16, Salary Slip
• Academic Profile of the Student - X, XII, Graduation if applicable
• Proof of Admission into the University
• Score report of any competitive exams if required
• Schedule of Study and Living Expenses
• One year Bank Statement of the Co-signor
• 2 Passport size Photos
• Vidyalaxmi Portal Reference No & Application No
• Collateral Documents such as chain of Agreement, OC, CC, Society Share Certificate etc

Eligibility of the Loan

• Students should be Indian National
• Should have secured admission in select Premier Educational Institutions in India, through Entrance Test /Selection process
• Regular full time Degree/Diploma courses (certificate / part-time courses not covered)
• Full time Executive Management courses like PGPX (For IIMs)

Loan Amount

• Institutes under List “A” Rs.40.00 Lacs
• Institutes under List “B” Rs.25.00 Lacs
• Institutes under List “C” Rs. 15.00 Lacs

Expenses Covered

• Fees payable to college / school / hostel
• Examination / Library Fees
• Purchase of books / equipment / instruments
• Purchase of computer / laptop
• Caution deposit / building fund / refundable deposit supported by Institution bills / receipts.
• Life Insurance Premium for life cover of student/co- borrower for total tenure of loan Any other expenses related to education

Security Required for the Loan

• No collateral Security
• Parents/Guardians to join as Co- borrowers
• Assignment of future income

Rate of Interest

Bank of India is very competitive for loans to premier institutions. They ae providing the loan at RBLR which is the Repo Based Lending Rate.

Repayment Period

• Moratorium up to course period plus 1 year.
• Repayment period : 15 years from the date of commencement of repayment

Processing fees and Additional Charges

• No processing Charges
• VLP portal charges of Rs. 100.00 + 18% GST
• One time charges for any deviation from the scheme norms including approval of courses outside the scheme:
Up to Rs.4.00 lacs : Rs. 500/-
Over Rs.4.00 lacs & Upto Rs.7.50 lacs : Rs.1,500/-
Over Rs.7.50 lacs : Rs.3,000/-
• Student applicant may be required to pay fee/charges, if any, levied by third party service providers who operate common portal for lodging loan applications set up

COVERAGE UNDER CREDIT

All Educational Loans upto Rs.7.50 lacs conforming to the guidelines of “IBA Model Education Loan Scheme for pursuing studies in India and Abroad” are eligible for coverage under CGFSEL by National Credit Guarantee Trustee Company(NCGTC)

OTHER TERMS & CONDITIONS INSURANCE

• All the student borrowers are offered a specially designed OPTIONAL Term Insurance cover and the premium can be included as an item of finance.
• Loan will be disbursed in stages as per requirement / demand, directly to the Institution/ Vendors of books/equipment’s/instruments to the extent possible
• Student to produce mark list of previous term/semester before availing next instalment
• Student / Parent to provide latest mailing address, in case of any change
• Student /Parent to inform Branch immediately on change of course /completion of studies/termination of studies/ any refund of fees by college /institution /successful placement /obtention of job/change of job etc.
• Students should apply online via Vidya Lakshmi Portal developed by NSDL e-Governance Infrastructure Ltd. To apply on line on Vidya Lakshmi Portal click here

ADVANTAGES

• NIL Processing charges
• No collateral security upto Rs 4.00 Lakhs
• Nil margin upto Rs. 4.00 Lakhs
• No documentation charges
• No hidden charges
• No prepayment penalty

FEATURES

• Education loan to parents of students, pursuing education in a recognized school from pre-school, primary school to senior secondary school for studies in India.
• Maximum Loan amount upto Rs.4.00 Lakhs per stage can be considered, to be repaid in 12 equated monthly instalments immediately after disbursement of loan.

QUANTUM OF LOAN

• Maximum cap Rs. 4.00 Lakh (For each stage)

EXPENSES COVERED

• Fees payable to Junior College/school /Hostel
• Examination / Library Fees/Laboratory fees
• Purchase of books / equipment / instruments/uniform
• Purchase of computer / laptop
• Caution deposit / building fund / refundable deposit supported by Institution bills / receipts.
• Life Insurance Premium for life cover of student/co- borrower for total tenure of loan
• Any other expenses related to education

SECURITY

• No collateral security

INSURANCE

• All the student borrowers are offered a specially designed OPTIONAL Term Insurance cover and the premium can be included as an item of finance.
• Parent and student should be a Resident Indian
• Loan to be granted in the name of father / mother of the student having reasonable source of income
• Student should have secured admission to a Recognized school /High school / Jr. College (including CBSE / ICSE / IGCSE/ State Board) for any of the following courses
• Stage-I: Pre-school: Play school to 2nd class
• Stage-II: Primary School: 3rd to 5th class
• Stage-III: Upper Primary school: 6th to 8th class
• Stage-IV: Secondary school: 9th and 10th class
• Stage-V: Senior Secondary school: 11th and 12th class

MARGIN

RATE OF INTEREST

• RBLR+ CRP of 1.70 % p.a., floating with monthly rests

REPAYMENT PERIOD

• Loan to be repaid in 12 equated monthly intallments immediately after disbursement.

CHARGES

• No processing Charges
• VLP portal charges of Rs. 100.00 + 18% GST
• One time charges for any deviation from the scheme norms including approval of courses outside the scheme:
• Up to Rs.4.00 lacs : Rs. 500/-
• Over Rs.4.00 lacs & Upto Rs.7.50 lacs : Rs.1,500/-
• Over Rs.7.50 lacs : Rs.3,000/-
• Student applicant may be required to pay fee/charges, if any, levied by third party service providers who operate common portal for lodging loan applications set up

OTHER CONDITIONS

• Loan will be disbursed in stages as per requirement / demand, directly to the Institution/school / Vendors of books/equipment’s/instruments to the extent possible
• Student to produce mark list of previous class/ term/semester before availing next instalment
• Student / Parent to provide latest mailing address, in case of any change
• Student /Parent to inform Branch immediately on change of school /completion of studies /termination of studies/ any refund of fees by school/junior college /transfer of parent etc.