Bank of India Education Loan

Bank of India Education Loan Schemes

Bank of India Star Education Loan

1. The rate of interest offered under this scheme ranges between 1 Year RBLR + 2.50%.
2. No processing fee if you are studying in India
3. Processing fee of up to Rs.3,000 if you are studying abroad
4. No collateral required for loan amount up to Rs.7.5 lakh
5. For loan amount above Rs.7.5 lakh, the parents will have to co-obligate and produce a security of suitable value including assignment of future income of the
   student
   

Bank of India Star Vidya Loan

1. This rate of interest levied for this education loan scheme is based on RBI format
2. No processing fee if you are studying in India
3. Processing fee of up to Rs.5,000 for students studying abroad
4. No collateral required
5. Parents or guardians can be the co-borrowers
6. Assignment of future income
7. Minimum repayment tenure of one year
8. Maximum repayment tenure of five years

BOI Education Loan Eligibility Criteria

The eligibility criteria for BOI education loan are mentioned below:

1. The applicant should be an Indian national.
2. The student must have secured admission to a professional or technical course through a merit-based selection process at institutions in India or abroad.
3. The student should not have outstanding education loan from other banks.
4. Parents or guardian should sign up as the co-applicant
5. The branch which is nearest to the permanent residence of the student will consider offering the loan

Bank of India Education Loan EMI Calculator

Follow the below steps if You have to calculate Education Loan EMI. You will have to pay by using the Calculator facility available on the official website of the Bank of India.

1. Once you visit the Bank of India official website and type 'Calculator' in the search button.
2. Click on 'Calculator' after that. Enter the loan amount, rate of interest, and repayment tenure.
3. You will then be able to view the EMIs you will have to pay.

How to Apply for Education Loan from Bank of India?

An education loan from the Bank of India can be arranged by visiting the lender's nearest branch. Check that you have all of the appropriate papers. A bank professional will help you complete your school loan application.

Call 1800 103 1906 (Tollfree) / 1800 220 229 (Tollfree - Covid Support) / (022) - 40919191 for help with the education loan application process (chargeable number). These numbers are available 24 hours a day, seven days a week.

Bank of India Education Loan Documents Required

The following documents might be asked for during the application process:

1. Address proof - Voter ID, Ration Card, Passport etc.,
2. Identity proof - Voter ID, Passport, PAN Card etc.,
3. Income details - PAN Card, Form 16, Form 60, Income Tax Returns, Salary Slips etc.,
4. Education Documents - SSLC and HSC mark sheets, degree certificates.
5. Duly filled application form
6. Income details of the co-borrowers: Form 16, Form 60, Permanent Account Number (PAN) Card, Salary Slips, Income Tax Return Files, etc.

Subsidy Schemes on Bank of India Education Loan

You can get Credit Guarantee Funds Initiative Coverage for Education Loans through the Bank of India Star Vidya initiative (CGFSEL).

The student would be covered under this subsidy scheme if the loan amount is up to Rs.7.5 lakh and fits the standards of the Indian Banks' Association (IBA) Model Education Loan Scheme for Pursuing Studies in India and Abroad.

The  Vidya Lakshmi Portal , which was built by National Securities Depository Limited (NSDL) e-Governance Infrastructure Ltd, allows you to apply for this plan online.

Central Government Interest Subsidy Scheme for Education Loans

In order to support students from the Economically Weaker Sections (EWS) of society, the Ministry of Human Resource Development, Government of India, has come up with a unique interest subsidy scheme.

Here are some of the important points about the Central Government Interest Subsidy scheme for education loans.

1. Education loans availed from any scheduled bank for pursuing any of the approved professional course from recognized institutes in India are eligible to avail this subsidy.
2. This subsidy can only be availed by students whose parent's income from all sources does not exceed Rs.4.50 lakh per annum.
3. Full interest subsidy is offered for the moratorium period which is course period plus One year or Six months after securing a job, whichever is earlier.

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