Bank of India Education Loan

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Bank Of India Education Loan Summary Table

Bank of India Education Loan Amount For India – INR 10 Lacs
For Abroad – 20 Lacs
(Up to ₹ 7.5 lakh without collateral)
Bank of India Education Loan Interest Rate 9.65% per annum
Bank of India Education Loan Margin For loan above INR 4 Lacs
In India: 5%
In abroad: 15%
Bank of India Education Loan Processing Fee Up to INR 4 Lacs: Nil
Above INR 4 Lacs: INR 5000
Bank of India Education Loan Security Up to 7.50 Lacs: Only Parent/ Guardian as co-borrower. No Collateral Security or third party guarantee
Above INR 7.50 Lacs: Tangible security along with parents as co-borrower
Bank of India Education Loan Repayment Starts After 1 year of course completion or 6 months after getting a job

Bank Of India Education Loan Features

  1. You can without much of a stretch take on your ideal course by taking the assistance of instruction advance since it offers advance sums up to 1 crore.
  2. No edge cash is required for advances up to 20 lakhs for example you don’t have to pay anything from your own pocket.
  3. In case you’re intending to concentrate abroad, banks have an alternative to pre-visa disbursal.
  4. This advance additionally covers different costs, for example, travel costs, lodging charges, and study gear, and so forth.
  5. Financing costs start from as low as 7.95%, however, these are dependent upon varieties from bank to bank.
  6. You can pick your own residency.
  7. A few banks offer pre-affirmation sanctions.
  8. Most banks offer an alluring ban period for instruction credits

Bank Of India Education Loam Eligibility

Determinants of Eligibility for Education Loans

Age of the Applicant
  • Up to 35 years for non-employed personnel
  • Up to 45 years in the case of working employees/ executives
Who is eligible
  • An Indian National having secured admission to professional/technical courses in recognized institutions
  • Students seeking admission for higher studies
  • Permanent employees who are employed for not less than three years with any organization and who intend to acquire higher professional qualifications and have secured admissions in a reputed institute
Maximum Loan Amount
  • Typically up to Rs. 10 lakh for studies in India; with minimum margin money (own contribution by student/ family) of 5% of the total cost
  • Typically up to Rs. 20 lakh for studies abroad, some banks offer up to Rs. 30 lakhs with minimum margin money (own contribution by student/ family) of 15% of the total cost
  • Up to Rs. 30 lakh for studies at IIT’s, IIM’s and ISB’s with minimum margin money (own contribution by student/ family) of 5% of the total cost
Which Cost Heads/ Expenses are Funded by Bank
  • Admission fees including Monthly Fees and Examination Fees
  • Books, Stationery, and Equipment
  • Airfare for joining the course abroad
  • Purchase of a PC, laptop as essential for the completion of the course.
  • Boarding & lodging expenses of authorized hostel or boarding house
  • Caution or building deposit/ refundable deposit supported by the bill/receipts from the institution. Subject to the amount not exceeding 10% of the tuition fee.
  • Insurance premium, if opted by the student.
  • Other required expenses like study tour, project work, thesis, etc.
Co-borrower/ Guarantor/ Security
  • Loans up to Rs 4 lakh: Parents or guardian or husband/in-laws in case of married woman required need to be co-borrower
  • Loans above Rs 4 lakh and up to Rs 7.5 lakh: Parents or guardian or husband/in-laws in case of married woman need to be co-borrower and a third party guarantee needed as collateral
  • Above Rs 7.5 lakh: Parents or guardian or husband/in-laws in case of married woman need to be co-borrower and tangible security equivalent to 100-133% of the loan amount as collateral
Repayment Frequency
  • Quarterly or monthly rests
  • Repayment typically starts 1 year after completing the course of six months after getting a job, whichever is earlier
Repayment Period
  • Varies from bank to bank – can range from 7 to 15 years
  • There is no prepayment penalty or charge on early prepayment or foreclosure
Key Appraisal Criteria
  • Good academic record with at least 50% marks in the qualifying examinations
  • Admission letter from a bonafide educational institution
  • Passport/visa/i-20 form for studies abroad
  • Net-worth and credit history (CIBIL) of the guarantors

Bank Of India Education Loan Interest Rate

Loan Amount Range Courses in India Courses Abroad IIT, IIM, ISB Courses
Loans upto Rs. 4 lakh 10.50 %, for Girls – 10.00% 10.50 %, for Girls – 10.00% 8.85 %
Loans Rs. 4.0 – 7.5 lakh 10.50 %, for Girls – 10.00% 10.50 %, for Girls – 10.00% 8.85 % – 10.00%
Loans > Rs. 7.5 lakh 10.75 %, for Girls – 10.25% 10.75 %, for Girls – 10.25% 8.85 % – 10.00%

Bank Education Loan Schemes with detailed features, docs, max loan, courses

Education Loan Scheme Effective Rate of Interest
Education Loan to premier Institutions* (List A as per IB Education Loan Prime Scheme) 8.60%
Education Loan to premier Institutions* (List B as per IB Education Loan Prime Scheme) 9.20%
Education Loan to premier Institutions* (List C as per IB Education Loan Prime Scheme) 9.60%

Bank Of India Education Loan Documents Required and Application Form

The documents required to apply for the Bank Of India education loan are as given below (all documents should be self-attested):

1. For the student/applicant:

  • Identity proof (either voter’s ID card, passport, PAN card, or driver’s license)
  • Proof of address or residence (either a utility bill or a copy of the Aadhaar card/driver’s license/passport)
  • Passport
  • Academic records (10th, 12th, Graduation (if applicable), entrance exam result through which admission is obtained
  • Proof of admission: Admission letter or an offer letter from the educational institution
  • Loan account statement of the previous 1 year, if the loan has been taken from another lender
  • Passport size photographs

2. For co-applicant:

  • Identity proof (either voter’s ID card, passport, PAN card, or driver’s license)
  • Proof of address or residence (either a utility bill or a copy of the Aadhaar card/driver’s license/passport)
  • Loan account statement of the previous 1 year, if the loan has been taken from another lender
  • Passport size photographs

EMI Calculator

Bank of India Education Loan EMI (or equated monthly installment) is a fixed amount of money paid by you to Bank Of India against the loan taken. This is towards the repayment of your loan to the bank. Every month, it is due on a fixed day of the month until your loan is fully paid back.

Bank Of India Education Loan repayment calculator calculates EMI based on the loan amount you have applied for, the interest charged on the loan, and the tenure for which you have applied. offers affordable and convenient education loans with loan EMIs as low as Rs. 8,738 per lakh for a 12 years tenure and the lowest rate of interest of 8.85%.

EMI Calculation Table

Bank Of India: Takeover of Education Loan

An Education Loan is Transferable, it is basically a process of transferring high-interest debt from one to another lender and with a lower interest rate and better repayment policies.

The SBI Takeover Of Collateralised Education Loans Scheme can be availed at an interest rate of 1Year MCLR + 1.50% spread. Bank Of India also gives a 0.50% concession in the interest rate for girls.

How To Apply For Bank Of India Education Loan

  • Visit  Dialabank for an education loan.
  • Go to the Bank Of India Education Loan page.
  • Check out all the eligibility and documents criteria for an education loan.
  • Fill out all the details required in the Education Loan application form.
  • Once done, our representative will soon contact you for a further stress-free process.

FAQs For Bank Of India Education Loan

News For Bank Of India Education Loan

List of Approved Institutes

  • Architecture college
  • Law college
  • Medical college
  • Pharmacy college
  • Engineering college
  • Bio-technology
  • college
  • Management college
  • Science, Commerce, and Arts college
  • Physical education college
  • B.ED college

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