Bank of India Education Loan

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All About Bank of India Education Loan

Bank of India provides loans to get desired education. Bank of India Star Education Loan is a scheme that helps students to get financial help for any education course. Check interest rates for Education Loan provided by Bank of India and apply now. Purse your dream education and fulfill the dreams.

Rate of Interest for Bank of India Education Loan

  • Up to Rs.7.50 lakhs – 3% above Base Rate,
  • Above Rs.7.50 lakhs – 2.50% above Base Rate,
  • BOI BASE RATE 9.70% w.e.f. 01.04.2016
  1. Int. Concession of 0.50%p.a. for woman beneficiaries for limits up to Rs.50,000/- and 1% for limits over Rs.50,000/-
  2. For Professional courses (like Engg./Medical/ Management, etc.) int. concession: 0.50% (Maximum under a) and b), above is 1%)
  3. . 1% int. concession if interest is serviced during moratorium period, where repayment holiday is specified for interest/repayment under the scheme (concession available for moratorium period only)

Bank of India Education Loan
Repayment Methods:

Repayment holiday/Moratorium: Course period + 1 year or 6 months after getting a job, whichever is earlier.

After commencement of repayment:

  • Loan amount up to Rs.7.50 lakhs: 10 years.
  • Loan amount over Rs.7.50 lakhs: 15 years.


  1. Up to Rs. 4 lakh :No security
  2. Above Rs.4 lakh & up to Rs.7.5 lakh : Collateral security in the form of a suitable third party guarantee.
  3. Above Rs.7.5 lakh :Co-obligation of Parents together with tangible Collateral security of suitable value along with the assignment of future income of the student for payment of installments

Note: The security can be in the form of land/building/Govt. Securities/Public Sector Bonds/NSC/KVP/LIP/ Banks Term Deposit etc., in the name of Student/Parent/Guardian/Guarantor with suitable margin.

Student’s Eligibility for Bank of India Education Loan:

  • Should be an Indian National;
  • The student should have secured admission to a higher education course in recognized institutions in India or Abroad through Entrance Test/Merit based selection process after completion of HSC (10 plus 2 or equivalent).
  • Good academic career.
  • The student should not have outstanding education loan from any other Institution.
  • Father/Mother should be co-borrower.
  • Branch nearest to the permanent residence of the student will consider the loan.

Eligible Course:

    1. Studies in India (Indicative list):
      • Approved Courses leading to graduate /post graduate degree and P.G. diplomas conducted by recognized colleges/ universities by UGC/Government/AICTE/AIBMS/ICMR
      • Courses like ICWA, CA, CFA ,etc.
      • Courses conducted by IIM, IIT, IISc , XLRI, NIFT, NID and other Institutes set up by Central/State Govt.
      • Regular Degree /Diploma courses like Aeronautical, Pilot Training Shipping, degree/diploma in nursing or any other discipline approved by Director General of Civil Aviation/Shipping/Indian Nursing Council

Note: Professional courses not approved by AICTE and conducted by Institutes not recognized by State Universities is outside the purview of the eligibility under the scheme.

    1. Studies abroad:
      • Graduation: For job oriented professional/technical courses offered by reputed universities.
      • Post-Graduation: MCA, MBA, MS, etc.
      • Courses conducted by CIMA : London, CPA in the USA, etc.

Quantum Of Finance for Bank of India Education Loan:

      • Studies in India: Maximum Rs.10.00 lakh
      • Studies abroad: Maximum Rs.20.00 lakh.

Apply For Education Loan

Leading Education Loan Providers

      1. SBI Education Loan
      2. HDFC Education Loan
      3. CREDILA Education Loan
      4. AXIS Bank Education Loan
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      6. IDBI Education Loan
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