The Bank of India is one among the commercial banks in Indian with Headquarter at Mumbai. Bank of India was Founded in 1906 and Nationalised in 1969. Bank has 4963 branches across India (states/Union Territories). Facilities Provided by Bank of Indian is Commercial Banking, Retail Banking, Private Banking, Asset Management, Mortgages, Credit Cards etc. If you want Education Loan to complete your education or pursue higher studies from India/Abroad, You are at the right place to collect every aspect of information related to Education Loan in India.
Read this full post on BOI Education Loan for information Like Eligibility, How to apply, Interest Rates, Documents Needed, Different aspects of Education Loan, Interest Rates, Return Policy, General Instructions etc. Throughout the article, we will share information regarding BOI Education Loan it’s Process to Apply and full detailed Information.
BOI Education Loan
Main aim of the Banks is to provide the best service to their customers, whereas providing Educational loan service for students to keep their studies continue. Before we share further, let us first have a brief review of the Bank.
|Name of Bank||Bank of India|
|Founded on||7th September 1906|
|Type of Bank||Nationalised Bank|
|Number of Employees||45,613 (2015)|
|CEO Name||Dinbandhu Mohapatra|
|Maximum Loan Amount||• Studies in India:- Rs 10.0 Lacs
• Studies in Abroad:- Rs 30.0 Lacs
|Timeline for Loan Disposal||Maximum 15 Working days|
|Annual Revenue||∇ ₹41,796.47 crore (US$5.8 billion)(2016|
|Processing Fees||No Processing Fee will be charged|
And many more
|Category||Education Loan in India|
Types of BOI Education Loan
|1.||Star Education Loan||The Star Education Loan Scheme aims at providing financial support from the bank to deserving/ meritorious students for pursuing higher education in India and abroad. One can avail a loan of Rs. 10 lakhs for India and Rs. 20 lakhs for abroad|
|2.||Star Vidya Loan Scheme||This Education loan scheme is for education in Premier Institutes. One can avail loan depending upon the category of the institute.
• Institutes under List “A” Rs.30.00 Lacs.
• Institutes under List “B” Rs.20.00 Lacs.
• Institutes under List “C” Rs. 10.00 Lacs.
How to Apply
- Visit official Web Site of Bank of India (Click Here)
- Find the Education Loan Section Apply Now Button
- Fill the online application Form.
- Visit the nearest Bank of India Branch to get Offline Education Loan form.
- You may also download the form from official web handle.
- Submit the Application Form to Nearest Branch along with document needed.
- The applicant should be an Indian National.
- Branch nearest to the permanent residence of the student will consider the loan.
- Applicant must have secured admission in a Government recognized educational institution.
- Candidate must Posses good Academic Career.
- Father/Mother should be co-borrower.
- Mark sheet of last qualifying examination for school and graduate studies in India
- Academic Records: 10th Result, 12th Result, Graduation result-semester Wise (if Possible) Entrance Exam Result through which admission is being taken
- Proof of admission: Offer Letter or Admission Letter from the Institution.
- Schedule of expenses for the course
- Copies of the letter confirming scholarship, etc.
- Copies of foreign exchange permit, if applicable.
- 2 passport size photographs
- Statement of Bank account for the last six months of borrower
- Income tax assessment order not more than 2 years old
- A brief statement of assets and liabilities of the borrower.
- If you are not an existing bank customer you would also need to establish your identity and give proof of residence.
- Tuition and course fee
- Examination, library and laboratory fees
- Caution deposit
- Life Insurance Premium for life cover of student/co-borrower
- Cost of books, Uniforms, Equipment and other instruments.
- Travel Expenses
- Purchase of computers/Laptops
Return Policy and Payment Period
- In case of BOI Education loan, repayment will start after the completion of course period + 1 Year or Moratorium period. Repayment will commence 6 months after completion of Course.
- 15 years from the date of commencement of repayment
BOI Education Loan EMI Calculator
EMI Calculator is used for calculating the periodic payment amount due on a loan. For calculating EMI one must input data like Amount, Interest Rate, tenure, Processing Fee etc.
- If you want to calculate EMI for BOI Education Loan: Click Here
BOI Education Loan Security
- No collateral Security up to Rs 4 Lakh
- Parents/Guardians to join as Co- borrowers. Assignment of future income
- Up to Rs. 7.5 Lacs
• Parents or Guardian to be joint borrowers
• No security
- Above Rs.7.50 Lacs
• Co-obligation of Parents together with tangible Collateral security of suitable value along with the assignment of future income of the student.
|Head office||BANK OF INDIA STAR HOUSE C – 5, “G” Block, Bandra Kurla Complex, Bandra (East)|
|Apply for Loan||Click Here|
|Contact Number||1800220229, 91-22-4019191|
Education Loans FAQs
Q1. Who can be my co-borrowers?
- Your parents/guardian can be a co-borrower as well as the spouse in case of a married applicant.
- The co-borrower should have a steady source of income and a good credit history in order to improve the applicant’s chances of a successful loan application.
Q2. How long does it take to process Education Loan?
Ans. Generally, the time taken for the education loan to process is somewhat between 7-10 working days. Often, the whole process can be easily completed within 3 to 5 Working days, once the student fulfils all documentation.
Q3. What all expenses will be covered by education loans?
Ans. Apart from the tuition fees, other aspects of expenses such as hostel charges, equipment purchases and other course-related expenses may also be covered by the education loan.
Q4. What are the courses for which an education loan can be availed?
Ans. An education loan can be availed for all courses recognized by the UGC in case of India and all regular courses abroad. Each lender has its own list of educational institutions and courses that they would provide a loan for whether overseas or within India.
Q5. Can a student avail another loan for further studies?
Ans. Yes, this is possible. You can borrow a loan for a bachelor’s degree followed by one for master’s without repaying the first loan. This loan can be taken as a top-up loan against the already existing loan; however, it is subject to the lending bank’s discretion and the internal rules and regulations of the lender.
Q6. Do education loans have any Income Tax benefits?
Ans. Loan borrowers can avail tax benefits on interest paid on education loan under Sec 80E of the Income Tax Act. This benefit is available over and above the Rs. 150,000 deduction allowed under Section 80C. Tax benefits can be availed once the borrower starts paying the interest on the education loan. Further, the deduction is available until the borrower pays off the full interest amount on the loan or for a maximum period of 8 years, whichever is earlier.
Q7. Why do banks require an insurance policy?
Ans. Banks usually prefer that students avail a life insurance policy equivalent to, or more than, the loan amount. The policy acts as a security feature and forms a part of the collateral. In case of the untimely demise of the borrower, the bank recovers the outstanding loan amount from the student’s life insurance policy and the remaining amount, if any, is paid out to the beneficiary of the policy.
Q8. Is any incentive available for a girl student applying for education loan?
Ans. Banks generally provide a 0.5% concession on the applicable education loan interest rate to girl students pursuing higher education in India and abroad.
Q9. Are there any special privileges for students of SC/ST category who avail education loans?
Ans. Yes, eligibility criteria and loan margins on education loan are relaxed for Scheduled Caste/Scheduled Tribe students availing education loans in India. The eligibility criteria are lowered from first/second class to pass class for SC/ST category students seeking education loan for graduate and postgraduate studies, while, margin money is sometimes lowered than the regular percentage or nil.
Q10. Where can I avail on BOI education loan?
Ans. A. The loan is available from all branches in metro/urban areas as well as those having personal banking divisions.