Bank of India Education Loan

The Bank of India offers need-based education loans for study overseas and in India, with repayment based on the student’s projected earnings after completing the programme. The loan covers a variety of costs, including tuition and travel costs for courses.

Bank of India Education Loan Interest Rates

The interest rates for Bank of India education loans are as given below:

Bank of India Education Loan Schemes

1. Bank of India Star Education Loan

• The rate of interest offered under this scheme ranges between 10.45% and 11.25% p.a.
• No processing fee if you are studying in India
• Processing fee of up to Rs.3,000 if you are studying abroad
• No collateral is required for loan amounts up to Rs.7.5 lakh
• For loan amounts above Rs.7.5 lakh, the parents will have to co-obligate and produce security of suitable value including the assignment of future income of the student
• As per the bank’s discretion

2. Bank of India Star Vidya Loan

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

Bank of India Education Loan Eligibility criteria

The eligibility criteria for BOI education loan are mentioned below:

• The applicant must be a citizen of India.
• The student must have been accepted to a professional or technical programme at an Indian or international institution after being chosen on the basis of merit.
• The student shouldn’t still owe money on any other banks’ school loans.
• The co-applicant should be the applicant’s parents or guardian.
• The branch that is most convenient for the student’s primary residence will possibly issue the loan.

How to apply for a Bank of India education loan?

You can apply for a Bank of India education loan by going to the branch that is most convenient for you. Verify that you possess the necessary documentation. You will receive assistance from a bank employee in completing your loan application.

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Bank of India Education Loan Documents Required

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

• Address proof – Voter ID, Ration Card, Passport, etc.,
• Identity proof – Voter ID, Passport, PAN Card, etc.,
• Income details – PAN Card, Form 16, Form 60, Income Tax Returns, Salary Slips, etc.,
• Education Documents – SSC and HSC mark sheets, degree certificates.
• Duly filled application form
• 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

Through the Bank of India Star Vidya initiative, you can obtain Credit Guarantee Funds Initiative Coverage for Education Loans (CGFSEL). If the loan amount is up to Rs. 7.5 lakh and complies with the requirements of the Indian Banks’ Association (IBA) Model Education Loan Scheme for Pursuing Studies in India and Abroad, the student will be covered by this subsidy programme. You can apply for this plan online through the Vidya Lakshmi Portal, which was created by the National Securities Depository Limited (NSDL) e-Governance Infrastructure Ltd.

Central Government Interest Subsidy Scheme for Education Loans

The Ministry of Human Resource Development, Government of India, has developed a special interest subsidy programme to assist students from the Economically Weaker Sections (EWS) of society.

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

• This discount is available to students who take out student loans from any scheduled bank to pursue any recognized professional course in India.
• Only students whose parents’ combined annual income does not exceed Rs. 4.50 lakh are eligible for this subsidy.
• For the moratorium period, which is the course length plus one year or six months after finding work, whichever comes first, full interest subsidies is provided.