Bank Of India Education Loan In India 2024- Education Funds are the easiest way to fund your higher education in a world where the cost of everything is increasing. Personal Loans are often insufficient to cover the cost of abroad education, leading to an increasing demand for education Funds for abroad studies.
As a response to this demand, several lenders in the market have come out with various abroad education loan Plans. Bank of India (BOI) is one of the public sector banks that offer education Funds Plans for higher education in India as well as abroad, known as the Star Education Funds. In this blog, we will discuss in Information the Bank of India Education Funds- Star Education Fund- a loan product for Candidates who wish to fund their education in India and abroad.
Bank Of India Education Loan In India 2024
Lending institutions Given different types of education loan and charge interest rates depending upon the Candidates’ choice to study further, either at domestic colleges or abroad. Interest rates on education Funds also vary upon lending institutions, loan amount, repayment tenure, Taker credit profile as well as aspirants’ select-course and the type of education institution offering the course, to name a few.
An interest rate fixed by the bank on an education Funds plays a crucial role in one’s ability to pay the borrowed amount. Although banks do not ask you to pay the sum during the moratorium Time or while you are studying, it is best to consider paying at least the interest amount during the Time. Doing this will not only ease the burden of the EMI, but may as well help you get a certain concession on the Total loan amount later as per the bank’s policy.
BOI Bank Of India Education Loan In India Overview
| Maximum Loan Amount | For abroad studies INR 20 Lakh For education in India – INR 10 lakhs |
| Eligibility | Should be a resident Indian Should have got a merit-based admission to a well-ranked & recognized university abroad Should have a good academic record |
| Interest Rate | 9.85% (interest rate concession for women applicants – 0.50%) 0.50% interest rate concession for Candidates pursuing professional courses |
| Margin Money | 15% |
| Category | Current Affairs |
| Official Webpage | www.bankofindia.co.in |
| Processing Fees | For education in India – NIL For abroad education – INR 5000 |
Read Also:-Canara Bank Education Loan In India 2024
About Bank of India
Bank of India is a major commercial bank headquartered in Mumbai. The bank has 5100 branches as Opened 31 January 2017, including 56 offices outside India, which includes 5 subsidiaries, 5 representative offices, and one joint venture. It Given a wide range of banking Result and Money services to its customers. Education is one area where everybody is willing to spend a lot of money to live a prosperous life in the time ahead. Being one of the major education Fund Given, Bank of India understands the needs of the Candidates and offers extremely competitive education Fund at better interest rates. Every year, a Large number of Candidates secure admissions in top universities and colleges in India and abroad with Bank of India education Funds.
Bank of India Education Credit Plane
Bank of India Star Education Loan
- The rate of Return offered under this scheme ranges between 8.55% and 9.35% 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 Needs for loan amount up to Rs.7.5 lakh
- For Fund 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 Candidates.
Star Vidya Loan
- This rate of interest levied for this education Fund scheme is based on RBI format
- No processing fee if you are studying in India
- Processing fee of up to Rs.5,000 for Candidates studying abroad
- No collateral required
- Parents or guardians can be the co-borrowers
- Assignment of future income
- Minimum Return tenure of one year
- Maximum Return tenure of five years
Central Bank of India Education loan Interest Rates 2024
The Fund interest rate is based on the 1-year MCLR of the bank which is 7.05% currently. And the interest rate would be low if secured admission to the reputed university or college. You might also get a concession on your Fund interest rate if you meet the following criteria.
- Girls Candidates can get a concession up to 0.50% on Bank of India education loan interest rate
- Candidates pursuing Engineering, Medical, Management etc. are eligible for a concession of 0.50%
- And if you pay interest during the moratorium Given, you can get up to 1% interest concession.
| Male | Female | |
| Cent Vidyarthi | 9.00% | 8.50% |
| For IIM Candidates | 6.85% – 7.35% | 6.85% – 7.35% |
| Executive MBA | 6.85% – 7.35% | 6.85% – 7.35% |
Bank Of India Education Fund In India Eligibility
| Eligibility for Central Bank of India Education Loan |
| |
| Nature of Facility | Term Loan | |
| Expenses considered for loan |
| |
| Maximum loan amount | Rs. 10 lacs for studies in India. Rs. 20 lacs for studies Abroad. | |
| Margin | Up to Rs. 4 lacs : NIL, Above Rs. 4 lacs In India – 5% ,Abroad – 15% Margin (Awards may be included in margin.) | |
| Incentive | 1% Return concession may be Given by the bank, if interest is serviced during the study period and subsequent moratorium period prior to commencement of repayment. | |
| Disbursement | Payment directly to college / hostel / mess / airlines etc. In appropriate cases disbursement to be made to Taker subject to satisfactory evidence. Original receipts to be submitted. | |
| Repayment | Maximum repayment time up to 10 years for loans up to Rs.7.50 lakh Maximum repayment time up to 15 years for loans above Rs.7.50 lakh. Repayment on EMI basis. | |
Bank of India Education Fund EMI Calculator
Follow the below steps if You have to calculate Education Fund EMI. You will have to pay by using the Calculator facility available on the Main website of Bank of India.
- Once you Go To the Bank of India official website and type ‘Calculator’ in the Find button.
- Press on ‘Calculator’ after that. Enter the Fund amount, rate of interest, and repayment tenure.
- You will then be able to view the EMIs you will have to pay.
Bank of India Education Loan Tenure
The bank Given you a tenure up to 15 years to pay the borrowed Fund after the course completion. And Candidates are the primary beneficiaries to pay the Fund after the course completion. Repayment won’t start until the course is completed. After which you get a repayment holiday of 1 year in which you need to find a job to pay the Taken loan. If you get a job after the course completion then the moratorium Time is of 6-months and payment Ready early which reduces your interest burden.
Also Check :- Jiwaji University Time Table 2024
Advantages of Bank of India Education Fund
Following are some of the advantages of applying for an educational Fund with Bank of India.
- Low interest rate
- Less paperwork
- Faster Disbursal
- No processing charges
- 0.50% concession for women students
Documents Required for Bank of India Education Credit
To apply for the Credit, you need to submit a few documents which are as follows-
Students documents
- Aadhaar Card
- Voter ID card
- Passport
- Visa
- Admission letter
- 10+2 marksheet or certificate
Co-borrower documents
- PAN card
- Aadhaar card
- Voter ID card
- Driving License
- Passport
- Salary slip
- Bank statement
- ITR report
- Form 16
How To Apply For Education Loan in Bank Of India?
To apply for the SBI Bank education Loan using the online mode.
- First of all, Go To The the Official website of SBI Bank www.bankofindia.co.in
- After That you can Open directly to the bank Home Page or to the Main or you can Go To the official website to know the Information.
- after That the application form, you need to Enter it with utmost care. In case of online, you can Simple download the application form and can Enter Details it.
- After That, you have to Attach your Mark sheet, your admission proof, and other Needs documents.
- you also have to Take an interview with the Main Website. They will Go whether you are eligible or not.
- this step includes documentation and validation of all the information which you had Given in the earlier steps.
your Search will be accept in this step and in few days of time, the Fund will be disbursed is well.
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