Bank of India has Star Educational Loan on offer for the students willing to pursue higher education. Meritorious students are offered Bank of India Education Loan so that they can study a graduate, computer certificate, diploma, postgraduate, specialized or professional course in India or abroad.
Bank of India Education Loan is offered for studying several kinds of programs.
You can apply for an educational loan from Bank of India if you want to pursue a graduate, postgraduate and doctoral program.
A student can also obtain this loan if he plans to study a professional program including Engineering, Law and Medical programs.
Even students willing to study computer certificate courses of recognized institutes or specialized programs like CFA, ICWA and CA can apply for the loan.
An applicant, planning to pursue programs from institutes recognized by government, UGC, AICTE, a national body or a recognized foreign university in Indian, is also considered eligible for the loan.
For pursuing PG programs such as MS or MBA, employment-oriented programs from recognized universities or courses by CPA in the US and CIMA-London in abroad, you can also apply for the educational loan.
Education Loans of Bank of India are offered to Indian nationals, who have no outstanding loan taken for education from any other body.The parent of the student should also act as a co-borrower.
A student will be considered eligible for the loan if he has good academic record and gets admitted to a professional or technical course in India or abroad through a selection procedure based on merit or entrance test.
Expenses taken into account
The educational loan covers college, school or hostel fee as well as that of exam, laboratory or library. Even the expenses of books, instruments and uniforms are also taken into account. The caution deposit, refundable deposit or building fund is also considered. The student's travel expenses as well as other necessary costs related with the program are covered by the loan.
Amount of Loan, Margin & Security:
For studying in India, you can apply for a maximum loan of Rs 10 lacs and Rs 20 lacs for studying abroad.
- There is also a margin of 5% and 15% for studying in India and abroad respectively and it is applicable for a loan amount above Rs 4 lacs.
- The borrower needs to keep a guarantee of a 3rd party if a loan amount is above Rs 4 lacs. If the amount exceeds Rs 7.5 lacs, then a collateral security or a third party (if allowed by the bank) should be kept as a guarantee.
- In addition, the student should assign his future income for paying the installments.
The loan can be repaid in 5 to 7 years after the repayment is commenced. The moratorium period is considered till 6 months after employment or the period of study plus 1 year, whichever is earlier.