Bank of India Education Loan: Interest Rate, Eligibility Apply Process & Customer Care

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BANK OF INDIA EDUCATION LOAN 

About Bank of India Education Loan :

Bank of India is a state owned commercial bank and it was established on 7 September 1906 and their headquarters in Mumbai. This bank provides a wide range of banking and financial services to the customers.

High education is extremely important for a high paying job. Education helps in the overall development of an individual and provides a great opportunity to live a successful life. Bank of India provides education loans to desired students to fulfill their dreams at a convenient interest rate. When it comes to offering student-friendly loans, Bank of India education loans are considered the best due to its transparency and flexible tenures. One can avail loan for pursuing higher studies in whatever course they like and the education loans come with competitive interest rates.

 Benefits of Bank of India Education Loan :

  1. Loan amount up to Rs.30 lakh

  2. Processing fee charged upto Rs.5000 study in Abroad

  3. Competitive Interest rate starts from 7.25% to 9.75% p.a.

  4. Tenure period up to 1 years to 15 years

Schemes of Bank of India Education Loan :

Types of scheme Eligibility
BOI Star Education Loan
  • Interest rate : 8.95% to 9.75% p.a.

  • Maximum loan amount :Up to  Rs.20 lakh

  • No processing fee charged if you study in India.

  • Rs.5000 processing fee charged if you study in Abroad

  • No collateral required for loan amount up to 7.5 lakh

  • For loan amount above 7.5 lakh, the parents will have to co-obligate and produce a security of suitable value including assignment of future income of the student

BOI Star Vidya Loan
  • Interest rate : 7.25% p.a.

  • Maximum loan amount : Up to Rs.30 lakh

  • No processing fee charged if you study in India.

  • Rs.5000 processing fee charged if you study in Abroad

  • No collateral required

  • Parents and guardian can be the co borrower

  • Assignment of the future income

 

 Eligibility Criteria for Bank of India Education Loan :

  • The applicant should be an Indian national.

  • The student must have secured admission to a professional or technical course through a merit based selection process at institutions in India or abroad.

  • The student should not have an outstanding education loan from other banks.

  • Parents or guardian should sign up as the co-applicant

  • The branch which is nearest to the permanent residence of the student will consider offering the loan

Documents required for Bank of India Education Loan :

1. Letter of admission

2. Filled in Loan Application Form

3. 2 passport size photographs

4. Statement of cost of study

5. PAN Card of the student and the parent/guardian

6. Aadhaar Card of the student and the parent/guardian

7. Id proof  : Driving license, passport, aadhaar card, ant photo identity

8. Address proof : Driving license, passport, electricity bill, telephone bill

9. Student/co-borrower/guarantor’s bank account statement for last 6 months.

10. IT Return/ IT assessment order, of previous 2 years of parent/ guardian/ other co-borrower(If IT payee)

11. Brief statement of assets & liabilities of parent/ guardian/ other co-borrower

12. Income proof : Salary slip, form 16 of parent/ guardian/ other co-borrower

Expenses covered under Bank of India Education Loan :

1. Tuition fees 

2. Cost of books, uniforms and stationeries

3. Cost of laptop or computer ( If required)

4. Examination Form

5. Library/ Laboratory fees

6. Hostel fee

7. Travel expenses ( for Abroad)

8. Miscellaneous Expenses

Compare other bank interest rate :

 

BANKS

INTEREST RATE

AXIS Bank Education Loan

13.70% to 15.20%

HDFC Bank Education Loan for Indian Education

9.55% to 13.50%

HDFC Bank Education Loan for Foreign Education

9% to 14%

Kotak Mahindra Bank Education Loan 

11.5% to 24%

IDBI Bank Education Loan

8.30% to 10.41%

Indian Bank Education Loan

Starts from 8.50%

RBL Bank Education Loan

14.15% to 16.15%

Bank of Baroda Education Loan

7.50% to 9.75%

Bank of India Education Loan

7.25% to 9.75%

Canara Bank Education Loan

11.35%

Standard Chartered Bank Education Loan

10.99%

SBI Student Loan Scheme

9.30%

SBI Skill Loan Scheme

8.80%

SBI Scholar Loan Scheme

8.30% to 9.95%

SBI Takeover of Education Loan

9.30%

SBI Global Ed-Vantage

9.30%

Other products of Bank of India :

1. Bank of India Personal Loan

2. Bank of India Car loan 

3. Bank of India Credit Card

4. Bank of India EMI Calculator

How to apply for Bank of India Education Loan :

1. Offline Method : By visiting the nearest bank branch.

2. Online Method : 

  • Visit the official website of loan.

  • Click on apply now

  • Fill out the form with essential details.

  • Upload the mandatory documents required

  • Submit the form and take out a print out of the applications 

  • Visit the bank branch for further formalities.

How to contact with Bank of India :

  1. By customer care contact number : 18001031906

  2. By customer care email id : BOI.callcenter@bankofindia.co.in

Financials products offered by Bank :

BUSINESS LOAN

CAR LOAN

COMMERCIAL LOAN

EDUCATION LOAN

GOLD LOAN

HOLIDAY LOAN

HOME LOAN

LOAN AGAINST PROPERTIES 

LOAN AGAINST SECURITIES

PERSONAL LOAN

PROFESSIONAL LOAN

TWO WHEELER LOAN

Bank of India Education Loan Frequently asked Questions :

1. How much interest rate charged by Bank of India education loan?

The interest rate of Bank of India education loans is from 7.25% to 9.75% p.a.

2. What is the repayment tenure period of a Bank of India education loan?

The repayment tenure period of Bank of India Education Loan is 1 to 15 years.

3. How to apply for a Bank of India education loan?

You can apply online and offline both for Bank of India Education Loan.

4. How much loan amount is charged by a Bank of India education loan?

The loan amount charged by Bank of India education loan is.upto Rs.30 lakh.

 

Last Updated on : 10/Aug/2020

Know More About

Bank Of India Education Loan

You're eligible for a Bank Of India Education Loan if you:


Are legally adult enough to handle it


Have still got it


Get a regular pay check


Make more than a basic buck

Your eligibility depends on:


Earn more than minimum income required


Maximum allowed Education Loans is Rs. 10K to Rs. 45 lakhs


EMIs of other loans loweryour eligibility

Boost your eligibility by:


Pay off your credit card bills


Choose longer tenure loan up to 5 years

Nothing gets done without that paperwork (which we'll happily carry over to the bank for you, no sweat). Here's what you'll need:

  • 1. Photo ID and age proof
  • 2. Signed application form with photograph
  • 3. Residence proof
  • 4. Last 6 months bank statement
  • 5. Documentation for salaried applicants:
    • Last 3 months salary - slips
    • Form 16 or Income Tax Returns
  • 6. Documentation for self-employed applicants:
    • Last 3 years Income Tax Returns with computation of Income
    • Last 3 years CA Certified / Audited Balance Sheet and Profit & Loss Account

Bank Of India Education Loan Interest Rates

Updated on 25 Nov 2017

Bank Of India Education Loan Details
Interest Rate (Monthly reducing balance) 7.25% - 9.75%
Processing Fees Processing fee = Rs.5000 study in Abroad and NIL charges study in India
Loan Tenure 1 year to 15 years
Pre-closure Charges Varies with bank
Guarantor Requirement Varies with bank

Education Loans EMI Calculator

Loan Amount

|
1L
|
50L
|
100L
|
150L
|
2Cr

Interest Rate

%
|
5
|
10
|
12.5
|
17.5

Loan Tenure

|
1
|
10
|
20
|
25
|
0
|
120
|
240
|
300


Your Monthly Loan EMI


₹24,959