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.
Loan amount up to Rs.30 lakh
Processing fee charged upto Rs.5000 study in Abroad
Competitive Interest rate starts from 7.25% to 9.75% p.a.
Tenure period up to 1 years to 15 years
Schemes of Bank of India Education Loan :
|Types of scheme||Eligibility|
|BOI Star Education Loan||
|BOI Star Vidya 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
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
13.70% to 15.20%
9.55% to 13.50%
9% to 14%
11.5% to 24%
8.30% to 10.41%
Starts from 8.50%
14.15% to 16.15%
7.50% to 9.75%
7.25% to 9.75%
8.30% to 9.95%
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 :
By customer care contact number : 18001031906
By customer care email id : [email protected]
Financials products offered by Bank :
The interest rate of Bank of India education loans is from 7.25% to 9.75% p.a.
The repayment tenure period of Bank of India Education Loan is 1 to 15 years.
You can apply online and offline both for 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
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
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