Bank of India Education Loan – Online Apply BOI Education Loan
Bank of India was established in 1906 with a paid-up capital of Rs.50 lakh. Throughout the years, the bank has been on the bleeding edge of presenting different imaginative managing an account and budgetary items. To serve the constantly developing keeping money needs of Indians, Bank of India offers benefits in territories like the individual fund, business managing an account, stores, and SME administrations.
When it comes to education loan, Bank of India has two unique plans that give financial support to the meriting understudies for seeking after further studies. BOI’s Star Vidya training loan only offers to subsidize for understudies who are confessed to chief instructive organizations in India.
Feature and Benefits of Bank of India Education Loan:
BOI Star Education Loan: The Star Education Loan is accommodated understudies who wish to seek after higher studies in India and abroad.
BOI Star Vidya Loan: This elite training credit plan is for understudies who have secured a confirmation at head instructive establishments in India like IITs and IIMs.
Expenses Considered for BOI Education Loan:
For both the plans, the costs secured by the advance are as per the following:
- Fees payable to college, school or Hostel
- Cost of uniform, books, instruments and hardware
- Examination expense, library charge, and research center charge as pertinent
- Caution store, building reserve and refundable store bolstered with approved bills
- Any other coursework related costs like cost of study visit and venture work
Also, for Students who profit the Bank of India Star Education credit for concentrates abroad, travel costs or section cash will be secured.
Amount of Education Loan:
BOI Star Education Loan: As subject to reimbursement limit, a greatest of Rs.10 lakh is offered for studies in India. For concentrates abroad, credits up to Rs.20 lakh are advertised.
BOI Star Vidya Loan:-
|Institute Type||Maximum Loan amount offered|
|Institutes under List “A”||Rs.20 lakhs|
|Institutes under List “B”||Rs.10 lakhs|
|Institutes under List “C”||Rs.7.50 lakhs|
Note- It would be ideal if you contact the bank for a thorough rundown of establishments assembled according to the sort. Additionally, advances up to Rs.30 lakhs will be considered under the Vidya Loan conspire with 100% substantial guarantee security equivalent to credit sum.
Interest Rates:- BOI Star Education Loan:-
|Loan Amount/ Applicant Type||Interest Rate|
|Up to Rs.7.50 lakhs||3% above the base rate|
|Above Rs.7.50 lakhs||2.50% above the base rate|
|Women Beneficiaries||Concession of 0.5% per annum for limits up to Rs.50,000 and 1% for limits over Rs.50,000|
|Loan for Professional courses||Concession ranging from 0.5% to 1%|
|If interest is serviced during moratorium||1% concession|
BOI Star Vidya Loan:-
|Institute Type/Applicant Type||Interest Rate (Floating)|
|For students of IITs/IIMs||9.95% (At the base rate)|
|For students of premier institutes under A, B and C category||10.45% (0.50% over the base rate)|
|Girl students||0.50% concession subject to minimum base rate|
No Processing Fee is charged for Loan taken for studies in India. With regards to remote studies, an expense of Rs.1000 is charged which will be discounted upon the credit dispensing. As a one-time charge for any deviation from the ordinary credit conspire, Rs.500 to Rs.3000 is charged relying upon the advance sum. Record and stamp obligation charges are according to the actuals. For change of foundation, Rs.250 is charged for studies in India and Rs.500 is charged for concentrates abroad.
The most extreme reimbursement time frame for credits up to Rs.7.50 lakhs is 10 years. For advances over Rs.7.50 lakhs, the most extreme reimbursement time frame is 15 years.
Security: BOI Star Education Loan:
For advances up to Rs.4 lakh, no security is required. For credits above Rs.4 lakh and up to Rs.7.5 lakh, insurance security in the type of a reasonable outsider assurance is to be given. For credits above Rs.7.5 lakh, co-commitment of guardians together with unmistakable guarantee security alongside task of future salary to the bank is required.
BOI Star Vidya Education Loan:
No insurance security is required. Guardians or gatekeeper is required to join the credit as co-borrowers. Additionally, the future wage of the understudy candidate ought to be doled out to the bank for reimbursement of credit.
Margin: BOI Star Education Loan:
For credits up to Rs.4 lakhs, there is no edge. For advances above Rs.4 lakh profited for studies in India, the edge is 5%. For concentrates abroad, the edge is 15%, regardless of the advance sum. Grants can be incorporated into the edge and the edge is to be gotten when payment are made on a year to year premise.
BOI Star Vidya Education Loan:
There is no edge for instruction advances profited under this plan.
Eligibility Courses in India and Abroad:
BOI Star Education Loan:
- For concentrates on in India, proficient graduate and post-graduate courses like medicinal, designing, law, administration and so on are secured. Likewise, courses led by establishments set up by the focal and state government and different courses prompting confirmation and degree led by organizations affirmed by the administration are considered.
- For concentrates abroad, work arranged specialized courses offered by rumored colleges like MCA, MBA, MS and so on., and courses directed by CIMA – London and CPA – USA are secured.
BOI Star Vidya Loan:
Customary full-time courses, certificate courses and full-time official administration courses like PGPX offered by chief organizations in India are secured under this plan. It is to be noticed that endorsement courses and low maintenance courses are not secured.
List of Approved Educational Institutions:
BOI Star Education Loan: Institutes set up by focal and state government and different colleges endorsed by UGC, AICTE, AIBMS and ICMR. For concentrates abroad, presumed colleges are endorsed.
BOI Star Vidya Education Loan: Select chief establishments in India that are recorded under “A”, “B” and “C” classification are endorsed. It would be ideal if you visit the bank’s legitimate site or contact the bank for a complete rundown of establishments in India gathered under these classes.
The accompanying archives may be requested amid the application procedure:
- Address verification – Voter ID, Ration Card, Passport and so on.,
- Identity verification – Voter ID, Passport, PAN Card and so on.,
- Income subtle elements – PAN Card, Form 16, Form 60, Income Tax Returns, Salary Slips and so on.,
- Education Documents – SSC and HSC check sheets, degree testaments.
Eligibility Criteria for BOI Education Loan:
- The candidate ought to be an Indian national.
- The understudy more likely than not secured admission to an expert or specialized course through a legitimacy based determination handle at organizations in India or abroad.
- The understudy ought not to have remarkable training advance from different banks.
- Parents or watchman ought to join as the co-candidate
- For availing an education loan under Star Vidya plot, the understudy ought to have secured affirmation in head instructive foundations in India through passage test or legitimacy based determination handle.
Interest Subsidy Scheme for Education Loan
In order to support students from the Economically Weaker Sections (EWS) of the general public, Ministry of Human Resource Development, Government of India, has concocted an extraordinary intrigue endowment plot.
Here is a portion of the critical focuses about the Central Government Interest Subsidy scheme for instruction loan.
- Education advances profited from any planned bank for seeking after any of the affirmed proficient course from perceived establishments in India are qualified to benefit this appropriation.
- This endowment must be benefited by understudies whose parent’s pay from all sources does not surpass Rs.4.50 lakhs per annum.
- Full intrigue sponsorship is offered for the ban time frame which is course period in addition to 1 year or 6 months in the wake of securing a job, whichever is prior.
Bank of India Education Loan FAQs:
- I have profited a credit of Rs.20 lakh to seek after MS abroad. Will I be qualified for intrigue appropriation plot?
No. The intrigue endowment plan is offered just for a loan up to Rs.10 lakh benefited from seeking after higher education in India.
- Will protection cover for the understudy be considered as the cost of the credit?
Yes. Insurance cover for the student as provided by the institution is also covered as an expense under the loan.
- How will the training credit be dispensed?
The credit will be dispensed in stages according to the prerequisite or request straightforwardly to the foundation or merchant.
- What can be submitted as security while benefiting BOI training credit?
The security can be in the type of land, building, government securities, open part bonds, term stores and so forth.
- Can I get the Star Vidya Loan plot for Ivy League foundations abroad?
No. BOI Star Vidya training advance is offered just to understudies seeking after advanced education in chief Indian organizations like IITs and IIMs.