Bank of India Education Loans

Name of the Loan that is offered for students for educational purposes in the bank of India is "Star Educational Loans". This Educational Loan Scheme aims at providing financial support from the bank to deserving/meritorious students for pursuing higher education in India and Abroad. The main emphasis is that every meritorious student is provided with an opportunity to pursue education with the financial support on affordable terms and conditions. No deserving student is denied an opportunity to pursue higher education for want of financial support.

Courses Eligibility

Studies in India

Graduation courses: BA, BCom, BSc, etc.
Post Graduation courses: Masters & PhD.
Professional courses: Engineering, Medical, Agriculture, Veterinary, Law, Dental, Management, Computer, etc
Computer certificate courses: Courses of reputed institutes accredited to Department of Electronics or institutes affiliated to university.
Courses like ICWA, CA, CFA, etc.
Courses conducted by IIM, IIT, IISc, XLRI, NIFT, etc.
Courses offered in India by reputed foreign universities with prior approval of Head Office.
Evening courses of approved institutes.
Other courses leading to diploma/degree, etc. conducted by
colleges/universities approved by UGC/Govt./AICTE/AIBMS/ ICMR, etc.
Courses offered by National Institutes and other reputed private institutions with prior approval of Head Office.

Studies abroad

Graduation: For job oriented professional/technical courses offered by reputed universities.
Post Graduation: MCA, MBA, MS, etc.
Courses conducted by CIMA - London, CPA in USA, etc.

Student's Eligibility

Student must be an Indian National and have secured admission to professional/technical courses in India or Abroad through Entrance Test/Merit based selection process.

Expenses Considered For Loan

Fee payable to college/school/hostel.
Examination/Library/Laboratory fee.
Purchase of books/equipments/instruments/uniforms.
Caution deposit/building fund/refundable deposit supported by Institution bills/receipts.
Travel expenses/passage money for studies abroad.
Purchase of computers - essential for completion of the course.
Any other expense required to complete the course - like study tours, project work, thesis, etc.

Quantum of Finance

Need based finance subject to repaying capacity of the parents/students with margin and the following ceilings:
Studies in India - Maximum Rs.7.5 lakh
Studies abroad - Maximum Rs.15 lakh.

Margin

Upto Rs.4 lakh: Nil
Above Rs.4 lakh -
Studies in India: 5%
Studies Abroad: 15%

Security

Upto Rs. 4 lakh: No security
Above Rs.4 lakh & upto Rs.7.5 lakh:
Collateral security in the form of a suitable third party guarantee.
Above Rs.7.5 lakh:
Collateral security of suitable value or suitable third party guarantee along with the assignment of future income of the student for payment of installments.
For further details, click on the link:
Bank of India Education Loans