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Want to apply for a Bank of India education loan to study abroad? Learn about its features, eligibility, requirements, expenses covered, application process & more.
Updated on: 04 Sep 2023 | Reviewed By: amanjain | 11.7K | 7 min read
Bank of India (BOI) is a leading public sector bank in India that offers education loans for studying abroad. With competitive interest rates and extended repayment tenures, BOI empowers deserving Indian students to pursue better educational opportunities overseas. Founded in 1906 and headquartered in Mumbai, BOI provides financial assistance for degree programs, diplomas, and select courses.
Students can benefit from tax advantages under section 80 E when availing BOI education loans. It is important for students to meet the eligibility requirements and carefully review loan conditions to make informed decisions. By leveraging BOI's study abroad education loan, students can finance their international education without financial burdens, opening doors to a world of possibilities.
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The following table gives you an overview of Bank of India education loans to study abroad:
Bank of India education loan to study abroad | |
---|---|
Maximum loan amount |
Up to INR 1.5 Cr |
Rate of interest (1 year RBLR + 1.70% - 2.50%) |
Up to INR 7.5 Lakhs - 10.95% More than INR 7.5 Lakhs - 11. 75% |
Processing charges |
INR 5,000 + GST (refunded) |
Up to INR 4 Lakhs - Nil Between INR 4 Lakhs & INR 7. 5 Lakhs - 15% Above INR 7.5 Lakhs - 10% |
|
Course period + 1 year |
|
Repayment tenure |
15 years from the start of repayment |
Note: There will be an additional processing charge between INR 500 - 3,000 if the course falls outside the BOI list. The additional charge will vary depending on the quantum of loan amount.
Bank of India has four education loan schemes among which the Star education loan scheme offers financial assistance to eligible students to study abroad at universities listed by the bank. Features of the scheme are listed below:
Check the EMI Calculator to see the monthly EMI for your education loan
Bank of India mandates eligibility requirements specific to the student regarding the academic choices and general eligibility requirements. Listed below are the major eligibility requirements for education loans from Bank of India:
Considering the future employability of students, BOI mandates the student must be enrolled to any of the following courses to be eligible for an education loan to study abroad:
Get the Funds you need to Study Abroad
Education loans from the Bank of India extend a standard coverage of the expenses you have while studying abroad. Areas of loan coverage are flexible and open ended if you have valid proofs for additional expenses. The major areas of spending for Bank of India education loans are:
Students can apply online or offline for education loans from Bank of India depending on their convenience. The application can be in-personal or digital, and as promised by Bank of India, involves minimal documentation and lesser time.
Offline application: You can apply offline by visiting the nearest BOI branch and following the guidelines the bank executive would provide.
Online application: You can apply online for BOI education loans by following the steps mentioned below:
The other convenient alternative is applying via Vidyalakshmi portal for BOI Star education loan for studying abroad. Read more about Vidyalakshmi portal.
Bank of India requires proper documents to prove the education loan eligibility of the student and co-applicant. The requirement of documents for an education loan is case specific and varies with students.
Generally, the following are the documents required from the student and co-applicant for Bank of India education loans:
However, given that education loans from the Bank of India is a good pick to study abroad, it is crucial to be eligible for the loan to enjoy the benefits. One major drawback with Bank of India’s education loans is that the loan amount is limited to INR 7.5 Lakhs for students without any collateral. Also, there are no mentions of liquid collateral being accepted for education loans, a disappointing news for students without any tangible collateral to pledge on for an education loan.
Check Your Education Loan Eligibility
You may go through the loan terms and conditions patiently to make an informed decision on education loans from Bank of India to study abroad. If you are not not eligible, no need to fret since there are more education loan options you can explore among the public banks, private banks, Non-Banking Financial Companies (NBFCs), and international lenders. As a first step, check your education loan eligibility and see the top education loan options for your profile.
Read more about:
Bank of India is a public bank in India that offers education loans to study in India and abroad. Being a public bank you can expect better interest rates and other loan terms on education loans offered by Bank of India.
As of the latest information the Padho Pardesh scheme for minority students is discontinued in the year 2022-23. The existing beneficiaries will continue to get the subsidy benefit.
The minimum qualification to apply for an education loan to study abroad from the Bank of India is +2 or equivalent.
Depending on your university’s reputation and the course’s earning potential, Bank of India may accept your application for an education loan to study an unlisted course. However, there will be an additional charge of INR 500 for loan amount less than INR 4 Lakhs, INR 1,500 for loan amount between INR 4 - 7.5 Lakhs and INR 3,000 for loan amount more than INR 7.5 Lakhs.
If there is a change of course or university the student or parent must immediately contact the nearest branch of Bank of India. The bank will update the details before loan disbursement.
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