Bank of India Abroad Education Loan

    Updated on: 04 Sep 2023 8 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.

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    Frequently asked questions

    Is Bank of India a good choice for study abroad education loans? 

    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. 

    Can I get Padho Pardesh subsidy benefits from Bank of India education loans?

    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. 

    What is the minimum qualification to apply for a study abroad education loan from the Bank of India? 

    The minimum qualification to apply for an education loan to study abroad from the Bank of India is +2 or equivalent.

    Will Bank of India accept education loan applications for courses outside the bank’s list of eligible courses? 

    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.

    What if I change my course or university of study after getting an education loan sanction letter from the Bank of India? 

    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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Written by vishakha Bhagia

Interest in Finance with a flair for writing, Vishakha has written on education loans and the study abroad field for the last two years with articles published in Times of India, Outlook India, The Hindu, and many more publications.


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Reviewed by Aman Jain

Aman Jain graduated from IIT Kanpur, and currently functions as the CMO at GyanDhan. He is deeply passionate about creating equality in higher education and has directly interacted with 2 Lakh students in his 8-year-long journey.


Specializes in:
Education loan , Study Abroad Admissions


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