Bank of India Abroad Education Loan

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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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Overview of Bank of India abroad education loans

The following table gives you an overview of Bank of India education loans to study abroad: 

 

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.

Features of Bank of India abroad education loans 

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:

• The loan terms are student friendly in the sense that Bank of India offers loan amounts of high quantum at moderate rates of interest. 
• Collateral security is required for education loans of amounts more than INR 7.5 Lakhs to study abroad. 
• The collateral must be tangible, and agricultural land is accepted only in states where the law permits mortgaging of agricultural land for non-agricultural activities.

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Eligibility requirements for Bank of India abroad 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: 

1. The student must be an Indian citizen 
2. Secure admission to a recognized institution abroad, like ranking under 3,000 in the list of Webometrics or under 1,000 in the list of QS World University Ranking
3. Course of study must be listed by BOI
4. If the selection for higher studies is not based on academic merit or entrance results education loans are granted based on the future employment potential and reputation of the institution

Course eligible for BOI education loans for abroad 

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: 

1. Graduate degree - professional, technical, or any other graduate course
2. Post graduate degree - MCA, MBA, MS, etc. 
3. Post graduate diplomas
4. PHD
5. Courses conducted by CIMA- London, CPA in USA etc.
6. Regular degree / diploma courses like aeronautical, pilot training, shipping etc., provided these are recognized by local competent regulatory bodies of Aviation or Shipping abroad and Director General of Civil Aviation or Shipping in India for the purpose of employment in India/abroad.
7. Courses as initiated under various government education loan subsidy schemes

 

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Expenses covered under abroad education loans by Bank of India

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: 

1. Fees for tuition, admission, and hostel 
2. Examination and library fees
3. Books, equipment and instruments costs
4. Travel expenses or passage money (one way fare)
5. Price of computer or laptop.
6. Funds with receipt or bill from the institution, like caution deposit, building fund, or refundable deposit 
7. Life Insurance Premium for life cover of student or co- borrower for total tenure of loan
8. Any other expenses related to education