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Bank of India Education Loan

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Fees & Charges

Promised Interest Rate

Customer Service

Responsiveness

Overview:

Bank of India was founded in 1906 with a paid-up capital of Rs.50 lakh. Over the years, the bank has been in the forefront of introducing various innovative banking and financial products. To serve the ever-growing banking needs of Indians, Bank of India offers services in areas like personal finance, business banking, deposits and SME services.

When it comes to education loans, Bank of India has two different schemes that provide financial support to the deserving students for pursuing further studies. BOI’s Star Vidya education loan exclusively offers funding for students who are admitted to premier educational institutions in India.

Features and Benefits of Bank of India Education Loan:

Objective:

BOI Star Education Loan: The Star Education Loan is provided for students who wish to pursue higher studies in India and abroad.

BOI Star Vidya Loan: This exclusive education loan scheme is for students who have secured an admission at premier educational institutions in India like IITs and IIMs.

Expenses Considered for BOI Education Loan:

For both the schemes, the expenses covered by the loan are as follows:

  • Fees payable to college, school or hostel
  • Cost of uniform, books, instruments and equipment
  • Examination fee, library fee and laboratory fee as applicable
  • Caution deposit, building fund and refundable deposit supported with authorized bills
  • Any other coursework related expenses like cost of study tour and project work

Also, for students who avail the Bank of India Star Education loan for studies abroad, travel expenses or passage money will be covered.

Amount of Education Loan:

BOI Star Education Loan: As subject to repayment capacity, a maximum of Rs.10 lakh is offered for studies in India. For studies abroad, loans up to Rs.20 lakh are offered.

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:

Please contact the bank for an exhaustive list of institutions grouped as per the type. Also, loans up to Rs.30 lakhs will be considered under the Vidya Loan scheme with 100% tangible collateral security equal to loan amount.

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

Processing Fees:

No processing fee is charged for loans taken for studies in India. When it comes to foreign studies, a fee of Rs.1000 is charged which will be refunded upon the loan disbursement. As a one-time charge for any deviation from the normal loan scheme, Rs.500 to Rs.3000 is charged depending on the loan amount. Document and stamp duty charges are as per the actuals. For change of institution, Rs.250 is charged for studies in India and Rs.500 is charged for studies abroad.

Repayment Period:

The maximum repayment period for loans up to Rs.7.50 lakhs is 10 years. For loans over Rs.7.50 lakhs, the maximum repayment period is 15 years.

Security:

BOI Star Education Loan:

For loans up to Rs.4 lakh, no security is required. For loans above Rs.4 lakh and up to Rs.7.5 lakh, collateral security in form of a suitable third party guarantee is to be provided. For loans above Rs.7.5 lakh, co-obligation of parents together with tangible collateral security along with assignment of future income to the bank is required.

BOI Star Vidya Education Loan:

No collateral security is required. Parents or guardian is required to join the loan as co-borrowers. Also, the future income of the student applicant should be assigned to the bank for repayment of loan.

Margin:

BOI Star Education Loan:

For loans up to Rs.4 lakhs, there is no margin. For loans above Rs.4 lakh availed for studies in India, the margin is 5%. For studies abroad, the margin is 15%, irrespective of the loan amount. Scholarships can be included in the margin and the margin is to be brought in when disbursements are made on a year to year basis.

BOI Star Vidya Education Loan:

There is no margin for education loans availed under this scheme.

Eligible Courses in India and Abroad:

BOI Star Education Loan:

  • For studies in India, professional graduate and post-graduate courses like medical, engineering, law, management etc. are covered. Also, courses conducted by institutes set up by the central & state government and other courses leading to diploma and degree conducted by institutions approved by the government are considered.
  • For studies abroad, job-oriented technical courses offered by reputed universities like MCA, MBA, MS etc., and courses conducted by CIMA – London and CPA – USA are covered.

BOI Star Vidya Loan:

Regular full-time courses, diploma courses and full-time executive management courses like PGPX offered by premier institutions in India are covered under this scheme. It is to be noted that certificate courses and part-time courses are not covered.

List of Approved Educational Institutions:

BOI Star Education Loan: Institutes set up by central and state government and other universities approved by UGC, AICTE, AIBMS and ICMR. For studies abroad, reputed universities are approved.

BOI Star Vidya Education Loan: Select premier institutions in India that are listed under “A”, “B” and “C” category are approved. Please visit the bank’s official website or contact the bank for a comprehensive list of institutions in India grouped under these categories.

Documentation required:

The following documents might be asked for during the application process:

  • Address proof - Voter ID, Ration Card, Passport etc.,
  • Identity proof - Voter ID, Passport, PAN Card etc.,
  • Income details – PAN Card, Form 16, Form 60, Income Tax Returns, Salary Slips etc.,
  • Education Documents – SSC and HSC mark sheets, degree certificates.

Eligibility Criteria for BOI Education Loan:

  • The applicant should be an Indian national.
  • The student must have secured admission to a professional or technical course through a merit based selection process at institutions in India or abroad.
  • The student should not have outstanding education loan from other banks.
  • Parents or guardian should sign up as the co-applicant
  • For availing an education loan under Star Vidya scheme, the student should have secured admission in premier educational institutions in India through entrance test or merit based selection process.

Interest Subsidy Scheme for Education Loan

In order to support students from the Economically Weaker Sections (EWS) of the society, Ministry of Human Resource Development, Government of India, has come up with a unique interest subsidy scheme.

Here are some of the important points about the Central Government Interest Subsidy scheme for education loans.

  • Education loans availed from any scheduled bank for pursuing any of the approved professional course from recognized institutes in India are eligible to avail this subsidy.
  • This subsidy can only be availed by students whose parent’s income from all sources does not exceed Rs.4.50 lakhs per annum.
  • Full interest subsidy is offered for the moratorium period which is course period plus 1 year or 6 months after securing a job, whichever is earlier.

Bank of India Education Loan FAQs:

  1. I have availed a loan of Rs.20 lakh to pursue MS abroad. Will I be eligible for interest subsidy scheme?

    No. The interest subsidy scheme is offered only for loans up to Rs.10 lakh availed to pursue higher education in India.

  2. Will insurance cover for the student be considered as expense for the loan?

    Yes. Insurance cover for the student as provided by the institution is also covered as expense under the loan.

  3. How will the education loan be disbursed?

    The loan will be disbursed in stages as per the requirement or demand directly to the institution or vendor.

  4. What can be submitted as security while availing BOI education loan?

    The security can be in form of land, building, government securities, public sector bonds, term deposits etc.

  5. Can I get the Star Vidya Loan scheme for Ivy League institutions abroad?

    No. BOI Star Vidya education loan is offered only to students pursuing higher education in premier Indian institutions like IITs and IIMs.

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Bank of India Education Loan Reviews

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  • Bank of India Education Loan
    "Not satisfied"
    BANK OF INDIA
    0.5 1.0/5 "Really Bad"
    I have taken a Educational loan from Bank of India. I feel, In India its very difficult to get an educational loan and I know an employee who supports me from Bank of India. The loan process was very slow and the interest rate is very higher. Already this loan has been completed.
    Was this review helpful? 2
    , kolkata
    Reviewed on Aug 04, 2019
  • Bank of India
    Bank of India Education Loan
    "Friendly bank"
    BANK OF INDIA
    0.5 5.0/5 "Blown Away!"
    I bought the educational loan from Bank of India. Their services and follow ups are very good. When i visit the branch for educational loan, they responsively render the services. Without any hassle i got the card and shortest time they have delivered the loan and I'm not sure about interest rate given to me and now I'm repaying the money.
    Was this review helpful? 2
    , dehradun
    Reviewed on Jul 18, 2019
  • Bank of India Education Loan
    "Need improvement on the education loan"
    BANK OF INDIA
    0.5 3.5/5 "Pretty good"
    I completed Bank of India education loan, the experience was nominal. The client dealing is not good,when I have to pay only Rs. 3000 of emi amount, they called me again to again. I have taken the loan of Rs. 2 .11 lakh with 10.5% of interest it was nominal.
    Was this review helpful? 4
    , noida
    Reviewed on May 14, 2019
  • Bank of India Education Loan
    "Its Average"
    BANK OF INDIA
    0.5 3.0/5 "Satisfactory"
    I closed my education loan, its totally government bank, the process was very slow. I took the loan before five years as per their prospective they quoted the interest for the principal. They bank staff need improvement they are good in customer support.
    Was this review helpful? 2
    , noida
    Reviewed on Apr 06, 2019
  • Bank of India Education Loan
    "GOOD"
    BANK OF INDIA
    0.5 4.0/5 "Great!"
    The documentation done easy with simple documents for the EDUCATIONAL LOAN taken with the BANK OF INDIA. The rate of interest is 12-13% which is nominal than others comparatively. Lat year i got the subsidy from the government for my education loan.
    Was this review helpful? 3
    , pune
    Reviewed on Feb 24, 2019
  • Bank of India Education Loan
    "Good in Service"
    BANK OF INDIA
    0.5 4.0/5 "Great!"
    I had applied for a Educational loan with Bank of India . As we keep good financial record and also we pay ITR on time we didn't had any trouble getting educational loan application getting processed. The interest rates were reasonable as per the markets.
    Was this review helpful? 6
    , bangalore
    Reviewed on Jan 03, 2019
  • Bank of India Education Loan
    "Not satisfied with the service"
    BANK OF INDIA
    0.5 1.0/5 "Really Bad"
    The experience in getting this loan has not been that great where there has been a lot a of paper works required and documents which has to be submitted. The loan amount has been fine but the interest rate with them has been pretty high. If we don't have any other option we can go to chose with them.
    Was this review helpful? 8
    , bangalore
    Reviewed on Nov 09, 2018
  • Bank of India Education Loan
    "Excellent service"
    BANK OF INDIA
    0.5 5.0/5 "Blown Away!"
    I have got the educational loan from the BANK OF INDIA around 8 years ago. The customer support was good with the Bank of India. The rate of interest and the charges are average as per the market. This educational loan had the tenure of 4years of time.
    Was this review helpful? 8
    , bangalore
    Reviewed on Apr 09, 2018
  • Bank of India Education Loan
    "Good experience and easy process"
    BANK OF INDIA
    0.5 5.0/5 "Blown Away!"
    During the year 2008, I had taken education loan to do BE education. My loan amount was Rs.4.60 lakhs with tenure of eight years. Bank of India offered the interest rate of 11.5% it was floating interest rate. Still my loan is running, I am about to pay around Rs.50,000 as the loan amount.
    Was this review helpful? 24
    , bangalore
    Reviewed on May 11, 2017
  • Bank of India Education Loan
    "Interest rate has to be reduced"
    BANK OF INDIA
    0.5 5.0/5 "Blown Away!"
    Bank of India helped well on my Education loan process, Banker have responded well on my education loan. BOI gave quick response and they were very customer friendly. At the time of 2007 interest rate was high for the education loan they charged around 13.25%, I wish Bank should reduce the interest rate for education loans compared to other loan products.
    Was this review helpful? 11
    , chennai
    Reviewed on Mar 13, 2017
  • Bank of India Education Loan
    "Very good bank"
    BANK OF INDIA
    0.5 4.5/5 "Excellent!"
    I would like to rate BOI 4.5 the reason being the public sector bank they were not sluggish they were very good. I was instructed to visit 2 different Branches for the educational loan. I had approached BOI earlier but the disbursement had to happen from the other branch . BOI is very good even the branches were pretty quick.
    Was this review helpful? 9
    , hyderabad
    Reviewed on Feb 10, 2017
  • Bank of India Education Loan
    "Education loan"
    BANK OF INDIA
    0.5 0.5/5 "Unacceptable"
    The service is very poor and the interest rates are very high. I do not recomment this bank for eductional loan. The penality if not paid for even one month is more than the interest amount itself. BOI please stop doing this is students who count on you for their studies.
    Was this review helpful? 20
    , chennai
    Reviewed on Feb 09, 2017
  • Bank of India Education Loan
    "Education Loan "
    BANK OF INDIA
    0.5 5.0/5 "Blown Away!"
    Bank of India Education Loan "Good service " 4.5/5 "Excellent!" It was a good experience with bank of india related to the education loan.The process was not hectic with them.They are no hidden process and everything based on service was transparent with this bank.I may recommend the service to others as well.
    Was this review helpful? 16
    , mumbai
    Reviewed on Jun 03, 2016
  • Bank of India Education Loan
    "Good service "
    BANK OF INDIA
    0.5 4.5/5 "Excellent!"
    It was a good experience with bank of india related to the education loan.The process was not hectic with them.They are no hidden process and everything based on service was transparent with this bank.I may recommend the service to others as well.
    Was this review helpful? 11
    , new delhi
    Reviewed on Apr 23, 2016
  • Bank of India Education Loan
    "Best"
    BANK OF INDIA
    0.5 4.0/5 "Great!"
    I have closed the educational loan with the Bank of India and the interest rate was nominal one like its according to the industry standards. Response was a good one with the Bank of India and the repayment facilities too.
    Was this review helpful? 7
    , new delhi
    Reviewed on Mar 08, 2016
  • Bank of India Education Loan
    "Average"
    BANK OF INDIA
    0.5 2.0/5 "Expected more"
    I had the educational loan with the Bank of India and I closed it now. Rate of interest was huge with them and the loan amount got disbursed to my account after few days. Response was okay and I cant say its that much good.
    Was this review helpful? 10
    , bangalore
    Reviewed on Jan 13, 2016
  • Bank of India Education Loan
    "Really good service "
    BANK OF INDIA
    0.5 4.5/5 "Excellent!"
    In compared with service State Bank of india the response provided by the bank of india was really good.They are good in all aspects regarding the loan.They do require nominal documents for processing the loan.The are taking around 15days to process the education loan with Bank of india.
    Was this review helpful? 10
    , ranchi
    Reviewed on Nov 23, 2015
  • Bank of India Education Loan
    "No customer service "
    BANK OF INDIA
    0.5 1.0/5 "Really Bad"
    The experience was not that good with Bank of India when I applied for a education loan.They donâ??t bother to send the statement regarding the loan.They have not informed about the charges and interest rate applied in the loan.I have to visit the branch and the manager are not friendly towards the customer.In all overindia the case is same.
    Was this review helpful? 12
    , kolkata
    Reviewed on Nov 17, 2015
  • Bank of India Education Loan
    "Good support..."
    BANK OF INDIA
    0.5 3.5/5 "Pretty good"
    I have taken education loan form Bank of India. Merits is, we will get lower rate of interest and its from my home down. Only thing which is, process was bit slow compare to private banks. But some of the branches were very good in terms of loan process.
    Was this review helpful? 9
    , bangalore
    Reviewed on Nov 02, 2015
  • Bank of India Education Loan
    "High charges"
    BANK OF INDIA
    0.5 5.0/5 "Blown Away!"
    It was a good experience with Bank of India based on the Education loan.They have approved the loan really fast and I just visited the bank once.Generally customer have to visit several time for getting a loan but this Bank is different about the process.The interest rate applied was also quite less.
    Was this review helpful? 10
    , ernakulam
    Reviewed on Oct 24, 2015
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