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  • Bank of India Education Loan

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    Promised Interest Rate

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    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.

    Display of any trademarks, tradenames, logos and other subject matters of intellectual property belong to their respective intellectual property owners. Display of such IP along with the related product information does not imply BankBazaar's partnership with the owner of the Intellectual Property or issuer/manufacturer of such products.

    GST of 18% is applicable on all banking products and services from July 1, 2017 onwards.

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    Bank of India Education Loan Reviews

  • Page 1 of 2 1 2
    • 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? 12
      , 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? 7
      , 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? 5
      , 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? 12
      , 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? 12
      , 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? 10
      , 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? 3
      , 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? 7
      , 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? 7
      , 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? 10
      , 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? 6
      , 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? 6
      , ernakulam
      Reviewed on Oct 24, 2015
    • Bank of India Education Loan
      "Not satisfied"
      BANK OF INDIA
      0.5 1.0/5 "Really Bad"
      I took the education loan from Bank of India I donâ??t have the good experience. They did not guidance me about the interest rate of the loan were as the rate of interest was high.They provided the loan within 4 days . I paid 70,000 rupees more than the loan amount by paying the regular payment. They collected the easy documentation for the process.
      Was this review helpful? 7
      , nagpur
      Reviewed on Oct 03, 2015
    • Bank of India Education Loan
      "Low rate comparatively for education loan..."
      BANK OF INDIA
      0.5 4.5/5 "Excellent!"
      Availed this education loan in the year of 2005 and fore closed it in the year of 2010. Bank of India is giving full tuition fee including book charge and mess charges. Interest rate is very less comparatively. After completing the course we can pre close the loan after six month or one year after joining the job whichever is earlier.
      Was this review helpful? 4
      , thane
      Reviewed on Sep 22, 2015
    • Bank of India Education Loan
      "Good Bank"
      BANK OF INDIA
      0.5 4.5/5 "Excellent!"
      I took a education loan from Bank of India five years ago. It was the only bank who provided loan on the basics of the reference were as no banks were ready to offer loan.The loan was disbursed within 7 days with the interest rate of 11%. They allowed me to make the partial payment by just collecting minimal charges.
      Was this review helpful? 4
      , faridabad
      Reviewed on Aug 25, 2015
    • Bank of India Education Loan
      "Cooperative "
      BANK OF INDIA
      0.5 5.0/5 "Blown Away!"
      I took a education loan with Bank of India some 6 years ago at that time that was the only bank giving the loan without any grantee. They provided the loan without processing fee and the process was hassle free. For the past 4 year of my education they did not charge the interest rate but after that they charged the floating interest rate of 14% which was reduced .
      Was this review helpful? 9
      , kolkata
      Reviewed on Aug 13, 2015
    • Bank of India Education Loan
      "good"
      BANK OF INDIA
      0.5 4.0/5 "Great!"
      I experienced the education loan with Bank of India.The rate of interest what they provided to me is not fixed and around 11%. I am happy with this bank and the service is good.The customer service need to improve and the documentation process is simple one.
      Was this review helpful? 3
      , mundra
      Reviewed on Jun 03, 2015
    • Bank of India Education Loan
      "Its fine"
      BANK OF INDIA
      0.5 5.0/5 "Blown Away!"
      Bank of India educational loan is good. They have provided the loan within a span of 7 days. I have submitted a copy of title deeds , copy of bank statements and university admission form as well. There is a one guarantor who signed. The only concern here is every time when I was in need of money I have fill the application form and it would take about 2 days of time for me to get the DD.
      Was this review helpful? 5
      , patiala
      Reviewed on May 23, 2015
    • Bank of India Education Loan
      "Need to upgrade themselves"
      BANK OF INDIA
      0.5 3.5/5 "Pretty good"
      I have availed a educational loan with Bank of India before 6years and I felt the service provided was average.They required many documents in the process and the customer service was average they were not answerable to all queries. They provided the required loan amount and it will be better if they concentrate more on customers.The interest rate offered was 9% and they donâ??t charge any fee as well. I have started to pay my EMI recently and they give many options to the customer where a customer can pay a minimum EMI of 2800 and choice depends on the customer. It will take nearly 12years to complete the loan process and I would suggest that BOI can give more privilege to the customers.
      Was this review helpful? 9
      , jamnagar
      Reviewed on Apr 20, 2015
    • Bank of India Education Loan
      "Excellent in their job!!!"
      BANK OF INDIA
      0.5 5.0/5 "Blown Away!"
      Bank of India is excellent in all the parameters as the people in the bank is working good. They did fill the application without troubling us and they were open hearted. Especially the employees are valuing the customers. For educational loan they did not charge anything extra and just they required for minimal documents of graduation certificate and some documents of my father.
      Was this review helpful? 26
      , raipur
      Reviewed on Mar 24, 2015
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