Education Loan in Bank of India ( BOI )

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Education Loan in Bank of India ( BOI )

1.Bank of India Education Loan Objective & Purpose

The Star Educational Loan Scheme aims at providing financial support from the bank to deserving / meritorious students for pursuing higher education in India and abroad. The main emphasis is that every meritorious student is provided with an opportunity to pursue education with the financial support on affordable terms and conditions.

2. Bank of India Education Loan Eligibility Criteria

a) Bank of India Student Loan Eligibility :

  • Should be an Indian National.
  • Secured admission to professional / technical courses in India or Abroad through Entrance Test / Merit based selection process.
  • Good academic career.
  • The student should not have outstanding education loan from any other Institution.
  • Father / Mother should be co-borrower.
  • Branch nearest to the permanent residence of student will consider the education loan.

b) Bank of India Education Loan Eligible Course :

(i) Bank of India Education Loan for Studies in India ( Indicative list ) :

  • Graduation Courses: BA, B.Com., B.Sc., etc.
  • Post Graduation Courses: Masters & Phd.
  • Professional Courses: Engineering, Medical, Agriculture, Veterinary, Law, Dental, Management, Computer, etc.
  • Computer certificate courses of reputed institutes accredited to Department of Electronics or institutes affiliated to university.
  • Courses like ICWA, CA, CFA, etc.
  • Courses conducted by IIM, IIT, IISc, XLRI, Need, NID and other Institutes set up by Central / State Government.
  • Evening courses of approved institutes.
  • Other courses leading to diploma / degree, etc. conducted by colleges / universities approved by UGC / Government / AICTE / AIBMS / ICMR, etc.
  • Courses offered by National Institutes and other reputed private institutions with prior approval of Head Office.
  • Courses offered in India by reputed foreign universities with prior approval of Head Office.

Note :

  1. Professional courses not approved by AICTE and conducted by Institutes not recognised by State Universities is outside the purview of the eligibility under the scheme.
  2. Special scheme for students admitted to IITs, at concessional rate of interest.

(ii) Bank of India Education Loan for Studies abroad :

  • Graduation : For job oriented professional / technical courses offered by reputed universities.
  • Post Graduation : MCA, MBA, MS, etc.
  • Courses conducted by CIMA – London, CPA in USA, etc.

3.Expenses considered for Educational Loan in Bank of India

  • Fee payable to college / school / hostel*
  • Examination / Library / Laboratory fee.
  • Purchase of books / equipments / instruments / uniforms.
  • Caution deposit / building fund / refundable deposit supported by Institution bills / receipts.
  • Travel expenses / passage money for studies abroad.
  • Purchase of computers essential for completion of the course.
  • Insurance cover for the student.
  • Any other expense required to complete the course like study tours, project work, thesis, etc.

* As per brochure / demand letter from the institution.

4. Bank of India Quatum of Finance

Need based finance subject to repaying capacity of the parents / students with margin and the following ceilings :

  • Studies in India – Maximum ₹ 10.00 lakh.
  • Studies abroad – Maximum ₹ 20.00 lakh.

5. Bank of India Education Loan Margin

  • Upto ₹ 4 lakh : Nil
  • Above ₹ 4 lakh :
    1. Studies in India : 5%
    2. Studies Abroad : 15%
  • Scholarship could be included in margin.
  • Margin to be brought in on year to year basis as and when disbursements are made.

6. Collateral Security for Education Loan in Bank of India

S.No.Name of the DepartmentsVet. College, Bengaluru Vet. College, Bidar
M.V.Sc.Ph.D.M.V.Sc.Ph.D.
Veterinary Sciences ( Group - A )
1
Veterinary Anatomy & Histology1 2 2*
2Veterinary Gynaecology & Obstetrics 4 2
4 1
3Veterinary Medicine 2 2 2 -
4Veterinary Surgery & Radiology 2

122
5Veterinary Physiology
2 1 2 -
6Veterinary Pharmacology & Toxicology4 2 - -
7Veterinary Pathology 33 * *
8Veterinary Parasitology 3 *--
9Veterinary Microbiology 3 2 2 2
10Veterinary Biochemistry 22--
11Wildlife5---
Animal Sciences ( Group - B )
12Animal Nutrition2 1 2 1
13Animal Genetic & Breeding3 1 2 -
14Poultry Science4 2--
15Livestock Production & Management 2 1 - -
16Livestock Product Technology3---
17Veterinary & A.H. Extension 2 - * -
Total4722186

Note : The security can be in the form of land / building / Government Securities / Public Sector Bonds / NSC / KVP / LIP / Banks Term Deposit etc.,in the name of Student / Parent / Guardian / Guarantor with suitable margin.

7. Bank of India Rate of Interest ( w.e.f. 01.04.09 )

  • Upto ₹ 4.00 lacs – 2.50% below BPLR., Min. 9.50% p.a.
  • Above ₹ 4.00 lacs upto ₹ 7.50 lacs – 2.00% below BPLR, Min. 10.00% p.a.
  • Above ₹ 7.50 lacs – 1.25% below BPLR, Min. 10.75% p.a.
  • Simple interest during the repayment holiday/moratorium period. Penal interest @2% for loans above ₹ 4 lakh for the overdue amount and overdue period.
  • Int. Concession of 0.50%p.a. for woman beneficiaries for limits upto Rs.50,000/- and 1% for limits over ₹ 50,000/-.
  • 1% int. concession if interest is serviced during moratorium period, where repayment holiday is specified for interest/repayment under the scheme ( concession available for moratorium period ).

No processing charges.

One time charges for any deviations from the scheme norms including approval of courses outside the scheme :

  • Upto ₹ 4.00 lacs – ₹ 500/-
  • Over ₹ 4.00 lacs upto ₹ 7.50 lacs – ₹ 1000/-
  • Over ₹ 7.50 lacs upto ₹ 20.00 lacs – ₹ 2000/-
  • In respect of educational loans availed by borrowers from rural areas from the Rural Branches – Charges Nil.

8.Bank of India Education Loan Insurance

All the student borrowers are offered a specially designed Term Insurance cover and the premium can be included as an item of finance.

9. Repayment of Education Loan

Repayment holiday / Moratorium : Course period + 1 year or 6 months after getting job, whichever is earlier.

The education loan is to be repaid in 5 – 7 years after commencement of repayment.

10. Bank of India Charges

RankName of the Institutions
1Institute of Management Technology
2National Law School of India University
3University of Pune
4Punjab Technical University
5Welingkar Institute of Management Development & Research
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6Alagappa University
7Symbiosis Centre for DL
8Sikkim Manipal University
9IGNOU
10Annamalai University

One time charges for any deviations from the scheme norms including approval of courses outside the scheme :

  • Upto ₹ 4.00 lacs – ₹ 500/-
  • Above ₹ 4.00 lacs to ₹ 7.50 lacs – ₹ 1,000/-
  • Over ₹ 7.50 lacs upto ₹ 20.00 lacs – ₹ 2,000/-

In respect of loans availed by borrowers from rural areas from the Rural Branches – Charges Nil.

11. Other Conditions for Bank of India Educational Loan

  1. Education Loan to be disbursed in stages as per requirement / demand, directly to the Institution / Vendors of books / equipments / instruments to the extent possible.
  2. Student to produce mark list of previous term / semester before availing next installment.
  3. Student / Parent to provide latest mailing address, in case of any change.
  4. Student / Parent to inform Branch immediately on change of course / completion of studies / termination of studies / any refund of fees by college / institution / successful placement / obtention of job / change of job etc.

On Line facility available for submission of application, tracking of application status and resume completion of incomplete application.

For further information, you may contact nearest branch of the Bank. Education Loan at the sole discretion of Bank of India.

JEE Main

Application Form Submission 16 Dec 2020 to 16 Jan 2021.