Bank Of India Education Loan:

Star Educational Loan Scheme is a form of financial support of Bank of India Education Loan to the deserving and meritorious students who have keen desire to pursue higher education in India and abroad.  Bank of India Education Loan is a great way of studying abroad when one has not been able to qualify for a full time scholarship program at an affordable terms and conditions. It has been found that students specially pursuing technical education have applied more and more for these loans.

Bank Of India Education Loan Interest Rate:

The Bank of India Education Loan interest rate is competitive and attractive for the students applying to study in India and abroad.

Bank of India Education Loan rate for loan up to Rs. 7.5 lacs is 3.5% + BR and minimum 13% p.a.

Bank of India Education Loan interest rate for loan above Rs. 7.5 lacs is 4% + BR, minimum 13.50% p.a.

Bank of India Education Loan rate for girl student has a concession of 0.50% for Rs. 50,000 and 1% for amount above Rs. 50,000.

Bank of India Education Loan interest rate has a penal interest rate of 2% for studies abroad.

Bank Of India Education Loan Eligibility And Expenses Covered:

1Student should be of Indian national

2Should have good academic career.

3Either of the parents should be co-borrower.

4Should have cleared entrance test and the eligibility is based on selection process.

For Bank of India Education Loan can be taken for the following purposes and courses. If one wants to study in India one can go for graduation and post graduation courses.  Courses for Bank of Baroda Education Loan eligibility for study in India are: school education, intermediate, graduation Courses , Post Graduation Courses, Professional Courses, engineering, medical, agricultural, veterinary, dental, physiotherapy, nursing, law, interior designing, architecture, event management, mass communication, fashion technology,  PGDRIM, CA, ICWA, CFA, IIM, IIT, IISc, XLRI, NIFT, diploma or degree course in Aeronautical, pilot training, shipping and other courses approved by state or central government. Courses offered in India by institutes and universities approved UGC, AICTE, AIBMS or ICMR etc.

Courses eligible for study abroad are: graduation, post graduation, courses conducted by CIMA London, CPA in USA etc, graduate or post graduate courses MCA, MBA, MS, etc. 

The eligibility process has a process of margin money if the loan is taken for more than 4 lacs.

Studies In India 5%

Studies Abroad 15%

Other Major Qualifications For Bank Of India Education Loan Eligibility Are:

1To qualify for Bank of India Education Loan eligibility the candidate should be an Indian national.

2Admission to technical kind of courses in India is possible through Bank of India Education Loan eligibility.

3For admission abroad the student should have qualified in the merit selection process of the university.

4The maximum loan for studies in India is at the maximum is Rs.10 lacs

5The maximum loan for studies abroad is at the maximum is Rs. 20 lacs.

The expenses covered under the loan is

1.College Fee

2Hostel charges

3Examination and Library charges

4Caution deposit

5Money to go abroad

6Money to purchase a computer

7Money for Study tours, Project work etc.

Bank Of India Education Loan Review And Documentation:

According to the Bank of India Education Loan review the student would need to provide the following documents for the processing of the loan.

1Fully completed loan application form

2Two Photographs

3Mark sheet for the exam one has qualified for

Bank of India Education Loan review and documentation for the salaried co- borrower

1Bank Statement

2Income Tax Statement for the last two years

3A brief about the asset and liabilities possessed by the borrower

4Salary slip

Bank of India Education Loan review and documentation for the self employed individual

1Bank Statement

2Income Tax Return

3Profit and Loss Account or Balance Sheet of the Company

4Proof of Source Of Income

5Brief about the asset and liabilities possessed by the borrower.

Bank Of India Education Loan Review And Application Procedure:

Bank of India Education Loan application can be collected from the bank branches all across India. People can go ahead and fill up the form in which the details of the student and the co-borrower are mentioned along with the necessary documentation. People can go ahead and submit the application at the branch and the loan will be disbursed in installments to the college or institute directly.

Bank Of India Education Loan Rate Repayment Option And Pre Closure Process:

The loan needs to be paid back in 5 to 7 years from the date of disbursement of the loan. The student can avail a repayment holiday for a period of six months or till the person gets a job or whichever is earlier. The pre closure process is stated by the branch of the bank. Late fee charges will be as per the agreement.

Bank of India Education Loan Tax benefits: One can get tax benefits if any according to the Income Tax Act 1961 which varies yearly according to the changes made by the Government.

More details on Bank of India Education Loan eligibility and Bank of India Education Loan Rate etc. are on the official site at http://www.bankofindia.com/eduloans2.aspx