Bank of India Education Loan | Interest Rates | Documents | Information

Bank of India Education Loans: Get Details regarding Education loan Documents, Interest Rates, Eligibility, Fees and Charges and Other process of Bank of India

Compare Education Loan

Full Name:

Country of Study:

Course of Study:

Co-borrower’s* Income:

Email ID :

Residence City:

Course Name:

Required Loan Amount:


Other City:

Applicant’s Income Status :

I authorize & its partnering banks to contact me to explain the product & I Agree to privacy policy and Terms and Conditions.

* Co-borrower : Relative with good income who can support your education loan application. Typically it can be your Father, Mother, Brother, Sister, Spouse, Cousin, Paternal Uncle (Chacha), Paternal Aunt (Chachi), Maternal Uncle (Mama), Maternal Aunt (Mami), Grandfather, Grandmother


    • 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 loan.
  • Studies in India (Indicative list) :
  • Graduation/ Post Graduation courses
  • Professional courses : Engineering, Medical, Agriculture, Veterinary, Law, Dental, Management, Computer, etc
  • Courses conducted by IIM, IIT, IISc, XLRI, NIFT, NID and other Institutes set up by Central/State Govt.
  • Other courses leading to diploma/degree, etc. conducted by colleges/universities approved by UGC/Govt./AICTE/AIBMS/ ICMR, etc.

Note :
Professional courses not approved by AICTE and conducted by Institutes not recognized by State Universities is outside the purview of the eligibility under the scheme.

  • 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.
    • 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.

  • QUANTUM OF FINANCE :Need based finance subject to repaying capacity of the parents/students with margin and the following ceilings :
    • Studies in India – Maximum Rs.10.00 lakh
    • Studies abroad – Maximum Rs.20.00 lakh.
  • MARGIN :Upto Rs.4 lakh : Nil
    Above Rs.4 lakh – Studies in India : 5%
    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.
    Processing/upfront charges For Studies in India- NIL.
    For Studies Abroad – Rs.1000 for issuance of sanction letter for obtention of VISA. Amount refundable on availing loan.
    Document /Stamp Charges At Actuals
    Change of Institution Studies in India – Rs.250/-
    Studies Abroad- Rs.500/-

    One time charges for any deviations from the scheme norms including approval of courses outside the scheme applicable @ Rs.500 for loan uptoRs. 4 lacs, Rs.1000 for loan upto Rs.7.50 Lacs and Rs.2000 for Loan over Rs.7.50 Lacs.In respect of loans availed by borrowers from rural areas from the Rural Branches – Charges NIL.


    • Loan to be disbursed in stages as per requirement / demand, directly to the Institution/ Vendors of books/equipments/instruments to the extent possible;
    • Student to produce mark list of previous term/semester before availing next installment ;
    • Student / Parent to provide latest mailing address, in case of any change ;
    • 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. Loan at the sole discretion of Bank of India.

Source: Bank of India Website

You might find these relevant:

Tags: , ,

  • WRS Info India Pvt.Ltd.
    Address: E-32, Ground Floor, Sector - 8,
    Noida, Uttar Pradesh, India - 201301
    Phone: 1800 3000 1500
  • Facebook linkedin Twitter Google plus
    © Copyright 2015, Deal4loans, India
  • Disclaimer: Information is sourced from respective Banks websites. We don't provide Loans on our own but ensures your information is sent to bank/agent which you have opted for. We don't do short term loans. Deal4loans has no sales team on its own and we just help you to compare loans .All loans are on discretion of the associated Banks/Agents. Read More