Bank of India Education Loans: Get Details regarding Education loan Documents, Interest Rates, Eligibility, Fees and Charges and Other process of Bank of India
ELIGIBILITY CRITERIA :
- STUDENT’S 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 loan.
- ELIGIBLE COURSE :
- 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.
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.
- EXPENSES CONSIDERED FOR LOAN :
- 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.
- BANK CHARGES :
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.
- OTHER CONDITIONS :
- 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
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