Bank of India Education Loan
Education Loan amount can be used for a variety of purposes, covering all aspects of needs that a student might have with respect to his studies. These include:
- 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/Laptops – essential for completion of the course.
- Life Insurance Premium for life cover of student/co-borrower
- Any other expenses? required to complete the course – like study tours, project work, thesis, etc.
Bank of India Student Loan Features
Bank of India student loans come with the following attractive features:
- Life Insurance Premium for life cover of student/co-borrower is also considered under the loan
Bank of India Education Loan Eligibility
||Bank of India Education Loan Eligibility Criteria
|Age of the Applicant
- Upto 35 years for non-employed personnels
- Upto 45 years in case of working employees/ executives
|Who can apply
- An Indian National having secured admission to professional/technical courses in recognized institutions.
- Permanent employees who are employed for not less than three years with any organisation and who intend to acquire higher professional qualifications and have secured admissions in a reputed institute.
|Maximum Loan Amount
- Upto Rs. 1,000,000 for studies in India.
- Upto Rs. 2,000,000 for studies abroad.
- Upto Rs. 1,000,000 for studies at IIT’s, IIM’s and ISB’s.
- These amounts are subjective to margin requirements as mentioned in the table above
- Quarterly or monthly rests.
- Repayment in Education Loans typically starts 1 year after completing the course or six months after getting a job, whichever is earlier.
- Loan interest re‐payment will start immediately after disbursement of the first installment of the loan.
- Tenure of an Education Loan consists of Duration of Study, Grace Period after the Study and Repayment Period.
- For Indian courses repayment tenure is maximum of 15 years after the commencement of repayment.
- For Abroad courses repayment tenure is maximum of 15 years after the commencement of repayment.
Bank of India Education Loan EMI Calculator
Bank of India Education Loan EMI (or equated monthly instalment) is a fixed amount of money paid by you to Bank of India against the loan taken. This is towards repayment of your loan to the bank. Every month, it is due on a fixed day of the month till your loan is fully paid back.
Bank of India Education Loan repayment calculator calculates EMI based on the loan amount you have applied for, interest charged on loan and the tenure for which you have applied. offers affordable and convenient education loans with loan EMIs as low as Rs. 7,113 per lakh for a 15 years tenure and lowest rate of interest of 9.85%.