Eligibility for Bank of India Education Loans

Every child needs a quality education in order to lead a complete, successful and comfortable life. Unfortunately, such education comes at a cost that not everyone who deserves it can afford. That is where education loans comes into play.Education loans are funds offered by banks and financial institutions to meritorious students to help them pursue their dream course.

Bank of India Education Loan Interest Rate is quite competitive for education in India’s finest institutes and on studying abroad.Interest rates on Education Loans are floating, and vary with the changes in MCLR. Bank of India Education loan interest rates are in the range of 9.05% and 9.85%.

Determinants of Eligibility for Education Loans

	Courses in India	Courses Abroad	IIT, IIM, ISB Courses
Max Loan Amount	₹ 10,00,000	₹ 20,00,000	₹ 10,00,000
Interest Rates
Loans upto ₹ 4,00,000	9.05 %	9.05 %	9.05 %
Loans ₹ 4,00,000 - ₹ 7,50,000	9.05 %	9.05 %	9.05 %
Loans > ₹ 7,50,000	9.85 %	9.85 %	9.85 %
Margin requirement (own contribution by student/ family)
Loans upto ₹ 4,00,000	0%	0%	0%
Loans above ₹ 4,00,000	5%	15%	0%
Max Tenure Post Moratorium
Loans upto ₹ 7,50,000	10 years	10 years	0 years
Loans above ₹ 7,50,000	15 years	15 years	0 years
Co-Applicant required (Y/N)	Yes	Yes	Yes
Third Party Guarantee
Loans upto ₹ 4,00,000	Not required	Not required	Not required
Loans ₹ 4,00,000 - ₹ 7,50,000	Required	Required	Required
Loans > ₹ 7,50,000	Not required	Not required	Not required
Collateral Security (Fixed deposit/ Property, LIC)
Loans upto ₹ 4,00,000	Not required	Not required	Not required
Loans ₹ 4,00,000 - ₹ 7,50,000	Not required	Not required	Not required
Loans > ₹ 7,50,000	Required	Required	Required
Prepayment Charges (Y/N)	Nil	Nil	Nil
Moratorium Period (lower of the two)
After course period	12 months	12 months	12 months
After getting job	6 months	6 months	6 months

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

Parameters	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 ₹ 10,00,000 for studies in India. Upto ₹ 20,00,000 for studies abroad. Upto ₹ 10,00,000 for studies at IIT's, IIM's and ISB's. These amounts are subjective to margin requirements as mentioned in the table above
Repayment Frequency	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.
Repayment Period	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 (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 ₹ 7,076 per lakh for a 15 years tenure and lowest rate of interest of 9.05%.

✅What is the procedure of education loan in Bank of India?

To borrow money for an education loan from Bank of India, all you need to do is visit the nearest Bank of India branch, fill the application form, submit the required documents. You can also apply for an education loan by visiting the official website of Bank of India.

✅Can we get an education loan without security?

To get an education loan upto ₹ 4 Lakh, you need to provide co-borrower security of your parents or husband and does not require any third-party guarantee or tangible security.

✅Is the property required for an education loan?

To get an education loan above ₹ 7.50 Lakh, you need to provide co-borrower security and tangible security equivalent to 100-133% of the loan amount as collateral. The tangible security is provided in the form of property, shares, fixed deposits etc.