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Bank of India Education Loan Interest Rate Apr 2018

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 9.50% and 10.80%.

Education Loan Bank of India

  Courses in India Courses Abroad IIT, IIM, ISB Courses
Max Loan Amount Rs. 10 Lakh Rs. 20 Lakh Rs. 10 Lakh
Interest Rates      
Loans upto Rs. 4 lakh 10.00 % , for Girls - 9.50% 10.00 % , for Girls - 9.50% 10.00 % , for Girls - 9.50%
Loans Rs. 4.0 - 7.5 lakh 10.00 % , for Girls - 9.50% 10.00 % , for Girls - 9.50% 10.00 % , for Girls - 9.50%
Loans > Rs. 7.5 lakh 10.80 % , for Girls - 10.30% 10.80 % , for Girls - 10.30% 10.80 % , for Girls - 10.30%
Margin requirement (own contribution by student/ family)      
Loans upto Rs. 4 lakh 100% 100% 100%
Loans above Rs. 4 lakh 95% 85% 100%
Max Tenure Post Moratorium      
Loans upto Rs. 7.5 lakh 10 years 10 years 0 years
Loans above Rs. 7.5 lakh 15 years 15 years 0 years
Co-Applicant required (Y/N) Yes Yes Yes
Third Party Guarantee      
Loans upto Rs. 4 lakh Not required Not required Not required
Loans Rs. 4.0 - 7.5 lakh Required Required Required
Loans > Rs. 7.5 lakh Not required Not required Not required
Collateral Security (Fixed deposit/ Property, LIC)      
Loans upto Rs. 4 lakh Not required Not required Not required
Loans Rs. 4.0 - 7.5 lakh Not required Not required Not required
Loans > Rs. 7.5 lakh 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

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

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 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
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 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. 7,097 per lakh for a 15 years tenure and lowest rate of interest of 9.50%.

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