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 | |
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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 |
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Maximum Loan Amount |
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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%.