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Education Bank Loan in India : Bank Of India


Bank of India has Star Educational Loan on offer for the students willing to pursue higher education. Meritorious students are offered Bank of India Education Loan so that they can study a graduate, computer certificate, diploma, postgraduate, specialized or professional course in India or abroad.

Star Educational Loans :


Eligibility


Student:

  • Student should have nationality Indian.
  • Admission to technical or professional courses in India or Abroad should be secured and it is through entrance test or through the selection process based on merit.

Courses performed by the students:

  • India Studies:
    • Graduation courses: B.Sc, B.Com, BA etc
    • Post Graduation courses: Masters & Phd.
    • Professional courses : Medical, Engineering, Agriculture, Law, Veterinary, Dental, Computer, Management, etc
    • Certificate courses of supposed institutes in affiliated to the universities and the courses are such as CA, ICWA, CFA, etc.
    • All the courses accomplished by IIT, IIM, IISc, NIF, XLRI, etc.
    • All courses conducted in India which is offered by the foreign universities with the approval of Head Office. Evening courses of approved institutes.
    • Diploma and degree courses carry out by universities or colleges approved by Government, UGC, AICTE, ICMR, AIBMS etc.
    • With the prior approval of Head Office, all the courses conducted by National Institutes and other private institutes.
  • Abroad Studies:
    • Graduation: The technical courses and job oriented professional courses offered by the universities.
    • Post Graduation: MBA, MCA, MS, etc.
    • Other courses conducted by CPA (USA) and CIMA (London) etc.


Details of Loan


Exposure of the expenses:

  • Fee payable to school, college or hostel.
  • Purchase of equipment, books, uniforms or the instruments.
  • Library, Examination or the Laboratory fee.
  • Building fund, caution deposit, refundable deposit all are supported by the Institution bills or receipts.
  • Purchase of computers which is necessary for the course completion.
  • Passage money or travel expenses for the student studies abroad.
  • Other materials required for completion of course such as project work, study tours, thesis etc.

Quantum:

Need based finance subject to repaying capacity of the parents/students with margin and the following ceilings:

  • The maximum loan amount is Rs. 7.50 lakh for those studies in India
  • The maximum loan amount is Rs. 15 lakh for those studies abroad.

Margin:

  • No margin for the amount up to Rs. 4 Lakh.
  • The margin is 5 percent on the amount above Rs.4 lakh to studies in India
  • Margin is 15 percent for studies abroad.

Security:

  • No security is needed up to Rs. 4 lakh.
  • Collateral security in form of guarantee of third party is required in case when loan amount is above Rs.4 lakh & up to Rs.7.5 lakh.
  • For the loan amount above Rs.7.5 lakh, collateral security or guarantee of third party with the task of student's future income. This student's income is required for the installment payment.


Disbursement


Repayment period or moratorium period is the course period plus 1 year or 6 months from getting the job, whichever is early. The loan is repaid in 5 to 7 years after beginning of repayment.


Details & Contact


Head Office
Star House,
C5, Block -G,
Bandra - East,
Mumbai - 400 051
Phone - (022) 66684444
Fax - 022) 66684408
Website - http://www.bankofindia.com/



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