Bank of India Education Loan

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The star scheme of educational loan by Bank of India aims to provide financial support to the meritorious and deserving candidates in order to pursue higher studies in India or abroad.

Bank Name	Amount of Loan	Repayment Tenure	Interest Rate
	10 - 20 lacs	10-15 years	2.50 - 3 %

Eligible Courses

To study in India :

Any graduation or post-graduation courses
Any professional course which includes engineering, agriculture, medical, law, veterinary, computer, dental, law and management
Courses offered by the IITs, IIMs, IISc, NID, NIFT, XLRI
Courses offered by the institutes which are established by central or state government.
Some other institute’s courses that stands for any degree / diploma and are affiliated to either of Govt. / UGC / AICTE / ICMR / AIBMS etc.

To study abroad :

Any of the technical or professional gradation course which guarantees job and is under any one of the reputed university.
For the post-graduation courses like MCA and MBA etc.
The courses under CIMA

Expenses that can be considered for granting loan

For the college / school / university / hostel fee which is payable to institution only
Funds to purchase various required thing for the course like a computer / books / equipment etc.
For any of the refundable deposit
All the passage or travel expenses
Money required for insurance
Funds which are needed to spend on any thesis work or project

Amount of loan granted

Maximum 10 Lac for studying in India
Maximum 20 Lac for studying in abroad

Interest rates

Interest rate is 3 % above the base rate for loan of 7.5 Lac and 2.5 % above the base rate for loan of amount greater than 7.5 Lac.

Repayment tenure

Repayment period is 7 years for loan of 7 Lac and 10 years for loan greater than 7 Lac

Security

no need of security deposit until the loan amount is less than or equal to 4 Lac
third party collateral security only if amount is less than 7.5 Lac and avove than 4 lac
security value asset collateral security if amount is more than 7 Lac

Margin

No margin for loan of amount 4 Lac and 5 % margin for above 4 Lac in India and 15 % margin for above Rs 4 Lac abroad.

Required Documents

All the academic documents of the student as well as the duly filled application form and third party collateral if required.

Eligibility Criterion

Below are given the eligibility criterions which should be fulfilled by the candidate in order to be able to apply for the education loan in Bank of India.

Nationality of the candidate who is going to apply should be Indian only
The applicant should have secured the admission in any of the technical / professional course through the entrance exam basis or the criterion should be decided by the merits only
The applicant is also supposed to have a good academic background
The applicant should not already have taken the loan from any other institute
Any one of the father or mother of the borrower is supposed to be the co-borrower
The only branch which would be nearest to the place of residence of the candidate can grant the loan.

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K.R. Mangalam University, Gurgaon