Bank Of India Education Loan Interest Rate

INTEREST RATE9.25% to 11.75%
LOAN TENUREIn 5 to 7 years after the Holiday | Moratorium Period
PROCESSING FEEAs decided by the bank from time to time
GUARANTOR REQUIREDYes
PRE CLOSURE CHARGESAs decided by the bank from time to time
Note: Updated on 23 Feb 2024, for latest interest rates, please visit bank website.

About Bank Of India

Bank Of India is a public sector bank in india with total assets 10003 crore. It has headquarter in Mumbai. Bank Of India was founded on Sept. 7, 1906. It has 4892 branches and total assets 100036771 ATMs across India.

It provides all the financial services to its customers like saving deposit, fixed deposit, recurring deposit, home loans, personal loan, car loan, education loan, gold loan, PPF account, lockers, netbanking, mobile banking, RTGS, NEFT, IMPS, E-Wallet, Atal Pension Yojana, Pradhan Mantri Jandhan Yojana, Pradhan Mantri Suraksha Bima Yojana, Pradhan Mantri Jeevan Jyoti Bima Yojana and many more.

Find details about Bank Of India which includes Bank Of India Official Website, Bank Of India ATMs accross the India, Bank Of India Branches accross the India, Bank Of India Contact Numbers, Bank Of India official EmailID, Bank Of India Headquarter and Bank Of India Headquarter Address. Find Bank Of India Education loan purpos, Eligibility, Margin, Repayment of Education Loan ,Security, Documents Required for Education Loan from below.

Other Products of Bank Of India:

Home LoanPersonal Loan
Education LoanBusiness Loan
Car LoanTwo Wheeler Loan
Gold LoanFD Interest Rates
Bank Of India RD Interest RatesBank Of India ATMs Location
PPF Account 

Bank Of India Education Loan Purpose

To provide financial assistance to the deserving / meritorious students in getting their education completed specially for higher education. The scheme aims to ensure that the deserving students may not loose opportunities for want of arrangements of funds.

Bank Of India Eligible Courses for Education Loan

Education Loan can be availed under following cases-

  • Graduate, Post graduate, Diploma and Professional courses recognized by University Grant Commission, All India Council for Technical Education (AICTE) and the Indian Council for Medical Research, Government of India.
  • Job oriented Professional or Technical courses of reputed education institutes abroad, etc.
  • Government recognized or approved vocational or skill development courses.
  • Courses conducted by IIM, IIT, IISC, XLRI, NIFT, etc
  • Courses offered in India by reputed foreign Universities.
  • Other Courses leading to Diploma/ Degree, etc. conducted by Colleges/ Universities approves by UGC/ Govt./ AICTE/ AIBMS/ ICMS, etc.

Bank Of India Education Loan Document Required

For salaried individuals

  • Duly filled up and signed education loan application form along with photographs
  • KYC (Know Your Customer)documents
  • Proof of identity- Passport, Voter ID card, Driving license, PAN card, Aadhar Card, Government department ID card
  • Latest salary slip showing all deductions or Form 16 along with recent salary certificate
  • Proof of residence - Bank account statement, Latest electricity bill, Latest mobile/telephone bill, Latest credit card statement, Existing house lease agreement
  • Bank Statement or Bank Pass Book of having entries of last 6 months
  • Guarantor Form, Copy of admission letter or the Institute along with Fees schedule (Optional)
  • Mark sheets/pass certificates of S.S.C., H.S.C, Degree courses (Optional)
  • Detailed break-up of the costs of the course (Optional)

For all individuals except salaried

  • Duly filled up and signed education loan application form along with photographs
  • KYC (Know Your Customer)documents
  • IT returns of the last 2 years and computation of income of last 2 years certified by a Chartered Accountant
  • Proof of identity- Passport, Voter ID card, Driving license, PAN card, Aadhar Card, Government department ID card
  • Proof of residence - Bank account statement, Latest electricity bill, Latest mobile/telephone bill, Latest credit card statement, Existing house lease agreement
  • Bank Statement or Bank Pass Book of having entries of last 6 months
  • Guarantor Form, Copy of admission letter or the Institute along with Fees schedule (Optional)
  • Mark sheets/pass certificates of S.S.C., H.S.C, Degree courses (Optional)
  • Detailed break-up of the costs of the course (Optional)

Bank Of India Education Loan Amount

a) For studies in India, maximum Rs. 10 Lakhs.
b) For studies abroad, maximum Rs. 20 Lakhs

Margin

a) Up to Rs.4 lakhs-Nil.
b) Above Rs. 4 lakhs- Studies in India 5% Studies Abroad 15%

Bank Of India Education Loan Repayment

Repayment Holiday| Moratorium: Course Period + 1 year or 6 months after getting job, whichever is earlier.The loan to be repaid in 5 - 7 years after commencement of the repayment.

Security

Loans Upto Rs 4 lacs - Parents or Guardian to be joint borrowers
Above Rs. 4 lakh and upto Rs. 7.5 lakh - Parents or Guardian to be joint borrowers
Above Rs.7.5 lakh - Co-obligation of Parents together with tangible Collateral security of suitable value along with the assignment of future income of the student for payment of installments.

Mode of Repayment of Education Loan

Post Dated Cheque (PDC): PDCs are given by the borrower in advance to the bank. They will be for future dates. Bank will deposit the cheque on the date mentioned on the cheque. This mode used to be opted by the borrowers when there were no online repayment options available. This mode is no longer popular and is used by very few borrowers.

Electronic Clearance System (ECS): This mode is very popular and most of the borrowers opted for this mode of repaying the loan. It is an electronic mode for transferring the EMI from borrower's bank to lender's bank.

National Automated Clearing House (NACH): NACH is a facility offered by National Payment Corporation of India (NPCI) for online transfer of funds on due date. This system has come into force recently and is preferred by many people. The benefit of this mode is that it allows transactions to be processed in real time.

Standing Instruction (SI): It is an order or instruction which the account holder gives to his/ her bank to pay a fixed amount to another bank/ account at a regular interval. It is also used by many borrowers to pay EMIs as EMI is a fixed amount. SI is not suitable for variable amounts.

Contact details of Bank Of India, Bank Of India SMS balance check number SMS banking, Bank Of India mobile banking, Bank Of India toll free number,Bank Of India toll free number 24*7, Bank Of India miss call number.

  • MISSED CALL NUMBERS - 9015135135
  • CUSTOMER CARE NUMBERS - 1800220229, 18001031906, 022-40919191
  • CONTACT NUMBERS - 022-66684444, 18001031906, 1800220229

Bank Of India Contact Details

  • BANK OFFICIAL WEBSITE - https://www.bankofindia.co.in
  • CONTACT NUMBERS - 022-66684444, 18001031906, 1800220229
  • EMAIL ID - [email protected]
  • MISSED CALL NO. - 9015135135
  • CUSTOMER CARE NO. - 1800220229, 18001031906, 022-40919191
  • TOTAL BRANCHES - 4892
  • TOTAL ATMS - 6771
  • HEADQUARTER - Mumbai
  • BANK ADDRESS - BANK OF INDIA STAR HOUSE C - 5, "G" Block, Bandra Kurla Complex, Bandra (East), Mumbai 400 051.
Bank Of India EMI Calculator  Bank Of India Branches  
Bank Of India Education Loan FAQs  Education Loan Document Required

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