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Bank Of India Education Loan
Are you dreaming of a higher education but worried about the costs? You're not alone. Education can be a significant investment, but it doesn't have to be a financial burden. The Bank of India Education Loan is here to make your academic dreams a reality.
Did you know? The total amount of education loans granted has risen from INR 16,000 crore in the 2021-22 period to INR 17,000 crore in the 2022-23 period. Get yourself all the benefits, requirements, and detailed steps to apply for a BOI education loan in this blog. Your journey to success is just a loan away!
Bank Of India Education Loan Overview
The BOI education loan interest rate is nearly competitive, ensuring that you get the best possible deal.
Here’s a glimpse of the Bank of India education loan:
Next, the bank’s interest rate has much impact on your education and loan decision. Here’s how BOI charges their interest rate.
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Bank Of India Education Loan Interest Rate
The interest rate is determined using a formula that incorporates the Reserve Bank of India’s (RBI) REPO rate plus a mark-up, resulting in the Repo-Based Lending Rate (RBLR). Your credit score plays a crucial role in determining the mark-up applied to your loan.
Here’s how it works:
High Credit Score (825 and above)
If you have a high credit score, you are considered a low-risk borrower. RBLR (Repo Based Lending Rate): 6.5% (REPO) + 2.0% (Mark-Up) = 8.40 to 8.50% per annum.
The table below provides an overview of the Bank Of India Education Loan Interest Rates.
*For the latest interest rates, you must always check the bank’s official website.
Types Of Bank Of India Education Loan
When it comes to financing your education, the Bank of India education loan offers various options tailored to meet your specific needs. Here’s a breakdown of the different types of Bank of India student loans available for studying in India and Abroad:
Please note: BOI provides education loans for abroad only under Star Education Loan Abroad.
Are you one who requires an education loan after the 12th, then read more: How to Get an Education Loan After the 12th: Complete Guide!
Now that you are aware of the different types of education loans provided by BOI. Let’s see how it differs in terms of different features.
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Comparison Of Bank Of India Education Loans
When choosing an education loan, comparing different options available will better meet your budget and loan requirements.
Here’s a detailed comparison of the Bank of India education loan types and schemes:
Next, let’s break down some of the exciting advantages of the Bank of India education loan that you must check out.
Advantages Of Bank Of India Education Loan
The Bank of India education loan offers a host of advantages. With competitive interest rates, flexible repayment options, and comprehensive coverage of expenses, this loan ensures you focus more on your studies rather than financial worries.
1. Competitive Interest Rates
The Bank of India's education loan starting interest is 8.40% per annum, making it one of the most affordable options for students.
2. High Loan Amounts
You can secure up to INR 150 lakhs for studies in India and abroad, ensuring you have sufficient funds for all educational needs.
3. Flexible Repayment Options
Enjoy a repayment period of up to 15 years, with a moratorium period covering the course duration plus 1 year, giving you ample time to start repayments.
4. Tax Benefits
Avail of tax deductions under Section 80E of the Income Tax Act, reducing your overall financial burden.
5. Simple Application Process
The application process is way easier than you think, with clear guidelines on the documents required for Bank of India education loan applications, ensuring a hassle-free experience.
6. Interest Rate Subsidies
Benefit from interest subsidies on certain government-supported schemes like the Central Sector Interest Subsidy Scheme during the moratorium period.
Still not convinced about taking your loans with BOI? Then, you must watch out for the education loan subsidies and their benefits.
Bank Of India Education Loan Subsidies
Financing your education can be more manageable with the Bank of India education loan and its various subsidy programmes. These programmes are designed to provide financial relief to students from diverse backgrounds, making higher education more accessible.
Here are the key subsidy programmes available:
Central Sector Interest Subsidy Scheme (CSIS)
- Purpose: Provides full interest subsidy during the moratorium period for economically weaker sections.
- Eligibility: Annual parental income up to ₹4.5 lakhs.
- Benefit: Covers interest on the loan amount during the course duration plus one year.
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Dr. Ambedkar Central Sector Scheme
- Purpose: Subsidy for Other Backward Classes (OBC) and Economically Backward Classes (EBC) students pursuing studies abroad.
- Eligibility: Annual parental income up to ₹8 lakhs for OBC and ₹1 lakh for EBC.
- Benefit: Covers interest during the moratorium period.
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Are you worried about whether you will qualify for the BOI education loan or not? If yes, then read the criteria below.
Bank Of India Education Loan: Eligibility Criteria
Securing a Bank of India education loan can open doors to a wealth of educational opportunities. The eligibility criteria are essential to ensure a smooth application process.
Now, let’s mark down all the important documents you’ll need when applying for a Bank of India education loan.
Bank Of India Education Loan Documents Required
Application for a Bank of India education loan is now a no-time process, provided you have all the necessary documents in place.
Here’s a detailed list:
- Aadhaar Card
- Passport
- Voter ID
- PAN Card
- Utility Bills (Electricity, Water, Gas)
- Rent Agreement
- Previous year’s mark sheets and certificates
- Admission letter from the educational institution
- The fee structure provided by the institution
- Latest salary slips (for salaried individuals)
- Income tax returns (for self-employed individuals)
- Bank statements for the last six months
- Form 16 (if applicable)
- Identity proof of co-applicant
- Address proof of co-applicant
- Income proof of co-applicant
- Bank statements of co-applicant for the last six months
- Duly filled and signed loan application form, which you can obtain from the nearest Bank of India branch or download from their official website.
- 2 passport-size photos of both you and the co-applicant.
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You might be thinking of your EMI payments; BOI provides an online EMI calculator for your ease. See the detailed steps below.
Bank Of India Education Loan EMI Calculator
Bank of India Education Loan EMI Calculator helps you estimate your monthly instalments (EMIs), enabling you to manage your finances effectively. Here’s how you can do it:
Using the Bank of India education loan EMI calculator is straightforward. Here's a step-by-step guide:
Example:
Let’s say you plan to take a Bank of India student loan of ₹10 lakhs for your higher education in India. You have the following details:
- Loan Amount: ₹10 lakhs
- Interest Rate: 8.40% per annum
- Repayment Tenure: 10 years
Here’s how you can calculate your EMI:
- Loan Amount: ₹10,00,000
- Interest Rate: 8.40% per annum
- Repayment Tenure: 10 years (120 months)
This means you will need to pay around ₹12,400 every month for 10 years to repay your Bank of India education loan.
Now, let’s move on to how you can easily apply for the BOI education loan
How To Apply For BOI Education Loan Online/ Offline?
You can choose to apply for a Bank of India education loan either online or offline. Here’s a step-by-step guide to help you through both methods:
Applying Online:
Applying Offline:
Read more: How to Apply for Education Loan in India- Complete Process.
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Do you want to transfer your existing loan to BOI but are not aware of the process? Worry not, here you go!
How To Transfer Your Education Loan To BOI?
Transferring your education loan to the Bank of India can be a wise decision. If you're looking for better interest rates or more favourable repayment terms, here’s a process to follow:
Are you stuck with how you can proceed with repayment? Here are all your answers with tips and information.
Bank Of India Education Loan Repayment Process
Repaying your Bank of India education loan is a crucial part of your financial planning. Understanding the repayment process helps you manage your finances effectively and ensures you stay on track with your repayments. Here’s how you can do it:
Why Propelld?
Need an easy education loan to achieve your academic goals? Propelld is here for you! With a simple application process, low interest rates, and flexible repayment plans, Propelld is designed for students. It helps you manage finances so you can concentrate on your studies. Let Propelld support you in reaching your educational dreams effortlessly!
Benefits Of Propelld Education Loan
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