Bank of India Education Loan College List 2024 & Loan Application

Although it can require a significant financial investment, education need not be prohibitively expensive. With the help of the Bank of India Education Loan, your academic aspirations can come true.

Read this blog to learn the entire Bank of India Education loan college list, key terms associated with the loan, and more about BOI education loan in this blog post. All it takes to get on the path to success is a loan!

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Types of Bank of India Education Loans 

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Also Read: Education Loan Eligibility, Interest Rates and How to Apply

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Get Education Loan for Any College in India. 100% Fees Financed- Propelld Education Loan

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Star Vidya Loan: Key Features 

Among the other education loans that the Bank of India provides, the Star Vidya Loan is a scheme for students studying at premier institutions in India. The Bank of India Education Loan College list mentions the colleges applicable under this loan. 

The Star Vidya Loan for the Bank of India Education Loan College List has a few key features, they are: 

1. 0 Processing charges
2. Collateral security is not required 
3. 0 margin
4. 0 documentation charges
5. 0 hidden charges
6. No penalty on prepayment 
7. A takeover of loan facilities from other banks is available
   

Star Vidya Loan: Expenses Covered

Here are the expenses that are covered under the Bank of India Star Vidya Education Loan scheme exclusively for the Bank of India Education Loan College List:

1. Fees payable to college/school/hostel
2. Examination / Library Fees
3. Purchase of books/equipment/instruments
4. Purchase of computer/laptop
5. Caution deposit/building fund / refundable deposit supported by Institution bills/receipts.
6. Life Insurance Premium for life cover of student/co-borrower for the total tenure of the loan
7. Any other expenses related to education
   

Also Read: Bank of India Education Loan: Interest Rate 2024 & How to Apply

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Get upto 100% Education Fees Financed with Propelld. Simplified  Processing  Dedicated Support.

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Bank of India Premier Institute List 

The boi education loan college list is vast and covers several reputed institutes nationwide. We have picked the top 15 from each list. Keep reading to get an idea of the Bank of India Education Loan College list: 

List A - Bank of India Education Loan College list

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List B-Bank of India Education Loan College list

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List C- Bank of India Education Loan College list

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Must Read: Documents Required for applying for an Education Loan

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Minimal Documentation. Higher Chances of Approval. Easy Online Processes. Check Your Eligibility. 

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How to Apply for an Education Loan at the Bank of India 

Now that you know if your dream college falls under the Bank of India Education Loan College list, you must wonder how to complete your application process. 

Visit the Bank of India branch closest to you for an education loan. Make sure you have the required paperwork. A bank representative will process your education loan application.

You can also apply online through the Bank of India website. 

For help with the education loan application procedure, call 1800 103 1906 (toll-free). 
To know the in-depth application process of applying to an Education Loan in India, read this blog! 

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Documents Required for Bank of India Education Loan

Before availing the benefits of the Star Vidya Loan Scheme for Bank of India Education Loan College List or any other loan, gather the following documents:

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Looking for the perfect education loan to fund your education for colleges within the Bank of India Education Loan College List with a higher acceptance rate? 

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Banks and NBFCs Providing Education Loans: A Comparison

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Propelld offers an education loan exclusively designed for busy students and their hectic schedules. Propelld Education loans have a 100% digital process with higher approval rates.  

There are several other benefits of opting for a Propelld education loan. They are: 

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FAQ: Bank of India Education Loan College List

What is the maximum loan amount available for education loans from the Bank of India?

Depending on the institution and course, the maximum loan amount for elite institutions can be up to ₹30 lakhs for domestic education and ₹1.5 crore for studies abroad.

Which colleges are there in the Bank Of India Education Loan College List?

BOI's education loan schemes cover many institutions, including IITs, IIMs, NITs, and other reputable institutions. The Bank of India Education Loan College list is divided further into 4 categories: List A, B, and C, which determine the loan amount and interest rates.

Are there any special concessions for female students?

Female students can benefit from a 0.50% interest rate concession across different loan schemes.

Is collateral required for Bank of India education loans?

Students don’t need collateral for loans up to ₹7.5 lakhs. Above this amount, tangible security and co-borrowers are necessary.

What is the interest rate for education loans from the Bank of India?

Interest rates vary, starting from 9.05% for specific institutions and up to 10.45% for others, depending on the institution list (A, B, C) the student belongs to.

What is the repayment period for BOI education loans?

The repayment period can extend to 15 years, depending on the loan amount and repayment terms.

Does the Bank of India cover travel expenses under education loans?

Yes, travel expenses for studies abroad are also covered by the Bank of India Education Loan Scheme under specific loan schemes.

Are part-time courses covered under the Bank of India’s education loan?

Yes, BOI loans full-time and part-time courses from recognised institutions under the Bank of India Education Loan College List, including evening courses at approved institutions.

Is there any margin requirement for education loans?

For loans up to ₹4 lakhs, there is no margin requirement. However, for loans above ₹4 lakhs, a 5% margin for studies in India is required.

What expenses are covered under the Bank of India education loan?

The covered expenses include tuition fees, hostel charges, examination fees, travel costs, and the purchase of necessary equipment, such as laptops.

Can I apply for a Bank of India education loan online?

You can apply for a loan through the Bank of India website, the Vidya Lakshmi Portal, or by visiting a branch.

Is there an interest subsidy available for education loans?

Yes, schemes like the Central Sector Interest Subsidy (CSIS) and Padho Pardesh are available for eligible students and offer interest subsidies during the moratorium period.

What documents are required for the loan application?

Essential documents include proof of admission, identification, income proof, and co-borrower details.

What are the eligibility criteria for Bank of India education loans?

The student must be an Indian national, have secured admission to a recognised institution under the Bank of India Education Loan College List, and have an excellent academic record.