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EDUCATION LOAN - Bank of India
Posted Date: 30 Sep 2007 Resource Type: Articles/Knowledge Sharing Category: General
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Posted By: Bala Member Level: Diamond
Rating:  Points: 6
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Bank of India
Star Educational Loans Eligibility :
Student
Should be an Indian National
Secured admission to professional/technical courses in India or Abroad through Entrance Test/Merit based selection process.
Courses
a) Studies in India
Graduation courses : BA, B.Com., B.Sc., etc.
Post Graduation courses : Masters & Phd.
Professional courses : Engineering, Medical, Agriculture, Veterinary, Law, Dental, Management, Computer, etc
Computer certificate courses of reputed institutes accredited to Department of Electronics or institutes affiliated to university.Courses like ICWA, CA, CFA, etc.
Courses conducted by IIM, IIT, IISc, XLRI, NIFT, etc.
Courses offered in India by reputed foreign universities with prior approval of Head Office.
Evening courses of approved institutes.
Other courses leading to diploma/degree, etc. conducted by colleges/ universities approved by UGC/ Govt./ AICTE/ AIBMS/ ICMR, etc.
Courses offered by National Institutes and other reputed private institutions with prior approval of Head Office.
b) Studies abroad:
Graduation : For job oriented professional/technical courses offered by reputed universities.
Post Graduation : MCA, MBA, MS, etc.
Courses conducted by CIMA - London, CPA in USA, etc.
Loan Details
Coverage of expenses
Fee payable to college/school/hostel.
Examination/Library/Laboratory fee.
Purchase of books/equipments/instruments/uniforms.
Caution deposit/ building fund/ refundable deposit supported by Institution bills/ receipts.
Travel expenses/passage money for studies abroad.
Purchase of computers - essential for completion of the course.
Any other expense required to complete the course - like study tours, project work, thesis, etc.
Quantum
Needbased finance subject to repaying capacity of the parents/students with margin and the following ceilings :
Studies in India - Maximum Rs.7.50 lakh
Studies abroad - Maximum Rs.15.00 lakh.
Margin :
Upto Rs.4 lakh : Nil
Above Rs.4 lakh - Studies in India : 5%
Studies Abroad : 15%
Security :
Upto Rs. 4 lakh : No security
Above Rs.4 lakh & upto Rs.7.5 lakh : Collateral security in the form of a suitable third party guarantee.
Above Rs.7.5 lakh : Collateral security of suitable value or suitable third party guarantee alongwith the assignment of future income of the student for payment of instalments.
No processing/upfront charges. Documents charges at actual.
Rate of Interest
Upto Rs.15 lakh : @0.75% below BPLR,presently applicable Rate 12.50% p.a.
Simple interest during the repayment holiday/moratorium period.
Penal interest @2% for loans above Rs.4 lakh for the overdue amount and overdue period.
Int. Concession of 0.50%p.a. for woman beneficiaries
1% int. concession if interest is serviced during moratorium period, where repayment holiday is specified for interest/repayment under the scheme (concession available for moratorium period)
Repayment
Repayment Holiday/Moratorium Period is course period + 1 year or 6 months after
getting job, whichever is earlier.
The loan is to be repaid in 5-7 years after commencement of repayment.
Contact Details
Head Office - Bank of India
Star House, C - 5, "G" Block, Bandra Kurla Complex, Bandra (East),
Mumbai 400 051
Phone : 022-66684444
Fax : 022- 66684408
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