How to get Bank of India Star Education Loan
Do you want to avail of an educational loan for your child's education? In this article is information about an attractive educational loan scheme from Bank of India, namely the BOI Star Education Loan
Bank of India is a well known nationalized bank in our country which has lots of attractive loan schemes for its customers. BOI Star Education Loan is such a loan scheme for the students who need money for their education purpose.
The details and the important requirements of this scheme are as mentioned in this article.
Who are eligible for BOI Star Education Loan? The eligibility criteria for the persons who apply to this particular loan are as follows:
- The student must be an Indian citizen.
- Either father or mother will be selected as the co-borrower for the loan.
- The loan is available for further studies only if he/she completes 10+2 level.
- Loan is available for higher education either in India or outside of India in any recognized educational institutions which have merit based selection procedure or posses any Entrance test for admission in that institute.
- The student must have good educational background i.e. good scores in result.
- The student must not be availing of any other educational loan for the same course he/she applied for this BOI loan.
Which expenses are considered for loan? There are several expenses for academic studies. Let us see which expenses are considered under the BOI Star Education Loan.
- The fees payable to the college or the educational institution is covered under the loan. The loan amount is directly payable to the educational institution.
- Examination fees, Library fees and Laboratory fees are also covered under this loan amount.
- For those students studying abroad, their travel expenses or passage money is also under coverage of this BOI Star Education Loan.
- If the student needs Laptops or Computers or any other devices for academic studies, then that is also permissible to be covered under this loan.
- The expenses made for instruments or uniforms or books are also considered in the loan amount.
Courses that are financed by BOI Star Education Loan
- Any graduate or PG Diploma courses which are done from any recognized institute are considered under this BOI Star Education Loan.
- The course must be affiliated by UGC or AICTE or ICMR or AIBMS or any government university. Note that the courses which are not affiliated by UGC or if they are under any state university, then they are not considered under the loan.
- The PG Diploma courses or any other Technical diploma courses which are affiliated by AICTE are also considered.
- Programs abroad like MBA or MS or MCA are also considered.
- Professional courses like ICWA or CFA or CA is approved under this loan facility.
- IIT, NID, NIFT, IIM, and XLRI conducted courses are also coming under the purview of the BOI Star Education Loan.
- All the regular degree or diploma courses like nursing diploma, pilot training etc. which are any government approved course are also eligible for this BOI Star Education Loan facility.
Details for BOI Star Education Loan limit
- You can apply for maximum Rs. 10 lakh for studies in India and the maximum limit for studies abroad is Rs. 20 lakh.
- For the female candidates there is a concession in the loan amount. You have to pay 0.05% less if your loan amount is up to Rs. 50,000 and it will be 1% if your loan amount is more than Rs. 50,000.
- For the professional courses there is also a concession of 1%.
- The margin for the loan is NIL for loan taken up to Rs. 4 lakh and 5% for more than Rs. 4 lakh for studies in India. The margin for foreign studies is 15% if the amount is more than Rs. 4 lakh.
Important conditions for BOI Star Education Loan
- The student must produce the academic result of the previous semester or term for getting the next installment for the next semester.
- The loan amount is paid directly to the college or the institutions or the authority for the books or the other instruments in installments. The loan amount is not directly paid to the student.
- The nearest bank branch will be chosen for the applied student.
- The students and the parents must give their latest postal address and they should also inform the bank authority if they change their address in the loan period.
- The student must inform the bank authority when the course gets completed or when he/ she terminates the course.
For further details you can visit the official website of BOI or you can talk to the concerned bank official at your nearest branch.