Bank of india education loan details

• Should be an Indian National;
• Secured admission to professional/technical courses in India or Abroad through Entrance Test/Merit based selection process.
• Good academic career.
• The student should not have outstanding education loan from any other Institution.
• Father/Mother should be co-borrower.
• Branch nearest to the permanent residence of student will consider the loan.

• 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, NID and other Institutes set up by Central/State Govt.
• 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.
• Courses offered in India by reputed foreign universities with prior approval of Head Office.

• 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.

• 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.
• Insurance cover for the student.
• Any other expense required to complete the course - like study tours, project work, thesis, etc.
  * As per brochure/ demand letter from the institution.

• Studies in India - Maximum Rs.10.00 lakh
• Studies abroad - Maximum Rs.20.00 lakh.

• Scholarship could be included in margin.
• Margin to be brought in on year to year basis as and when disbursements are made.

• 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 at the discretion of the Bank suitable third party guarantee alongwith the assignment of future income of the student for payment of installments.

• Upto Rs.4.00 lacs 2.50% below BPLR., Min. 9.50% p.a.
• Above Rs.4.00 lacs upto Rs.7.50 lacs 2.00% below BPLR, Min. 10.00% p.a.
• Above Rs.7.50 lacs - 1.25% below BPLR, Min. 10.75% 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 for limits upto Rs.50,000/- and 1% for limits over Rs.50,000/-
• 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)

• The loan is to be repaid in 5-7 years after commencement of repayment.

Processing/upfront charges	For Studies in India- NIL.  For Studies Abroad Rs.1000 for issuance of sanction letter for obtention of VISA. Amount refundable on availing loan.
Document /Stamp Charges	At Actuals
Change of Institution	Studies in India Rs.250/- Studies Abroad-   Rs.500/-
Agreement(copy to borrower) Xerox charges	Loan upto Rs.2 lacs- Rs. 25/-* Loan over Rs.2 lacs- Rs.100/-* Plus copying charge of Rs.1 per page