Bank of India was established in 1906 with a paid-up capital of Rs.50 lakh. Throughout the years, the bank has been in the front line of presenting different imaginative keeping money and budgetary items. To serve the constantly developing managing an account needs of Indians, Bank of India offers benefits in zones like individual fund, business keeping money, stores and SME administrations.

With regards to instruction credits, Bank of India has two unique plans that give money related support to the meriting understudies for seeking after further reviews. BOI's Star Vidya instruction advance only offers financing for understudies who are confessed to head instructive foundations in India.

Components and Benefits of Bank of India Education Loan:

Objective:

BOI Star Education Loan: The Star Education Loan is accommodated understudies who wish to seek after higher reviews in India and abroad.

BOI Star Vidya Loan: This elite training credit plan is for understudies who have secured a confirmation at head instructive establishments in India like IITs and IIMs.

Costs Considered for BOI Education Loan:

For both the plans, the costs secured by the advance are as per the following:

Charges payable to school, school or inn

Cost of uniform, books, instruments and gear

Examination charge, library expense and research center expense as relevant

Alert store, building reserve and refundable store bolstered with approved bills

Whatever other coursework related costs like cost of study visit and venture work

Measure of Education Loan:

BOI Star Education Loan: As subject to reimbursement limit, a greatest of Rs.10 lakh is offered for studies in India. For studies abroad, advances up to Rs.20 lakh are advertised.

BOI Star Vidya Loan:

Organization Type
Most extreme Loan sum advertised

Organizations under List "A"
Rs.20 lakhs

Organizations under List "B"
Rs.10 lakhs

Organizations under List "C"
Rs.7.50 lakhs

Loan costs:

BOI Star Education Loan:

Credit Amount/Applicant Type
Loan cost

Up to Rs.7.50 lakhs
3% over the base rate

Above Rs.7.50 lakhs
2.50% over the base rate

Ladies Beneficiaries
Concession of 0.5% for every annum for limits up to Rs.50,000 and 1% for breaking points over Rs.50,000

Credit for Professional courses
Concession running from 0.5% to 1%

On the off chance that intrigue is adjusted amid ban
1% concession

BOI Star Vidya Loan:

Establishment Type/Applicant Type
Financing Cost (Floating)

For understudies of IITs/IIMs
9.95% (At the base rate)

For understudies of chief establishments under A, B and C classification
10.45% (0.50% over the base rate)

Young lady understudies
0.50% concession subject to least base rate

Reimbursement Period:

The greatest reimbursement time frame for advances up to Rs.7.50 lakhs is 10 years. For advances over Rs.7.50 lakhs, the greatest reimbursement time frame is 15 years.

Security:

BOI Star Education Loan:

For advances up to Rs.4 lakh, no security is required. For advances above Rs.4 lakh and up to Rs.7.5 lakh, insurance security in type of an appropriate outsider certification is to be given. For advances above Rs.7.5 lakh, co-commitment of guardians together with substantial insurance security alongside task of future wage to the bank is required.

BOI Star Vidya Education Loan:

No insurance security is required. Guardians or watchman is required to join the advance as co-borrowers. Likewise, the future wage of the understudy candidate ought to be allocated to the bank for reimbursement of advance.