2023 2024 EduVark > Education Discussion > General Discussion


  #2  
January 14th, 2016, 03:38 PM
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Join Date: Mar 2012
Re: Bank of India Education loan Documents

Star Educational Loan Scheme By Bank of India Aims at Providing Financial Support From the Bank to Deserving/ Meritorious Students for Pursuing Higher Education in India and Abroad .


Documentation Required:

The following Documents Might be Asked for During the Application Process:

Address proof - Voter ID, Ration Card, Passport
Identity proof - Voter ID, Passport, PAN Card
Income details – PAN Card, Form 16, Form 60, Income Tax Returns, Salary Slips
Education Documents – SSC and HSC Mark Sheets, Degree Certificates .

Eligibility Criteria for Education Loan:

Applicant Should be an Indian National.

Student Must have Secured Admission to a Professional or Technical Course Through a Merit Based Selection Process at Institutions in India or abroad.

Student Should not have Outstanding Education Loan from Other Banks.

Parents or Guardian Should Sign up as the co-Applicant

Branch Nearest to the Permanent Residence of Student Will Consider the Loan

Quantum of Finance:

Need Based Finance Subject to Repaying Capacity of the parents/students with margin and the following ceilings:

Studies in India - Maximum Rs.10.00 lakh

Studies abroad - Maximum Rs.20.00 lakh

MARGIN:

Upto Rs.4 lakh: Nil
Above Rs.4 lakh

Studies in India: 5%
Studies Abroad: 15%•

Bank of India Educational Loan Rate Of Interest :

Upto Rs.7.50 lacs – 3% above Base Rate, (presently 13.20 %)


Above Rs.7.50 lacs – 2.50% above Base Rate, ( presently 12.70 %)

After Commencement of Repayment:

Loan amount up to Rs.7.50 lacs: 10 years.
Loan amount over Rs.7.50 lacs: 15 years.


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.


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