#1
January 14th, 2016, 03:12 PM
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Bank of India Education loan Documents
Hello Sir , I want to Apply for Get Education loan from Bank of India , So Can you please Give me Eligibility , Rate Of Interest and Required Document Details for my help ?
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#2
January 14th, 2016, 03:38 PM
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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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