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Bank of India Education Loan - Student Loan in India

Bank of India STAR Education Loan Scheme

BOI Star Education Loan - Bank of India


Bank of India STAR Education Loan Scheme

BOI Star Education Loan - Bank of India

Bank of India Education Loan OBJECTIVE & PURPOSE :

The Star Educational Loan Scheme aims at providing financial support from the bank to deserving/ meritorious students for pursuing higher education in India and abroad. The main emphasis is that every meritorious student is provided with an opportunity to pursue education with the financial support on affordable terms and conditions.

Bank of India Education Loan ELIGIBILITY CRITERIA:


Should be an Indian National;

Student should have secured admission to a higher education course in recognized institutions in India or Abroad through Entrance Test/Merit based selection process after completion of HSC (10 plus 2 or equivalent).

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.


Studies in India (Indicative list) :

Approved Courses leading to graduate /post graduate degree and     P.G. diplomas conducted by recognized colleges/ universities by UGC/Government/AICTE/AIBMS/ICMR

Courses like ICWA,CA,CFA,etc.

Courses conducted by IIM, IIT, IISc, XLRI, NIFT, NID and other Institutes set up by Central/State Govt.

Regular Degree /Diploma courses like Aeronautical, Pilot Training Shipping, degree/diploma in nursing or any other discipline approved by Director General of Civil Aviation/Shipping/Indian Nursing Council

Note : Professional courses not approved by AICTE and conducted by Institutes not recognized by State Universities is outside the purview of the eligibility under the scheme.

Bank of India Education Loan Studies abroad :
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.

Bank of India Education Loan EXPENSES CONSIDERED FOR LOAN:

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/Laptops - essential for completion of the course.

Life Insurance Premium for life cover of student/co-borrower

Any other expenses  required to complete the course - like study tours, project work, thesis, etc.

* As per brochure/ demand letter from the institution.

Bank of India Education Loan QUANTUM OF FINANCE :

Need based finance subject to earning potential of student upon completion of the course with and following ceilings :
Studies in India - Maximum Rs.10.00 lakh
Studies abroad - Maximum Rs.20.00 lakh.

Bank of India Education Loan MARGIN :

Upto Rs.4 lakh : Nil
Above Rs.4 lakh - Studies in India : 5%     
                                Studies Abroad : 15%·
Scholarship could be included in margin.· Margin to be brought in on year to year basis as and when disbursements are made.
Bank of India Education Loan SECURITY :

Upto Rs. 4 lakh


Parents or Guardian to be joint borrowers 
( To be covered under CGFSEL)

Above Rs.4 lakh &upto Rs.7.5 lakh


Parents or Guardian to be joint borrowers
( To be covered under CGFSEL)

Above Rs.7.5 lakh


Co-obligation of Parents together with tangible Collateral security of suitable value along with the assignment of future income of the student for payment of installments.

Note : The security can be in the form of land/building/Govt. Securities/Public Sector Bonds/NSC/KVP/LIP/ Banks Term Deposit etc., in the name of Student/ Parent/ Guardian/Guarantor with suitable margin.

RATE OF INTEREST:  Please Click here 

    1. Int. Concession of 0.50%p.a. for woman beneficiaries for limits up to Rs.50,000/- and 1% for limits over Rs.50,000/-
    2. For Professional courses (like Engg./Medical/ Management, etc.) int. concession : 0.50% (Maximum under a) and b), above is 1%)
    3. 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 only)

Simple interest during the repayment holiday/moratorium period. Penal interest @2% for loans above Rs.4 lakh for the overdue amount and overdue period.


All the student borrowers are offered a specially designed OPTIONAL Term Insurance covers and the premium can be included as an item of finance.

Bank of India Education Loan REPAYMENT: 

Repayment holiday/Moratorium: Course period + 1 year  

Repayment Period: 15 years after commencement of repayment

BANK CHARGES : Please Click here

Document /Stamp Charges

At Actuals


Loan to be disbursed in stages as per requirement / demand, directly to the Institution/ Vendors of books/equipment’s/instruments to the extent possible;

Student to produce mark list of previous term/semester before availing next instalment ;

Student / Parent to provide latest mailing address, in case of any change ;

Student /Parent to inform Branch immediately on change of course /completion of studies/termination of studies/ any refund of fees by college /institution /successful placement /obtention of job/change of job etc.,

Students may also apply online on Vidya Lakshmi Portal developed by NSDL e-Governance Infrastructure Ltd. To apply on line on Vidya Lakshmi Portal click here