A leading nationalised bank, Bank of India (BOI) was founded in 1906 as a private bank by a group of businessmen. In 1969, the bank became nationalised along with 13 more banks. Since then, BOI has been a leading loan provider in India.
Students prefer to take education loans from nationalised banks because of the perks and facilities that the bank provides. BOI provides loan to all income groups, according to the applicant’s eligibility.
In this article, we will discuss the education loans provided by the BOI for students willing to take loan for higher education abroad. Let us first discuss the types of education loans provided by BOI.
Types of Education Loans Provided by Bank of India
The BOI provides both unsecured and secured loans for education. Unsecured loan is provided up to 7.5 lakhs. Secured loan is provided above 7.50 lakhs and up to 1.5 crore (there is no limit if project cost is more).
For Studies Abroad Education Loan, taking an unsecured will not be an option. The student is required to get a secured education loan. BOI provides education loan for studies abroad under ‘Star Educational Loan Scheme’. We shall have an overview of this scheme so that you can understand the loan process of BOI.
Star Education Loan
Star Educational Loan Scheme provides loans to students who are pursuing higher education in India and Abroad. All income groups are eligible to take this loan. We will focus on the study abroad loan requirement criteria for applicants.
Students’ Eligibility Criteria
Eligible Courses for Studies Abroad Loan
Expenses Covered in the Loan
Rate of Interest and Concessions
Additional concessions in the ROI are mentioned below
Funding & Margin
The student is required to contribute the margin for every disbursement.
Moratorium Period and Repayment
Other Important Conditions
If you are looking to get secured overseas education loan from BOI for your higher education. The above-mentioned information will be beneficial and release all your doubts. The loan sanctioning process can become complicated if you are not aware about how to proceed with the loan application.
Approaching the right overseas education consultant will help you get education loan easily. You can connect with the expert ‘Education Loan Advisor’ of ÉLAN Overseas Education Loan. A specialized wing of KC Overseas Education Pvt Ltd, ÉLAN is a platform that provides successful overseas funding options. Keep reading to know more about the services provided by ÉLAN.
Services and Assistance by ELAN
ÉLAN’s mission is to provide thorough assistance for the overseas education loan process. We provide both online and offline assistance to students.
If you are looking for an education loan for abroad studies without collateral or with collateral, you can schedule an appointment with our experienced Education Loan Advisors. They will guide and assist your loan application process from the beginning till the end.
Get in touch with ÉLAN experts today!