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Bank of India – A Leading Nationalised Bank for Studies Abroad Education Loan

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

  • Applicant should be an Indian Citizen 
  • Applicant should have a strong academic profile
  • Any of the parent should be co-borrower
  • Student shouldn’t  have any outstanding education loan 
  • Student should get admission in a recognised institution through entrance test or merit-based selection

Eligible Courses for Studies Abroad Loan

  • Graduation – All professional and technical courses that are offered by recognised institutions.
  • Post-Graduation – All PG courses like MS, MBA, MCA, etc.
  • Other Courses - CPA in USA, CIMA - London, etc.

Expenses Covered in the Loan

  • Tuition fees 
  • Living expenses 
  • Books and Laptop
  • Additional course expenses like study tours, project work, thesis, etc. 
  • Travel expenses 
  • Visa fees
  • Insurance cover 
  • Miscellaneous expenses 
  • Other expenses mentioned in the offer letter of the applicant’s institution

Rate of Interest and Concessions

  • Rate of Interest - (RBLR+2.50%) Present RBLR is 8.25%

Additional concessions in the ROI are mentioned below

  • 0.50% - Concession to Female Students
  • 0.50% - 100% Collateral security and Loan amount above 20.00 Lakhs
  • 0.50% - Webometrics Ranking under 1000 and Loan amount above 20.00 Lakhs
  • 0.50% - If Medical Engineering and Management Courses
  • 1% Concession - if interest served during Moratorium Period

Funding & Margin

  • Funding between 7.5 lakhs to 1.5 Cr, the bank will fund up to 90% and have a minimum margin of 10%
  • Funding above 1.5 Cr, the bank will fund up to 75% and have a minimum margin of 25%

The student is required to contribute the margin for every disbursement. 

Moratorium Period and Repayment  

  • Moratorium Period - Course period + Job Search Period of 1 year
  • Repayment Period – 15 years


  • Security required can be in the form of Government Security, land, building, public bonds, bank term deposits, NSC, LIP, KVP, etc. The security should be in the name of the applicant or the co- applicant.

Processing Charges 

  • Processing charges is Rs.5,000/- (excluding taxes)
  • The processing charges will be refunded after the loan is sanctioned.

Other Important Conditions  

  • Loan will be disbursed as required 
  • Applicant needs to submit the latest university semester marksheet before applying for the next loan disbursement.
  • The University should come under 3000 webometrics ranking or 1000 QS ranking.
  • Pre-Visa and Post Visa disbursement can be possible as per country norms
  • Applicants need to always keep the email address updated
  • Any important change should be updated by the applicant or their parent 

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 

  • Expert guidance on Education Loan
  • Availability of renowned financial institutions like nationalised banks, private banks, NBFC’s and International Lenders. 
  • Profile Evaluation
  • Assistance with Documentation and Application
  • Quick Loan Sanction
  • 100% Funding 
  • Pre-Admission Loan
  • Foreign Exchange
  • Global Card
  • International Sim Card
  • Overseas Travel Insurance 

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!


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