COMPARE : EDUCATION LOANS
Bank of India Education Loan
Introduction
Bank of India Star Education loan scheme has been designed to provide financial support to the deserving / meritorious students for higher studies in India and abroad. Student should be an Indian National and have secured admission to professional /technical courses in India or abroad to get the loan.
Highlights
  Study Abroad Study India
Course Post Graduation Graduation
Loan Type Term Loan Term Loan
Loan Purpose 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. The Educational Loan Scheme outlined below 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.
No deserving student is denied an opportunity to pursue higher education for want of financial support
Loan Amount Min. - Rs 50000
Max. - Rs 2000000
Min. - Rs 50000
Max. - Rs 1000000
Margin Money Upto Rs.4 lakh : Nil
Above Rs.4 lakh - 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.
Upto Rs.4 lakh : Nil
Above Rs.4 lakh - Studies in India : 5%
Tenure Min. - 5 Yrs.
Min. - 1 Yrs.
Interest Rate Upto Rs.7.50 lacs –13.75%
Above Rs.7.50 lacs – 13.25%
Simple interest during the repayment holiday/moratorium period. Penal interest @2% for loans above Rs.4 lakh for the overdue amount and overdue period.
Int. Concession of 0.50%p.a. for woman beneficiaries for limits upto Rs.50,000/- and 1% for limits over Rs.50,000/-
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)
Upto Rs.7.50 lacs - 13.75
Above Rs.7.50 lacs - 13.25
Simple interest during the repayment holiday/moratorium period. Penal interest @2% for loans above Rs.4 lakh for the overdue amount and overdue period.
Int. Concession of 0.50%p.a. for woman beneficiaries for limits upto Rs.50,000/- and 1% for limits over Rs.50,000/-
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)
Time to Process Loan 7 days 7 days
 Fees & charges
 Eligibility Criteria
 Security
 Terms & Conditions
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