Bank of India Education Loans: The Facts You Needed in 2 Minutes
Let’s cut to the chase or rather facts, shall we?
Bank of India (BOI) offers three education loans:
- Bank of India Star Education Loan
- Bank of India Star Vidya Loan Scheme
- Skill Loan Scheme
Bank of India Star Education Loan
This loan is for higher studies in India or abroad. It offers financial support to meritorious students (in other words, you will get a no-no-no if you have scored low in your exams). The maximum loan they give you is Rs. 10 lakh for India and Rs. 20 lakh for abroad. Higher amounts are usually offered on a case-to-case basis in other banks but nothing as such is clearly mentioned for Bank of India.
This means the loan is good for Indian studies but likely to be insufficient if you want to study in Australia, Canada, US, UK, etc. It may work if you have your sights on Germany or Russia but do some research on the expenses first, okay?
This loan can be taken for covering expenses relayed to books, equipment, uniform, instruments, laptop or computer; examination, library and laboratory fees. It covers life insurance premium for life cover of the student or borrower and travel expenses in addition to admission fees.
Bank of India Star Vidya Loan Scheme
This loan is for higher studies in premier institutes in India. In other words, if you have cracked an Ivy League admission, BOI will not give you a loan. Hilarious, right?
This loan is meant for Indian students who have secured admission in select premier educational institutes in India through entrance tests or other selection processes. The quantum of loan depends on the bank’s categorisation of the institute, as is the case for most Indian banks.
This loan is good for bachelors, masters, doctorate (PhD) or a professional studies programme in a premier institute in the country. No collateral security is required for this study loan. Maybe this is why they don’t like to give a loan for higher studies?! 😀
You can use the loan to pay your college/university fees and all other approved expenses such as library fees, books, hostel fees, examination fees, etc. The loan has a moratorium. You get a period of one year after the completion of the course for loan repayment. Repayment period is 15 years from the date of commencement of repayment.
Bank of India Skill Loan Scheme
This is the Pradhan Mantri Kaushal Rin Yojana that every bank is expected to offer. Loan amount varies depending on the eligibility criteria and can be used to pay for course fees and related expenses. The loan starts from Rs. 5,000 and can go up to Rs. 1.5 lakh depending on duration of the course.
And that’s it. If it took you more than 2 minutes to read, let us know what you are doing to improve your reading speed. Or not.
And yes, if you want a personal or business loan, click here.