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Bank of India Loan

Bank of India has Star Educational Loan on offer for the students willing to pursue higher education. Meritorious students are offered Bank of India Education Loan so that they can study a graduate, computer certificate, diploma, postgraduate, specialized or professional course in India or abroad. The Star Educational Loan Scheme aims at providing financial support from the Bank of India 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.

Eligibility for Education Loans of Bank of India

Education Loans of Bank of India are offered to Indian nationals, who have no outstanding loan taken for education from any other body.The parent of the student should also act as a co-borrower.

A student will be considered eligible for the loan if he has good academic record and gets admitted to a professional or technical course in India or abroad through a selection procedure based on merit or entrance test.

Eligible Course :

Graduation courses : BA, B.Com., B.Sc., etc.

• Post Graduation courses : Masters & Phd.
• Professional courses : Engineering, Medical, Agriculture, Veterinary, Law, Dental, Management, Computer, etc
• Computer certificate courses of reputed institutes accredited to Department of Electronics or institutes affiliated to university.
• Courses like ICWA, CA, CFA, etc.
• Courses conducted by IIM, IIT, IISc, XLRI, NIFT, NID and other Institutes set up by Central/State Govt.
• Evening courses of approved institutes.
• Other courses leading to diploma/degree, etc. conducted by colleges/universities approved by UGC/Govt./AICTE/AIBMS/ ICMR, etc.
• Courses offered by National Institutes and other reputed private institutions with prior approval of Head Office.
• Courses offered in India by reputed foreign universities with prior approval of Head Office.

Note :  1. Professional courses not approved by AICTE and conducted by Institutes not recognised by State Universities is outside the purview of the eligibility under the scheme.

2.  Special scheme for students admitted to IITs, at concessional rate of interest.

Expenses taken into account

The educational loan covers college, school or hostel fee as well as that of exam, laboratory or library. Even the expenses of books, instruments and uniforms are also taken into account. The caution deposit, refundable deposit or building fund is also considered. The student's travel expenses as well as other necessary costs related with the program are covered by the loan.