| Studies in Abroad |
Eligibility for Education Loan |
- Must be an Indian National.
- Secured admission to Professional/ Technical courses through Entrance Test/ Selection Process.
- Should not have outstanding education loan from any other institution.
- Father/Mother should be a co-borrower.
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| Eligible Courses for Education Loan |
- Graduation Courses, Post Graduation Courses, Doctorate Courses and courses like C.A, ICWA, CFA, CS, etc.
- Computer certificate courses of reputed institutes affiliated to universities and courses conducted by IIM, IIT, IISc, XLRI. NIFT etc.
- Courses offered by National Institutes and other reputed private institutions with prior approval of Head Office
- Other courses leading to diploma/degree, etc. conducted by colleges/universities approved by UGC/Govt./AICTE/AIBMS/ ICMR, etc.
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| Expenses considered for Education Loan |
- Fee payable to college/school/hostel
- Examination/Library/Laboratory fee
- Purchase of books/equipments/instruments/uniforms
- Examination/Library/Laboratory fee
- Travel expenses/passage money for studies abroad. Purchase of computers - essential for completion of the course.
- Any other expense required to complete the course - like study tours, project work, thesis, etc.
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| Quantum of Finance |
| Need based finance subject to repaying capacity of the parents/ students with a maximum of Rs. 10.00 lacs. |
| Margin |
- Upto Rs.4,00,000/- -- NIL
- Above Rs.4,00,000/- -- 5%
|
Studies in Abroad |
Eligibility |
- Must be an Indian National and age should be above 17 and below 35 years.
- Secured admission to Overseas College/ University/ Institution in any of the following disciplines
- Must provide admission confirmation letter from the concerned university.
- Must provide a valid passport and visa
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| Eligible Courses for Education Loan |
- Post graduation in MCA, MBA, MS and PhD(Doctor of Philosophy).
- Courses conducted by CIMA - London, CPA in USA etc.,
- Job oriented Professional and Technical courses offered by reputed universities.
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| Quantum of Finance |
| Need based as informed in the admission/ confirmation letter of the University/ College, subject to a maximum of Rs. 20.00 lacs |
| Margin |
- Upto Rs.4,00,000/- -- NIL
- Above Rs.4,00,000/- -- 15%
|
| Mode of Disbursement |
| Initially an amount equal to the cost of air passage and Foreign Exchange towards the payment of semester fee and hostel expenses as per admission card of the college. Further amounts will be released proportionate to expenses towards semester fees, hostel fees etc. on annual basis. |
Common aspects for Indian and Abroad studies |
Rate of Interest for Studies in India and in Abroad |
- Upto Rs.4.00 lacs - 2.50% below BPLR., Min. 9.50% p.a.
- Above Rs.4.00 lacs upto Rs.7.50 lacs - 2.00% below BPLR, Min. 10.00% p.a.
- Above Rs.7.50 lacs - 1.25% below BPLR, Min. 10.75% p.a.
- 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)
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| Insurance |
| All the student borrowers are offered a specially designed Term Insurance cover and the premium can be included as an item of finance. |
| Repayment |
Course period + 1 year or 6 months after getting job, whichever is earlier.
The loan is to be repaid in 5-7 years after commencement of repayment.
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| For more details visit Bank of India official website: bankofindia.com |