| Interest Rate | Grace Period | Margin Money |
| 10.85% – 11.05% | Course Period + 1 Year | 15% |
Table of Contents:
- Types of Education Loans in Bank of India
- Bank of India Abroad Education Loan
- Bank of India Abroad Education Loan Interest Rate
- Documents Required for Bank of India Abroad Education Loan
- Frequently Asked Questions
In today’s world, education is more than just a degree, it is key to unlocking several student opportunities. However, with the rising cost of education, students find it difficult to pursue their dream of studying abroad and often need financial assistance. The Bank of India offers education loans to students who wish to pursue their dreams without financial burden.
Types of Education Loans in Bank of India
Bank of India offers several loans to students planning to study abroad. The loans are as follows:
- Star Education Loan – Studies in India / Abroad
- Star Vidya Loan
- Star Progressive Education Loan
- Star Pradhanmantri Kaushal Rin Yojana
- Star Education Loan – Working Professionals
Bank of India Abroad Education Loan
Bank of India offers a Star Education Loan for studies abroad. The education loan is offered to students pursuing higher education in full-time degree / post-graduation courses. Students can get loans up to INR 1.5 crores. The details of the Bank of India abroad education loan are as follows:
| Particulars | Details |
| Loan Amount | Up to INR 1.5 crores |
| Repayment | 15 Years |
| Tax Benefit |
|
| Eligibility | Indian national with admission in a recognized abroad university after completion of 10 + 2 |
| Expenses Covered |
|
| Security |
|
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Bank of India Abroad Education Loan Interest Rate
The interest rate for every bank varies from one to another. Typically, government banks offer lower rates of interest than private banks. Here’s what Bank of India abroad education loan interest rates look like:
| Particulars | Rate of Interest – Floating | Rate of Interest – Fixed |
| Up to INR 7.5 Lakhs covered under CGFSEL | RBLR + 1.70% presently 11.05% | 12.40% |
| Above INR 7.5 Lakhs | RBLR + 1.70% presently 10.85% | 12.20% |
Documents Required for Bank of India Abroad Education Loan
Several documents are required to apply for a Bank of India abroad education loan. The table given below will guide you through:
| Document | Student | Co-Applicant |
| Proof of Identity (PAN & Aadhaar) | Yes | Yes |
| Proof of Address | Yes | Yes |
| Income proof (ITR/Form16/Salary slip etc.) | No | Yes |
| Academic Records (X, XII, Graduation if applicable) | Yes | No |
| Proof of Admission/ Qualifying Examination Result (if applicable) | Yes | No |
| Schedule of Study Expenses | Yes | No |
| 2 Passport Size Photograph | Yes | Yes |
| 1-Year Bank Statement | No | Yes |
| VLP Portal Reference Number | Yes | No |
| VLP Portal Application Number | Yes | No |
| Collateral Security Details and Documents, if any | No | Yes |
Frequently Asked Questions
Who is eligible for a Bank of India abroad education loan?
The student or applicant must be an Indian national and have secured admission to a recognized university abroad for higher education.
What is the moratorium period for a Bank of India abroad education loan?
The moratorium period helps students focus on their studies. Bank of India offers a moratorium period for abroad education loans to students of course period + 1 year.
Is collateral required for a Bank of India abroad education loan?
If you get a loan above INR 7.5 lakhs, collateral like property or security is required. For loans below INR 7.5 lakhs, no collateral is required. A joint borrower is sufficient.
How do I apply for a Bank of India abroad education loan?
You can apply online or visit the nearest branch of the Bank of India. You can also apply via Nomad Credit with a free consultation with study abroad experts to make it easier.
Are there any tax benefits on the Bank of India abroad education loan?
Bank of India offers tax benefits under Section 80 (E) of the Income Tax Act. The tax benefit can be claimed for up to 8 years.
