Website : www.bankofindia.com/
Bank Type : NationalisedBank
Abroad Courses
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.
Provided study loan amount in India : Upto 10 Lakhs
Provided study loan amount in Abroad : Upto 20 Lakhs
Eligibility :
Should be an Indian National; Secured admission to professional/technical courses in India or Abroad through Entrance Test/Merit based selection process. Good academic career. The student should not have outstanding education loan from any other Institution. Father/Mother should be co-borrower. Branch nearest to the permanent residence of student will consider the loan.
Coverage :
Fee payable to college/school/hostel Examination/Library/Laboratory fee. Purchase of books/equipments/instruments/uniforms. Caution deposit/building fund/refundable deposit supported by Institution bills/receipts. Travel expenses/passage money for studies abroad. Purchase of computers – essential for completion of the course. Insurance cover for the student. Any other expense required to complete the course – like study tours, project work, thesis, etc. As per brochure/ demand letter from the institution.
Margin
Upto Rs.4 Lakhs : Nil;Above Rs.4 Lakhs – Studies in India : 5%;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.
Interest Rate :
11.5% upto Rs.2 Lakhs and 13.5% from 2 to 10 Lakhs.
Re-Payment :
Maximum period of 10 years (principal amount).Payment commences 6 months after the completion of the course or getting employed.Accumulated interest is to be paid within 2-3 years of course completion. Interest during course is simple. After the course, interest is compound.If student does not return to India in 6 months, the interest charged is at commercial rates.
Security :
Mortgage on property (in parents’ names), shares, LIC, NSCs, Unit Trust, other investments.These must be at least 200% of the loan amount.
Documents :
Bank forms, letter of admission from overseas university clearly stating living costs and tuition fees and other costs. Student should have secured first division in previous studies (excluding language).
Where to Apply :
Any Branch in India
Time Taken :
1 month
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