Education Loans from Bank of India (BOI)
Being one of the nationalised banks in India, Bank of India (BOI) offers multiple education loans to suit the different needs of students. As of October 2020, Bank of India offers three education loans, each for a particular student segment or purpose. This is in keeping with the bank’s status as a nationalised bank and its large footprint – more than 5,000 branches – across the country.
The three education loans from Bank of India are:
- Bank of India Star Education Loan
- Bank of India star Vidya Loan Scheme
- Skill Loan Scheme
The bank also offers one Government of India Interest Subsidy Scheme on education loans for deserving students, namely:
- Padho Pardesh Scheme of Interest Subsidy for Education Loans
You can read a brief intro to each of these BOI Student Loan schemes below. This page gives you all the information about the Bank of India loans in one space in an easy-to-read format. For more information, click on the links given with the briefs below to read in detail about each education loan.
Bank of India Star Education Loan (Higher Study in India and Abroad)
This BOI study loan is designed to provide financial support to meritorious students for pursuing higher education within the country as well as abroad. The maximum loan amount you can get for higher education is Rs. 10 lakh in India and Rs. 20 lakh abroad.
Features of Bank of India Star Education Loan
Why this Loan?
- The loan is meant to help meritorious students pursue higher education in India or abroad
- The Bank of India Star Education Loan is disbursed as a series of payments over the required number of years and not as a lump sum
- The loan can be taken for covering expenses including purchase of books, equipment, uniform, instrument; examination, library and laboratory fees; purchase of laptop or computer essential for completion of the course; 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 (Higher Study in Premier Institutes in India)
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 Bank of India’s categorisation of the institute.
Features of BOI Star Vidya Loan Scheme for Higher Studies in India
Why this Loan?
- The loan is meant for you if you have secured admission into a 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
- The BOI Star Vidya Loan for Higher Studies in India can be used to pay the college/university fees and all other approved expenses such as library fees, purchase of books, hostel fees, examination fees, etc.
- Students get a moratorium period of one year after the completion of the course for loan repayment
- The repayment period of this BOI Education Loan is 15 years from the date of commencement of repayment
Bank of India Skill Loan Scheme (Pradhan Mantri Kaushal Rin Yojana)
This loan helps students who intend to pursue skill development courses in India. The loan amount varies depending on the eligibility criteria and can be used to pay for course fees and related expenses. The loan amount starts from Rs. 5,000 and can go up to Rs. 1.5 lakh depending on the duration of the course.
Features of Bank of India Skill Loan Scheme for Technical Courses
Why this Loan?
- The loan is meant for you if you have gained admission into a technical course offered by a polytechnic, Industrial Training Institute (ITI), etc. in India
- The bank disburses the Bank of India Skill Loan Scheme as a series of payments over the required number of terms or years to pay the course fees or other approved charges
- Bank of India Website: www.bankofindia.com and www.bankofindia.co.in
- Headquarters: Mumbai, Maharashtra
- Call Centre Toll-Free Number: 1800 220229, 1800 1031906