Education loan in Bank of India

Bank of India

Education loan amount size:

The maximum amount of upto Rs.10,00,000 will be provided for the students studying in India and for the students studying in abroad, maximum amount of upto Rs.20,00,000 will be provided.

Advance amount to be paid:

Nothing till 4,00,000 Rs.

More than 4,00,000 Rs.: students studying in India should pay 5% and students studying in abroad should pay 15% of the amount.

Interest rate:

Upto 7.50 Lakhs – 3% below B.P.L.R ., Min . 13.75% p.a.

Above Rs.7.50 lakhs upto Rs. 2.50 lakhs – 2.50% above B.P.L.R ., Min 13.25% P.a.

0.50% special previliage will be provided for girls.

Way of repaying the loan:

One year after finishing the studies or right from 6^th month after joining the job the repayment is to be started. The loan amount is to be closed within 5 to 7 years.

Warranty:

Upto Rs.4,00,000 : No property guarantor is required.

From 4,00,000 Rs. till 7,50,000 Rs.: Third party’s guarantee is required.

More than 7,50,000 Rs.: Parents , student or the third party’s assurance on the repayment of loan is required.