Bank of India Education Loan for Studying Abroad

Bank of India offers a comprehensive range of education loans to support students in pursuing their academic aspirations. With low interest rates, minimal documentation, and hassle-free processing, Bank of India's education loans are designed to ease the financial burden of education. Whether you are a student looking to study abroad or a working professional seeking to enhance your skills, Bank of India provides tailored loan products to meet your specific needs. By understanding the importance of education, the Bank of India aims to empower individuals to achieve their academic and career goals.

Bank of India education loans are offered to meritorious and deserving students planning to pursue their higher studies abroad. The Bank of India's education loan interest rate starts from 9.85% for taking an education loan with collateral from the Bank of India. 

• STAR EDUCATION LOAN – STUDIES ABROAD

The Star Education Loan – Studies Abroad scheme by Bank of India is a financial assistance program aimed at helping students pursue higher education in reputed institutions overseas. It covers a wide range of expenses, including tuition fees, travel costs, examination fees, and living expenses, with flexible repayment options and competitive interest rates to make international education more affordable.

Initiating the education loan process involves submitting the necessary documents to your lending bank. Our recent article contains a comprehensive list of documents crucial for securing an education loan. Meanwhile, here are the essential documents required specifically for the Bank of India's education loan:

1. Completed Application Form
2. Admission Confirmation: Proof of admission to your chosen Institute.
3. Identification Copies: Provide copies of Passport, Voter ID, Driving Licence, or PAN Card.
4. Passport Photos: Two recent passport-size photographs of the applicant, co-applicant, and guarantor.
5. Educational Records: Present the mark sheet of your latest qualified examination and the result of the entrance exam through which admission is being taken (e.g., CAT, GRE, TOEFL, IELTS, etc.)
6. Financial Records:
   
   1. Income Proof: Furnish the income proof of parents/guardians, supported by the last 2 years' income tax statements.
   2. Financial Statements: Provide six months' bank statements or recent salary slips.
7. Course Expenses Plan: Detailed breakdown outlining your anticipated course expenses.
8. Current Financial Obligations: Disclose details regarding existing loans and any scholarships received.
9. Institute Prospectus: Include a copy of the institute's prospectus to estimate costs effectively.

Offline Application Process:

1. Bank Visit: Head to the nearest Bank Of India branch and inquire about their offered education loan products from the loan officer.
2. Eligibility Check and Form Completion: Confirm your eligibility for the education loan and duly fill out the application form according to the requirements.
3. Document Compilation and Submission: Gather all necessary documents and submit them at the bank during your subsequent visit to commence the loan application procedure.

Online Application Process:

1. Visit the official website of Bank Of India or you can apply directly on WeMakeScholars official portal.
2. Look for the "Apply Now" section specifically allocated for education loans.
3. Enter your details in the application form, ensuring accuracy and completeness.
4. Upload the mandatory documents as indicated in the loan application guidelines.
5. After filling all required fields, submit the form electronically. Consider printing a copy for your personal records.
6. Visit your nearest Bank Of India branch for any additional formalities or requirements related to your loan application, if needed.

Students can transfer their existing loan from their current lender to the Bank of India to get the following benefits:

• Cheaper rate of Interest
• Repayment policies are easy
• Broader coverage of loan schemes
• Easy accessibility to bank
• Multiple repayment options

Because of the above mentioned reasons if you are willing to transfer your education loan from current lender bank to Bank of India follow the below given steps:

Step 1 - Reach out to your current lender and ask for outstanding amount receipt of pending loan 

Step 2 - Request a callback from financial officer at WeMakeScholars, stating that you want education loan transferred to Bank of India

Step 3 - Submit the documents in the Bank of India according to the documents checklist given to you by your financial officer at WeMakeScholars

Upon approval of your loan transfer, you will be intimidated about the same by the Bank of India and your new education loan will be sanctioned from them, which you will have to repay as per the Bank of India payment plan.

Efficient Processing: Timely processing within 21 days from government banks and 7 days from private banks/NBFCs post document submission.
Expert Financial Guidance: Access to our skilled financial officers aiding in selecting optimal lenders and suitable loan options aligning with your eligibility and bank propositions.
Reduced Interest Rates: Benefit from interest rates 0.5% to 2% lower than standard bank rates facilitated through our platform.
Negotiation Assistance: Our team negotiates improved terms and rates on your behalf, securing favorable conditions.
Convenient Online Application: Easily apply from home using our user-friendly portal, minimizing the need for multiple bank visits.
Comprehensive Support: Continuous assistance throughout the loan journey, from sanctioning to repayment, ensuring a smooth process.
Tax Saving Insights: Receive guidance on potential tax savings through government-approved schemes like Section 80E, 80C, etc.
Cashback Offer: Avail up to Rs 3,000 cashback upon loan approval as a part of our offer.
Free Services: All our services are free for applicants. We are supported and funded by the IT Ministry's Govt. of India as part of the Digital India Campaign.