Bank of India Abroad Education Loan

Bank of India provides abroad education loan of an amount upto Rs 20 lacs at rate of interest starting from 9% per annum.

Eligible courses for abroad studies

• Graduation: Students taking admissions in prestigious colleges to pursue professional/technical courses to get a job are acceptable.
• Courses run by CIMA - London, CPA in the USA or etc.
• Post Graduation: MCA, MS, MBA etc

Securities

There is a detailed document checklist to get abroad education loan from the Bank of India which is available with all the WeMakeScholars financial officers, here checkout the list of mandatory documents to start your loan process from Bank of India:

Section 1: Application form 

Bank of India Education loan application form hardcopy filled online on WeMakeScholars along with 2 passport size photographs.

Section 2: Applicant’s, co-applicant’s and guarantor’s KYC documents

• Bank statement of past 6 months (Personal/ Salary). 
• Co-applicant’s bank statement should show salary crediting, if salaried and business transactions if self-employed
• Personal asset and liability statement (approved by the bank professional)
• Address Proof –  Aadhar card/ Bank account statement/ Electricity Bill/ Voter ID Card/ Telephone Bill/ Passport/ Ration card. (if current and permanent residence are not same then 2 different proofs are required)
• Proof of identity – PAN Card and Passport of the student (if going abroad)

Only self-attested documents will be accepted

Section 3: Applicant academic documents

• Scorecard of entrance examination - to study abroad and India, accordingly
• Admission confirmation letter (mentioning total duration of the course)
• Marksheets and qualifying certificates of class 10th, 12th, Degree
• Fee structure details as given by the university or college 

Section 4: Income documents of Co-applicant

If Salaried

• Company’s identity card of the applicant
• Salary slips of last 3 months
• Form 16 details of last 2 years
• Last 2 years ITR

If Self-employed

• Address proof of business 
• Last 3 years ITR
• Profit & Loss account and balance sheet of last 3 years (only if self-employed)

Section 5: Other Documents

• Co-applicant declarations that left over expenses, apart from those covered in loan scheme will be taken care off by them.
• Legal joint affidavit with student and co-applicant as per bank’s prescribed format.

Section 6: Additional docs (if applicable)

• Payments made previously in the last 6 months, if any.
• Certificate of break if the students had a backlog or gap in studies on Rs. 100 stamp paper
• Pending loan statements (of past 1 year)

Section 7: Collateral documents (Optional)

Collateral documents are required to be mandatorily submitted by students taking an education loan Bank of India with collateral, the collateral documents checklist is different for different states.

Ask your financial officer for the documents checklist as per your loan eligibility to start your loan process with WeMakeScholars and get the best deal on education loan from the Bank of India, to do so request a callback or fill the common application form.

Bank of India allows students to repay their education loan in maximum upto 15 years after the moratorium tenure ends, but, students can imply the following strategy to repay their education loan earlier than that as well: 

• Short repayment period 
• Part payment or Prepayment 
• Transferring their education loan

For example if a student applies to take education loan of Rs 40 lacs and decides to repay the loan in 15 years, while agreeing to pay 10% rate of interest on the taken education loan for their abroad studies, then their EMI repayment schedule will look like following:

You can check your EMI repayment schedule, using WeMakeScholars education loan EMI calculator and get your amortization schedule as per your loan parameters. To start your loan process with WeMakeScholars, ask a callback or fill the common application form.

Offline application process

• Visit Bank of India’s branch nearest to your home and enquire about the education loan products
• Decide and choose the abroad loan scheme for which you are eligible, then fill the application form, sequentially.
• Ask for the documents checklist to begin your loan process
• Submit your documents as per the checklist on your next visit to the bank.
• Take follow-ups until your loan is approved

Online Application process via WeMakeScholars

Step 1: Fill the abroad education loan form online, to apply loan from Bank of India

Step 2: Your financial officer will call you back, give them all the required information on the call so that they can analyze your loan profile

Step 3: Compare from the lender options and choose your lender as per your eligibility

Step 4: Upload your documents as per the documents checklist, shared by your financial officer using the document upload link

Step 5: Your loan file will be logged in after your documents are submitted. Post that, you will receive a loan sanctioning confirmation within 7 days of processing the loan from private banks & NBFCs and within 15-20 days if from Govt. bank.

Step 6: Upon approval, sign the loan agreement document and collect your sanction letter.

This the simplest way to apply for an education loan online, avoiding the hustle and the following issues, if you approach to the banks directly to get your education loan sanctioned:

• Improper documents checklist
• Post sanction disbursement issues
• Too much of documentation
• No chance of negotiation 
• Insufficient loan scheme details
• Multiple visits to the bank
• Poor customer service
• Delay in processing

With WeMakeScholars you get:

Expert advice - Our financial officers are well-versed with all loan details and trained to give you the best guidance while processing your loan.

Minimal Processing time - Usually it takes a month or even more than that to get a loan sanctioned, but with WeMakeScholars you will get your loan processed within 7 days from private banks and 15-20 days from government banks from the date of document submission

Customer support - Even once your loan has been approved, we will be at your disposal to assist you with the disbursement and repayment process right up to the last EMI payment.

Tax benefits - Along with assisting you through the payback process, we also offer advice on how to reduce taxes owed under Sections 80E, 80C, and other tax laws as well as the tax that is collected at source (TCS).

Negotiation support - Wherever feasible, we exert a little more effort on your behalf to bargain with the bankers & lenders team for the interest rate and loan terms.

Free of charge services - Being a government of India funded initiative, supported by the IT Ministry under the ‘Digital India Campaign’, we offer our loan sanctioning services free of cost to all the students

Better Interest rates - An interest rate discount of 0.5% to 2% is offered by our partnered banks for students, processing their education loan with WeMakeScholars

Cashback offer - At the time of disbursement you can win a cashback of up to Rs 3,000 from us.

Digitized application process - The WeMakeScholars online document portal and online education loan application procedure provide students with the power of digitization and relieve the stress of making several trips to the bank, speeding up loan processing by 50%.

Choose Bank of India, choose WeMakeScholars to apply for your abroad education loan, Request a callback or fill out the common application form to get the loan process started.