Bank of India Abroad Education Loan

✓ Education Loan for Abroad Studies

✓ At starting interest rate of 9% P.A.

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Table of content

  1. Bank of India Education Loan to Study Abroad
  2. Documents required to get Abroad education loan from Bank of India
  3. Bank of India Abroad Education loan repayment policies
  4. How to apply for an abroad education loan from the Bank of India?
  5. Why choose WeMakeScholars?
  6. FAQ's
  7. Need Help? Ask Here!

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

Bank of India Education Loan to Study Abroad

Loan Parameters

Details

Loan Limit

Up to Rs 20 lacs

Expenses covered

    • Tuition or course fees
    • Accommodation and hostel Fees
    • Library/ Laboratory and Examination fees
    • Expenses of stationery, books & instruments
    • Laptop or computer cost
    • Travel expenses
    • Cost of study tours, project work, thesis
    • Life insurance premium expenses

Accepted co-applicant

Parents or guardians of the student

Bank of India education loan interest rate/rate of interest

For collateralized education loan 9 -11%

For non-collateralized education loan 12-14%

Loan Margin

Upto Rs 4 lacs                        NIL

Above Rs 4 lacs                      15 %

Moratorium Period

Course duration plus 1 year

Repayment Duration

Maximum upto 15 years

Bank of India education loan Eligibility Criteria

    • Students must have taken admission in a prestigious university abroad.
    • Only Indian students are acceptable
    • Entrance examination must be cleared
    • Academic records must show good performance
    • All pending loans (if any) must be cleared before-hand.

Acceptable collaterals

Government securities/ Banks Term Deposit/ Building/ Land/ Public Sector Bonds/ KVP/ NSC/ LIP etc.

 

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

Amount

Condition

Upto Rs. 7.50 lakh

    • Acceptable co-applicants, parents or guardians must be there
    • Third party guarantor or collateral are not required

Above Rs.7.5 lakh

Pledging any of the acceptable collateral is must 

 

We provide tailored education loan solutions for students looking for an education loan.

Documents required to get Abroad education loan from Bank of India

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.

Worried about getting the right education loan? Request a callback to get started.

Bank of India Abroad Education loan repayment policies

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:

Timeline

EMI

Interest portion

Principal portion

Loan Outstanding

Start of loan EMI

48357

37500

10857

4489143

End of year 1

48357

36462

11895

4363573

End of Year 2

48357

35217

13141

4212860

End of Year 3

48357

33841

14517

4046365

End of Year 4

48357

32321

16037

3862436

End of Year 5

48357

30641

17716

3659248

End of Year 6

48357

28786

19571

3434783

End of Year 7

48357

26737

21620

3186813

End of Year 8

48357

21972

26385

2610259

End of Year 9

48357

19209

29148

2275951

End of Year 10

48357

16157

32200

1906637

End of Year 11

48357

13838

31297

1813735

End of Year 12

48357

12785

35572

1498650

End of Year 13

48357

9060

39297

1047943

End of Year 14

48357

4945

43412

550040

End of Year 15

48357

400

47958

0

 

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.

How to apply for an abroad education loan from the Bank of India?

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
Let us take care of the education loan process for you, so you can focus on your studies

Why choose WeMakeScholars?

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.

Looking for an education loan to study? Let us help you get it fast and hassle-free.

Education Loan FAQs

  • What is the rate of interest for abroad education loans in the Bank of India?

    The rate of interest for abroad education loans in the Bank of India starts from 9% up till 11% with collateral and if an education loan is taken without collateral, then the rate of interest will range between 12% to 14%.

  • How can I apply online for an abroad education loan from the Bank of India?

    To apply online for abroad education loan, visit WeMakeScholars website and request a callback or fill the online loan application form, to get your education loan process started from the Bank of India with WeMakeScholars

Our Education Loan team will help you with any questions

Naresh Kumar
WeMakeScholars- supported by IT Ministry, Govt. of India.
Published: | Updated: