Bank of India education loan services provide financial assistance to students from all academic levels to pursue higher education. BOI Education Loan schemes provide interest rate subsidies to all applicants which makes it easy for students to repay student loans. Education loan information is most crucial for any student to reap maximum benefits and attain an excellent academic experience. Here we’ll provide you with all information about, Bank of India education loan schemes with the latest interest rates, subsidy schemes and application process, all at one place. Here is the list of benefits and features for an education loan by Bank of India.

Bank of India Education Loan: Features & Benefits

• Interest rates as low as 8.65% per annum
• Interest rate subsidy for all education loan applicants
• No processing charges
• Education loan up to ₹40,00,000 (40 Lakh)
• Flat 15 years education loan tenure option
• Loan amount up to 50 times the salary of applicant/co-applicant
• Skill-based loans and loans against property, deposits and bonds available

Bank of India Education Loan: Important details

Bank of India has fixed education loan schemes for both domestic education loans and foreign education loans. There are equal and comparable education loan criteria, for both student loans schemes. Students can also avail the education loan schemes for skill-based courses with Bank of India.

To apply for any education loan, one needs to know how much loan is actually required, and how much can they afford to pay. The knowledge of  such details comes from deep analysis of banking norms for various education loan schemes. Here are the norms of education loans by Bank of India that you need to keep in mind while applying for education loans.

Bank of Baroda Education Loan: Loan Amount

S. No.	BOI Education Loan Scheme Name	Loan Amount Limits
1.	BOI Star Education Loan	Minimum: ₹10,00,000 (10 Lakhs) Maximum: ₹20,00,000 (20 Lakhs)
2.	BOI Star Vidya Loan	List A Colleges: ₹30,00,000 (30 Lakhs) List B Colleges: ₹20,00,000 (20 Lakhs) and List C Colleges: ₹10,00,000 (10 lakhs)
3.	BOI Pradhan Mantri Kaushal Rin Yojna (Skill Loan Scheme)	Minimum: ₹5000 (5 Thousand) Maximum: ₹1,50,000 (1.5 Lakhs)
4.	BOI Star Loan Against Property Scheme (for educational expenses)	Salaried professionals: 48 times take home salary per month Non-salaried professionals: 20% of annual turnover/earning with taxes

Bank of Baroda Education Loan Interest Rates

All Bank of India Education Loan Schemes are floating loans based on MCLR rates regulated by Reserve Bank of India (RBI) and Indian Banking Association (IBA). Here is the list of current MCLR rates for BOI Education Loan and the respective scheme based interest rates for your reference.

Bank of India Loan MCLR Rates (updated: 10 January 2019)
S. No.	BOI Education Loan Tenure (Duration)	MCLR Rates (latest 10-01-2019)
1.	Overnight	8.20%
2.	1 month	8.30%
3.	3 months	8.45%
4.	6 months	8.60%
5.	12 months or above	8.70%

To find more information about education loan interest rates of all Indian banks read ‘Education Loan Interest Rates’ from our articles section.

Bank of India Education Loan Interest Rate Chart
S. No.	BOI Education Loan Scheme Name	Loan Amount Range	Bank of India Education Loan Interest Rate	Respective Current Interest Rate (Dec 2018)
1.	BOI Star Education Loan	Up to ₹7,50,000 (7.5 Lakhs)	MCLR + 1.70%	10.40%
		Above ₹7,50,000 (7.5 Lakhs)	MCLR + 2.50%	11.20%
2.	BOI Star Vidya Loan	Up to ₹30,00,000 (30 Lakhs)	MCLR Rate	8.70%
3.	BOI Pradhan Mantri Kaushal Rin Yojna (Skill Loan Scheme)	₹5000 to ₹ 1,50,000	MCLR + 1.0%	9.70%
4.	BOI Star Loan Against Property Scheme (for educational expenses)	For loan within overdraft limits	MCLR + 2.00%	10.70%
		For overdraft disbursement	MCLR + 2.50%	11.20%

Bank of India Education Loan: Eligibility Criteria

Eligibility criteria of BOI education loan are based on academic level and educational institution where the applicant wishes to pursue education. Most banks enlist their education loans around various community based (minorities, tier-1 cities, OBC etc.) and financial (salaried, credit limits, bank limts etc.) norms, but not BOI. Here is the complete checklist of education loan eligibility for BOI Education Loan Schemes.

BOI Education Loan Eligibility Checklist

S. No.	BOI Education Loan Schemes	Eligibility Criteria
1.	BOI Star Education Loan	Indian nationality HSC (10+2 or equivalent) qualification Should not have an ongoing education loan from the same or another bank Co-applicant necessary
2.	BOI Star Vidya Loan	Students pursuing graduate and postgraduate courses from Listed A,B,C class institutions Students enrolled based on academic merit/entrance exam scores
3.	BOI Pradhan Mantri Kaushal Rin Yojna (Skill Loan Scheme)	Applicants pursuing (diploma/certificate) courses approved by NSQF (National Skill Qualification Framework) Students studying at authorized Polytechnics/ITIs Indian nationality
4.	BOI Star Loan Against Property Scheme (for educational expenses)	Students cannot apply for this loan Co-applicants (parents/close relatives) are eligible Employed professionals or business-oriented applicants NRIs are eligible

Did you know? Education Loans also cover non-academic expenses like entrance examination expenses and student VISA processing fees. Check with your education loan provider to confirm the non-academic expenses covered by student loan schemes.

Bank of India Education Loan: Expenses Covered

Banks generally cover a myriad of expenses but sometimes students are not aware of all available options. This leaves them at the loss of funds for necessary expenses. Non-academic expenses covered by education loans are commonly missed by students. Here is a list of expenses that a Bank of India education loan covers.

Bank of India Education Loan covered expenses checklist

Academic Expenses:

• Tuition fees, admission fees, counselling fees
• Examination fees, library fees, lab fees
• Entrance exam fees for SAT, LSATS, GRE, GMAT, IELTS, TOEFL etc.
• Purchase of educational equipment (tools, rented facilities) and laptops if required
• Thesis writing, project research, study tour expenses

Non-academic expenses:

• Caution money, building deposit, welfare deposit, and other refundable/non-refundable deposits
• Student life insurance and health insurance
• Education loan insurance premium
• Study abroad travel expenses, VISA application expenses
• Passage money, in-flight and transport expenses

Bank of India Education Loan: Processing and Other Charges

Education loan processing charges are as important as interest rates. Applicants generally fail to inquire about these additional charges and consider them as hidden charges when charged for the services provided. Having information about education loan processing charges helps students to plan their education loan expenses well enough. BOI education loan processing charges are convenient and affordable for any education loan applicant. Here is the list of all kinds of charges that are applicable on Bank of India Education Loan schemes.

BOI Education Loan Fees and Charges

S. No.	BOI Education Loan Scheme	Processing Charges
1.	BOI Star Education Loan	Domestic education loan: NIL Study Abroad Education Loan: ₹5000 (fixed, one time)
2.	BOI Star Vidya Loan	Domestic education loan: NIL Study Abroad Education Loan: ₹5000 (fixed, one time)
3.	BOI Pradhan Mantri Kaushal Rin Yojna (Skill Loan Scheme)	NIL
4.	BOI Star Loan Against Property Scheme (for educational expenses)	0.5% to 1.0% of sanctioned loan amount Min: ₹5,000 and Max: ₹50,000
Note: Special charges for loan deviation approval Applicable on: BOI Star Education Loan and BOI Star Vidya Loan Terms: Applicable for any deviation from approved loan scheme like a loan for non-listed college, non-listed course, change of co-applicant, etc. Charges are applicable for each deviation separately. Rate of Charges: For loan up to ₹4,00,000 (4 Lakhs): ₹500/- Loan between ₹4,00,000 (4 lakhs) to ₹7,50,000 (7.5 lakhs): ₹1,500/- Loan from ₹7,50,000 (7.5 lakhs) to ₹20,00,000 (20 lakhs): ₹3,000/-

Bank of India Education Loan: Tax Benefits and Interest Rate Subsidy

Bank of India Education Loan benefits extend beyond the basic limits of government subsidies. BOI covers the interests of students by providing every applicant with a chance to secure the education loan interest rate subsidy. While Bank of India supports all the interest rate subsidy schemes powered by Indian Government ministries, it also provides internal subsidies for female applicants and students from economically weaker sections. Here is the list of interest rate concessions and other schemes offered by the Bank of India in the interest of students applying for an education loan.

Bank of India Education Loan Interest Rate Subsidy for Girl Students

• Applicable for: BOI Star Education Loan and BOI Star Vidya Loan Schemes
• Benefits: 0.50% concession on applicable interest rate
• Condition: Only applicable for subsidy to girl students for education loan

Bank of India Education Loan Interest Rate Subsidy for Students Pursuing Professional Courses

• Applicable for: BOI Star Education Loan and BOI Star Vidya Loan Schemes
• Benefits: 0.50% concession on applicable interest rate
• Conditions
  • Only applicable to students pursuing professional courses like Medicine, Engineering, and Management.
  • Total interest rate subsidy for education loan including other provisions should not exceed 1.0% limit.
  • Interest rate subsidy cannot render applicable interest rate lower than Bank of India MCLR rate for 1 year.

BOI Education Loan Processing Fees Concession for Economically Weaker Section Applicants

• Applicable for: BOI Star Loan Against Property Scheme (for educational expenses)
• Benefits: 0.25% concession on education loan processing fees
• Condition: Loan applicants from rural branches and rural regions, as listed by BOI official website

Bank of India Education Loan Interest Subsidy schemes powered by Indian Government

Bank of India CSIS (Central Sector Interest Subsidy Scheme)

• Applicable for: All BOI Education Loan Schemes
• Benefits: Subsidy for interest paid during the moratorium/holiday period
• Condition:
  • Applicant’s annual family income from all sources should not exceed ₹4,50,000 (4.5 Lakhs) per annum
  • Applicants will have to continue paying EMIs during the moratorium period to avail interest subsidy
  • This subsidy scheme is provided by Ministry of Human Resource Development of India.

Bank of India ACSIS (Dr. Ambedkar Central Scheme of Interest Subsidy on Education Loan for Overseas studies for OBC & EBC)

• Applicable for
  • All Bank of India Education loan schemes.
  • OBC (other backward classes) and EBC (economically backward classes) education loan applicants from economically weaker sections
• Benefits: Complete subsidy (refund) for interest paid during the moratorium/holiday period
• Conditions:
  • Applicant’s annual family income from all sources should not exceed
    • For OBC: ₹3,00,000 (3 lakhs) per annum
    • For EBC: ₹1,00,000 (1 Lakh) per annum
  • Applicant should be pursuing post-graduation studies or above (Masters, M.Phil, Ph.D.) at international educational institutions outside India
  • This scheme is provided by Department of Social Justice and Empowerment, Government of India.

Bank of India Padho Pardesh Central Scheme of Interest Subsidy for Minorities

• Applicable for: Students of economically weaker sections of notified minority communities (Parsi, Jain, etc.)
• Benefits: Complete subsidy (refund) for interest paid during the moratorium/holiday period
• Conditions:
  • Applicants should belong to notified minority communities
  • Should have requisite proof of religion, caste and minority status
  • Annual family income of the applicant from all sources should not exceed ₹6,00,000 (6 lakh) per annum
  • This subsidy scheme is provided by Ministry of Minority Affairs, Government of India.

Bank of India Education Loan Schemes At A Glance

Gathering information about the interest rates and eligibility is one thing but selecting the appropriate education loan for yourself is another. One needs to know the loan scheme purpose and objective in order to know if he/she is the right candidate for the said education loan scheme. Now, that we know about every technical detail of Bank of India education loan schemes, let us find the last important detail of these schemes: their objective and ideal applicant scheme.

• Bank of India Star Education Loan

This is the education loan scheme by Bank of Baroda meant for students wishing to pursue higher education in India or abroad. The interest rates of education loan here are course and institution dependent. Students should have cleared their HSC examination (12th or equivalent) and should have confirmed admission at the respective educational institution for availing this education loan.

Did you know? Some banks allow you to adjust education loan repayment by using international and national scholarships. Students can repay their education loan EMIs and settle the margin payments required for loan disbursement using these scholarships. Some scholarships for international education are based on non-academic parameters. This makes it easier for students to completely cover their educational expenses.

• Bank of India Star Vidya Education Loan

This Bank of India education loan scheme is for applicants who’ve secured admission in elite educational institutions in India. Students selected to such institutions on the basis of merit are also eligible to apply for this loan scheme. The benefits of this education loan include interest rates without any premium (i.e. basic MCLR interest rate) and no margin payment or processing fees.

• Bank of India Pradhan Mantri Kaushal Rin Yojna (Skill Loan Scheme)

This Bank of India education loan scheme is powered by the Indian Government Scheme for promoting students applying for skill-based educational courses. This loan scheme provides collateral-free education loan to applicants for loan amount as low as ₹5000 to ₹150,000 (1.5 lakh) payable for 7 years of the loan tenure. Various concessions based on course type and merit of a student are applicable for this education loan scheme.

• Bank of India Star Loan against Property Scheme

Parents and Co-applicants wishing to fund the education of a student from their family can apply for education loan by using their immovable property as collateral. This includes any residential or commercial property like flat, land, villa, non-rented office-space, etc. Education loan interest rates for such loans are very affordable at Bank of India. The BOI education loan provided under this scheme is not bound by course or institution limit and students can opt for a higher education loan sum to cover all their expenses.

Read more about top education loan schemes provided by private banks and government institutions in India. Find information about latest education loan policies and regulations to find the most beneficial schemes for pursuing higher education.

Bank of India Education Loan Application and Scholarship Adjustment

Application of all student loan schemes provided by the Bank of India can be done by visiting the nearest official branch or by visiting government education loan online Vidyalakshmi portal. Applicants can also track their Bank of India Education application status with this online application medium.

Students just need to find the most updated and the most authentic information for any education loan and they can avail the best benefits it can provide. Students also have a chance to cover their study abroad education expenses with international scholarships and fellowship schemes. Bank of India allows adjustment of margin payment and EMIs with scholarship fund on request. With all the information provided above, we hope that you’ll be able to make an informed decision about choosing an education loan scheme. Happy Learning!