Student

• Should be an Indian National
• Secured admission to professional/technical courses in India or Abroad through Entrance Test/Merit based selection process.

Courses

a) Studies in India

• Graduation courses : BA, B.Com., B.Sc., etc.
• Post Graduation courses : Masters & Phd.
• Professional courses : Engineering, Medical, Agriculture, Veterinary, Law, Dental, Management, Computer, etc
• Computer certificate courses of reputed institutes accredited to Department of Electronics or institutes affiliated to university.Courses like ICWA, CA, CFA, etc.
• Courses conducted by IIM, IIT, IISc, XLRI, NIFT, etc.
• Courses offered in India by reputed foreign universities with prior approval of Head Office.
• Evening courses of approved institutes.
• Other courses leading to diploma/degree, etc. conducted by colleges/ universities approved by UGC/ Govt./ AICTE/ AIBMS/ ICMR, etc.
• Courses offered by National Institutes and other reputed private institutions with prior approval of Head Office.

b) Studies abroad:

• Graduation : For job oriented professional/technical courses offered by reputed universities.
• Post Graduation : MCA, MBA, MS, etc.
• Courses conducted by CIMA - London, CPA in USA, etc.

Loan Details

Coverage of expenses 

• Fee payable to college/school/hostel.
• Examination/Library/Laboratory fee.
• Purchase of books/equipments/instruments/uniforms.
• Caution deposit/ building fund/ refundable deposit supported by Institution bills/ receipts.
• Travel expenses/passage money for studies abroad.
• Purchase of computers - essential for completion of the course.
• Any other expense required to complete the course - like study tours, project work, thesis, etc.

Quantum 
Needbased finance subject to repaying capacity of the parents/students with margin and the following ceilings :

• Studies in India - Maximum Rs.7.50 lakh
• Studies abroad - Maximum Rs.15.00 lakh.

Margin :

• Upto Rs.4 lakh : Nil
• Above Rs.4 lakh - Studies in India : 5%
• Studies Abroad : 15%

Security :

• Upto Rs. 4 lakh : No security
• Above Rs.4 lakh & upto Rs.7.5 lakh : Collateral security in the form of a suitable third party guarantee.
• Above Rs.7.5 lakh : Collateral security of suitable value or suitable third party guarantee alongwith the assignment of future income of the student for payment of instalments.

No processing/upfront charges. Documents charges at actual.

• Upto Rs.15 lakh : @0.75% below BPLR,presently applicable Rate 12.50% p.a.
• Simple interest during the repayment holiday/moratorium period.
• Penal interest @2% for loans above Rs.4 lakh for the overdue amount and overdue period.
• Int. Concession of 0.50%p.a. for woman beneficiaries
• 1% int. concession if interest is serviced during moratorium period, where repayment holiday is specified for interest/repayment under the scheme (concession available for moratorium period)
  

Repayment Holiday/Moratorium Period is course period + 1 year or 6 months after
getting job, whichever is earlier.

The loan is to be repaid in 5-7 years after commencement of repayment.

Contact Details
Head Office - Bank of India
Star House, C - 5, "G" Block, Bandra Kurla Complex, Bandra (East),
Mumbai 400 051
Phone : 022-66684444
Fax : 022- 66684408
E-mail : Contact Now
Website : visit
Bank of India Zonal Office

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