Bank of India Education Loan

Bank of India has Star Educational Loan on offer for the students willing to pursue higher education. Meritorious students are offered Bank of India Education Loan so that they can study a graduate, computer certificate, diploma, postgraduate, specialized or professional course in India or abroad.

Courses:

Bank of India Education Loan is offered for studying several kinds of programs.

• You can apply for an educational loan from Bank of India if you want to pursue a graduate, postgraduate and doctoral program.
• A student can also obtain this loan if he plans to study a professional program including Engineering, Law and Medical programs.
• Even students willing to study computer certificate courses of recognized institutes or specialized programs like CFA, ICWA and CA can apply for the loan.
• An applicant, planning to pursue programs from institutes recognized by government, UGC, AICTE, a national body or a recognized foreign university in Indian, is also considered eligible for the loan.
• For pursuing PG programs such as MS or MBA, employment-oriented programs from recognized universities or courses by CPA in the US and CIMA-London in abroad, you can also apply for the educational loan.

Eligibility:

Education Loans of Bank of India are offered to Indian nationals, who have no outstanding loan taken for education from any other body.The parent of the student should also act as a co-borrower.

A student will be considered eligible for the loan if he has good academic record and gets admitted to a professional or technical course in India or abroad through a selection procedure based on merit or entrance test.

Expenses taken into account:

The educational loan covers college, school or hostel fee as well as that of exam, laboratory or library. Even the expenses of books, instruments and uniforms are also taken into account. The caution deposit, refundable deposit or building fund is also considered. The student's travel expenses as well as other necessary costs related with the program are covered by the loan.

Amount of Loan, Margin & Security:

For studying in India, you can apply for a maximum loan of Rs 10 lacs and Rs 20 lacs for studying abroad.

• There is also a margin of 5% and 15% for studying in India and abroad respectively and it is applicable for a loan amount above Rs 4 lacs.
• The borrower needs to keep a guarantee of a 3rd party if a loan amount is above Rs 4 lacs. If the amount exceeds Rs 7.5 lacs, then a collateral security or a third party (if allowed by the bank) should be kept as a guarantee.
• In addition, the student should assign his future income for paying the installments.

Repayment procedure:

The loan can be repaid in 5 to 7 years after the repayment is commenced. The moratorium period is considered till 6 months after employment or the period of study plus 1 year, whichever is earlier.

For more information on Star Educational Loans of Bank of India, you can click on http://www.bankofindia.com/

Bank of Maharashtra Education Loan

Bank of Maharashtra offers several finance schemes and credit facilities to its customers. Students who want to pursue higher studies in India and abroad, can avail of the Education Loan Scheme of Bank of Maharashtra. As the history goes, this bank began its operation in 1936 and was nationalized in 1969. You can scroll through this page to gather information on Bank of Maharashtra Education Loan.

Courses:

Various courses are considered eligible for Student Loan of Bank of Maharashtra.

1. • You can apply for this loan for your school education in India.
2. • Even for graduate, postgraduate and doctoral programs in India, you can get the loan.
3. • An applicant planning to study professional courses in streams such as Engineering, Medicine or Agriculture in India can also apply for the loan.
4. • Certificate courses of recognized institutes or evening programs certified by government in India are eligible for the loan. Specialized programs like CA, ICWA or CFA, program of foreign universities or those of IIM, IISc NIFT and others in India are also considered for loan.
5. • You will also be considered eligible if you study diploma or degree program certified by UGC, AICTE, government or ICMR in India.
6. • For studying academic programs by CPA in the US or CIMA-London in abroad, your application can be considered.
7. • An applicant planning to study employment-oriented professional or technical course or even postgraduate program such as MS, MBA or MCA in abroad, will be eligible for the education loan of Bank of Maharashtra.

Eligibility:

Student Loan of Bank of Maharashtra is sanctioned to those candidates, who are Indian Nationals. You can also apply if you get admission to a professional or technical program through selection procedure or entrance test. An applicant will also be considered eligible if he gets admission to a foreign institute.

Amount of Loan, Margin & Security:

The maximum amount of loan sanctioned by Bank of Maharashtra for studying in India and abroad is Rs 10 lacs and 20 lacs respectively. There is a margin of 5% and 15% on a loan amount above Rs 4 lacs.

Security needs to be submitted by a borrower applying for a loan amount above Rs 4 lacs. The securities can be submitted in the form of one category or in combinations.

Repayment:

The repayment holiday covers 1 year after completing the course or 6 months after getting a job. Once you start repaying the student loan, you can complete repayment in 5 years.

Expenses taken into Consideration:

Education Loan Scheme of Bank of Maharashtra covers cost of books, instruments and other equipments, travel expenses, tuition fees and other costs related to completing the course.

You can know more about the interest rates and other details of Bank of Maharashtra Education Loan by visiting  Click Here For Details

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