Bank of India presents Education Loan
Bank of India has idol Educational Loan lying on proffer for the students keen to follow higher education. Meritorious students are obtainable Bank of India Education Loan so that they be able to study a graduate, postgraduate, specialized computer certificate, and diploma or professional course in India or abroad.
Courses:
Bank of India Education Loan is obtainable for studying quite a few kinds of programs.
- You be able to apply for an educational loan from Bank of India if you want to follow a postgraduate, graduate and doctoral program.
- A student is able to obtain this loan if he plans to study a professional program as well as Engineering, Law and Medical programs.
- Yet students keen to study computer certificate courses of familiar institutes or particular programs like CFA, ICWA and CA can apply for the loan.
- An applicant, planning to pursue programs from institutes familiar by government, UGC, AICTE, a national body or a familiar foreign university in Indian, is also considered qualified for the loan.
- For pursuing PG programs such as MS or MBA, employment-oriented programs from familiar universities or courses by CPA in the US and CIMA-London in abroad, you can also apply designed for the educational loan.
Eligibility:
Education Loans of Bank of India are obtainable to Indian nationals, who contain no excellent loan occupied for education from any other body. The parent of the student should as well act as a co-borrower. A student will be consider entitled for the loan if he has good academic record and gets admitted to a professional or technical course in India or abroad through a assortment procedure based on merit or entrance test.
charge taken into account:
The educational loan wraps college, school or hostel fee as well as that of exam, laboratory or library. Yet the charge of books, instruments and uniforms is in addition taken into account. The concern deposit, refundable deposit or building fund is also well thought-out. The student's travel expenses as well as other essential costs linked with the program are enclosed by the loan.
Amount of Loan, Margin & Security:
For studying in India, you can apply for a maximum loan of Rs 10 laces and Rs 20 laces for studying abroad.
- There is also a margin of 5% and 15% for studying in India and abroad in that order and it is appropriate for a loan amount above Rs 4 laces.
- The borrower needs to keep a assurance of a 3rd party if a loan amount is above Rs 4 laces. Stipulation the amount exceeds Rs 7.5 laces, then a collateral security or a third party (if allowed by the bank) should be reserved as a guarantee.
- In addition, the student should assign his future income for paying the instalments.
Repayment procedure:
The loan is able to repay in 5 to 7 years after the repayment is start on. The suspension period is considered till 6 months after service or the period of study plus 1 year, whichever is earlier.
In order to learn more concerning interest rates look through on http://www.bankofindia.com/
