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Education Loans in India

Education Loans in India:-

Bank Of India Education Loan

Bank of india education loan
Bank of india education loan

Provider of the loan: This article/notification is about the education loans to the students. It is a government bank from 1969 and has its headquarters at Mumbai. According to recent surveys there are more than 4550+ branches apart from 50+ branches which are in abroad. It provides the cost effective financial and communication services. The main purpose for this scheme is to provide financial support to the merit students for their further studies from the side of banks.

You must be eligible with following requirements to receive the loan:

1) First thing is you should be an Indian

2) You must have good academic career

3) He should not have the outstanding loan (loan taken from other bank institutions) at this time of applying

4) Considering the nearest bank to his permanent residence will be extra benefit

5) He must have history of secured education and admission to any professional/technical courses in India or abroad through entrance test

6) his/her parents should be co-borrowers

Student must have following academic qualification in order to receive the loan:

1) He must be a graduate or post graduate to receive this fruit

2) Engineering, medical, agriculture, law, management etc which are said to be professional courses will increase your chance by one step

3) Attending courses such as IIM, IIT, IISc (courses which are setup by central government) will be a benefit

4) If you are diploma/degree student then the colleges which you studied should be approved by universities/UGC/govt/AICTE/AIBMS etc.

Remember: Completing professional courses in the colleges which doesn’t have AICTE/universities approval, it is hard to get this loan for such students

Abroad studies:

1) Job rationale courses which are offered by famous universities

2) P.G courses such as MCA, MBA, MS etc.

3) Courses which are organized by CIMA, London, CPA in USA etc.

Loan can be given to following expenses:

1) Expenditure which is payable to college/hostel

2) For purchase of books and instruments/equipments (computers etc) which are useful for education purposes

3) Insurance cover from the eligible students

4) Institution bills and receipts play important role in building cautions

5) Travel expenses (abroad studies are also considered) can also be beared by bank

6) Money expenses for educational tours, expenses for the projects works etc can be accepted as per demand from the particular institution

Margins of finance:

The scholarship will be included with in the boundary limits and is to be brought on year to year when dole (the act of paying is out) is out

*Maximum 10 lakhs for studies in India

*Maximum 20 lakhs for studies in abroad

-Till up to 4 lakhs-nill

-Studies here (studies in India)-above 4 lakhs-5%

For abroad studies-15%

Note: Needed finance related subject to repaying capacity of the parents or students with above margins

Full details visit Here: http://www.bankofindia.co.in/english/EducationLoan.aspx

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