Eligibility Criteria

A.	Courses Eligible
	a.	Studies in India
			School Education including plus 2 stage
			Graduation courses: B.A., B.Com., B.Sc. etc.
			Post Graduation Course: Masters and Ph.D.
			Professional Courses: Engineering, Medical, Agriculture, Veterinary, Law, Dentistry, Management, Computers, etc.
			Computer certificate courses of reputed institutes accredited by Dept. of Electronics or institutes affiliated to the University.
			Courses like ICWA, CA, CFA, etc.
			Courses conducted by IIM, IIT, ISc, XLRI, NIFT etc.
			Courses offered in India by reputed foreign universities
			Evening courses of approved institutes
			Other courses leading to diploma or degree conducted by college or universities approved by UGC/ Govt./ AICTE/ AIBMS/ ICMR
			Courses offered by National Institutes and other reputed private institutions
	b.	Studies abroad
			Graduation: For job oriented professional or technical course offered by reputed universities
			Post Graduation: MCA, MBA, MS
			Courses conducted by CIMA - London, CPA in USA etc.
B.	Student Eligibility
		Should be an Indian National
		Secured admission to professional or technical courses through Entrance Text/Selection Process
		Secured admission to foreign university or institution
		Should have good academic record.

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

Security

	Upto Rs.4.00 lacs	No security
	Above Rs.4.00 lacs	Collateral security equal to 100% of the loan amount

Repayment

Repayment holiday/Moratorium:

Course period + 1 year or 6 months after securing a job, whichever is earlier.

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



Rate of interest

Upto Rs.15 lakh BoI BPLR - @ 10.75 p.a.

(The above rates are subject to revision as may be advised from time to time)

Interest subsidy of 2% to bright and needy students - for loans upto Rs.4 lakh. (Thus effective rate would be 8.75% p.a.)



Processing Charges

No processing/upfront charges.
 

Important

Since the rules, regulations, eligibility conditions, repayments and interests rates etc. are revised by the banks from time to time in keeping pace with the changing capital market conditions, students and parents are advised to thoroughly check the terms and conditions of educational loan scheme on offer at the time of application.

Head Office
P.O. Box No. 234, Express Towers
14th Floor Nariman Point, Mumbai - 400 021
Gen: 022-2023020, Fax: 022-2023167
E-Mail: cmdboi@bom5.vsnl.net.in
Website: www.bankofindia.com