Bank of India Students Personal Loan

Begin your academic pursuits with Bank of India Personal Loans for Students. From the Star Education Loan for studies in both India and abroad to specialised loans like the Star Vidya Loan and the Star Progressive Education Loan, each product is designed to alleviate the financial pressures of education. The Star Pradhanmantri Kaushal Rin Yojana also supports vocational training, and the Star Education Loan for Working Professionals caters specifically to those balancing employment with educational advancement. For more details about each loan's features, eligibility criteria, and application processes, prospective borrowers should keep reading this guide. 

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Amit Prakash Singh
Co-Founder, Square Yards & Chief Business Officer, Urban Money
Amit Prakash Singh is the Chief Business Officer at Urban Money. With over nine years of experience at Square Capital, he has played a crucial role in establishing it as one of India's premier loan advisory services. Amit's deep financial insights and extensive knowledge have driven significant business growth and strategic advancements. He has successfully built and managed large sales teams, optimised costs, and created leaders within the industry. Amit's financial expertise and strategic vision are key to the ongoing success and expansion of Square Yards and Urban Money.

Bank of India Lakh Personal Loan for Student – Highlights 

Here’s a simplified and easy-to-understand overview of the various Bank of India education personal loan features:

1. Star Education Loan – Studies in India

Feature Details
Loan Amount Up to Rs. 150 Lakhs
Processing Charges None
Collateral Security Not required up to Rs. 7.50 Lakhs
Expenses Covered Tuition, books, hostel, computer, etc.
Insurance Optional term insurance is available

2. Star Education Loan – Studies Abroad

Feature Details
Loan Amount Up to Rs. 150 Lakhs
Online Class Fee Payment Supported
Collateral Security Not required up to Rs. 7.50 Lakhs
Expenses Covered Tuition, travel, books, computer, etc.
Insurance Optional term insurance is available

3. Star Vidya Loan

Feature Details
Loan Amount Up to Rs. 40 Lakhs, depending on the institution
Collateral Security None
Expenses Covered Tuition, books, hostel, computer, etc.
Insurance Optional term insurance is available

4. Star Progressive Education Loan

Feature Details
Loan Amount Up to Rs. 4 Lakhs per stage
Repayment 12 monthly instalments post-disbursement
Collateral Security Not required up to Rs. 4.00 Lakhs
Expenses Covered School fees, books, uniforms, computers, etc.
Insurance Optional term insurance is available

5. Star Pradhanmantri Kaushal Rin Yojana

Feature Details
Collateral Security Not required up to Rs. 7.50 Lakhs
Insurance Optional term insurance included

6. Bank of India Skill Loan

Feature Details
Loan Amount Rs. 5,000 to Rs. 1.50 Lakhs
Collateral Security There is no collateral, but the parent to co-sign
Expenses Covered Course fee, books, equipment, etc.
Insurance Optional term insurance is available

7. Star Education Loan for Working Professionals

Feature Details
Loan Amount Up to Rs. 20 Lakhs
Collateral Security Not required up to Rs. 4.00 Lakhs
Expenses Covered Course fees, books, study tours, thesis, etc.
Insurance Optional term insurance is available

Eligibility Criteria for Student Personal Loan

For Bank of India’s Student Personal Loans, here are the general eligibility criteria and documentation requirements:

Eligibility Criteria for Student Personal Loan:

  • Nationality: Applicants must be Indian Nationals or Persons of Indian Origin (PIO)/Overseas Citizens of India (OCI).
  • Admission: Students should have secured admission to higher education courses in recognised institutions in India or abroad. Admission must be through an entrance test or a merit-based selection process following completion of HSC (10+2 or equivalent). If admission isn’t based on entrance tests, the loan eligibility may depend on the student’s employability potential and the institution’s reputation.
  • Co-applicant Requirement: Loans often require a parent or guardian as a co-applicant, especially for larger loan amounts.

Documentation Needed for Loan Application

  • Proof of Identity and Residence: Standard documents like Aadhar Card, Passport, Voter ID, etc.
  • Academic Records: Admission letters, mark sheets, school certificates, and other relevant academic records.
  • Financial Documents: Depending on the loan amount and the requirements, documents like salary slips, income tax returns, and co-applicant bank statements might be necessary.
  • Proof of Admission: Official admission letter from the educational institution.
  • Expense Documentation: Receipts or estimates covering tuition fees, living expenses, books, and other education-related expenses.

Bank of India Personal Loan for Student – Fees and Charges 

Bank of India’s education loans offer favourable terms to ease students’ financial burden. Notably, these loans generally do not involve any processing charges. Most of the education loan types offered also do not require collateral security up to certain limits, typically around Rs. 7.50 Lakhs, depending on the specific loan type. There are no hidden charges, and prepayment penalties are not applied, allowing more flexibility for repayment.

How to Apply for a Student Personal Loan

Urban Money can assist you if you’re looking for an even simpler way to apply for a student personal loan with the Bank of India. Here’s how Urban Money can streamline the process:

  • Visit Urban Money Website: Start by going to the Urban Money website.
  • Select the Bank and Loan Type: On the website, choose Bank of India from the list of banks and specify the type of education loan you are interested in.
  • Provide Necessary Information: Fill out the required information form on Urban Money, including personal details, educational details, and the specifics of the desired loan.
  • Wait for a Callback: After you submit your information, Urban Money will process your request. You can expect a callback from a representative who will assist you with the next steps, including finalising your application or answering any questions.

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Frequently Asked Question (FAQs)

What is the maximum loan amount available for a Student Personal Loan?

The maximum loan amount available for a student personal loan from the Bank of India can be Rs. 150 lakhs. This cap applies specifically to medical and certain non-medical courses in India, ensuring substantial coverage for various educational expenses.

Is a guarantee required for a Bank of India Student Personal Loan?

The need for a guarantee or collateral for Bank of India student personal loans varies with the loan amount. No collateral or third-party guarantee is generally required for loans up to 4 Lakhs. A third-party guarantee might be needed for loans ranging from INR 4 Lakhs to INR 7.5 Lakhs. For anything above, collateral security of suitable value is required.

Can I apply for a Bank of India Student Personal Loan online?

You can apply for a Bank of India student personal loan online. The process is facilitated through their official website, where you can find the application form and detailed instructions on submitting your application digitally. This convenience allows students to initiate the loan process remotely and at any time.

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