Education loan in Bank of India in India, Tamilnadu
Bank of India offers educational loan to the students who are pursuing higher education in India or abroad. They require an easy way to acquire the bank loan. The educational loan is much helpful for those leaving their studies because of the want of money.
Eligibility to get the educational loan in Bank of India
The bank gives a clear eligibility criteria for obtaining the educational loan in the bank of India.
1. The student must be a citizen of India.
2. The student must seek admission in the concerned colleges through entrance examination or other selection process.
3. The college he or she has chosen to get admission must be affiliated with UGC/UPSC/CBSE/TGCE or any other authorized educational institutions.
4. Parents must be a co-borrower for the loan.
5. The applicant must seek the nearest branch of his residence for getting the loan.
6. The concerned courses must get necessary approval from the concerned university.
Proper utilization of the educational loan & the limit of loan obtained from bank of India
1. The loan amount can be utilized for paying hostel fees, course fees, tuition fees, library fees, sports fee, purchasing books, purchasing uniforms, purchasing computers etc. The loan amount should not be used other than the purpose served under the terms and condition of the educational loan.
The bank sanctions an amount of maximum Rs 10 lacs for studies in India.
The bank sanctions an amount of Maximum of Rs 20 lacs for the studies in abroad.
The interest rate charges & the security needed for the loan by the bank of India
The interest rates are subject to the order issued from the Reserve bank of India form time to time. As for as no security is needed upto 4 lac rupees. Third party gurantee is required for getting loan amount in between from 4 lacs to 7.5 lacs rupees. Beyond 7.5 lacs co-obligation of parents, third party guarantee and the security value of suitable assets needed.
The repayment of educational loan and other condition in bank of India
Actual repayment of the said loan starts from after one year of completion of his or her course or six months after getting necessary employment whichever is earlier.
The loan amount will be directly disbursed to the institution. The loan amount will be disbursed in the form of installments subject to showing the mark sheets of subsequent examination passed.
For more details visit the nearest branch of bank of India.