Education and Career Forum

Sir, I want to study MBA course from Lovely Professional University. Please tell me can I get education loan from Bank of India? What are the requirements for it?

BOI education loan interest rate:-

Up to Rs.7.50 lakhs - 3% above the base rate
Above Rs.7.50 lakhs - 2.50% above the base rate
Women Beneficiaries - Concession of 0.5% per annum for limits up to Rs.50,000 and 1% for limits over Rs.50,000
Loan for Professional courses - Concession ranging from 0.5% to 1%
If interest is serviced during moratorium - 1% concession

Eligibility criteria:-

The applicant should be an Indian national.

The student must have secured admission to a professional or technical course through a merit based selection process at institutions in India or abroad.

The student should not have outstanding education loan from other banks.

Parents or guardian should sign up as the co-applicant

For availing an education loan under Star Vidya scheme, the student should have secured admission in premier educational institutions in India through entrance test or merit based selection process

Documents required:-

Address Proof:

Voter ID card
Passport
Ration card

Income Details:

Pan Card
Form 60
Income Tax Return slips
Form 16
Salary slips

Identity Proof:

Voter id card
Passport
Pan card
Bank account statement

Educational documents:

School leaving certificate
Degree certificate
Mark sheets
Any other documents as required by the bank

Yes, you can get education loan from any bank of India. Education loan is sanctioned for Master of Business Administration from Lovely Professional University. The following documents are required for sanction of Education loan is:

>>Proof of identity and address.

>>Academic marksheets, certificates.

>>Education loan letter containing fee structure.

>>Income certificate of parents.

>>PAN card and Aadhaar card is necessary.

You can also apply online to multiple banks for Education loan at Vidya Lakshmi Portal.