Education and Career Forum

Hello sir, I want to apply for an education loan in Bank of India to study MBA from abroad. Please tell me can I get margin in interest rate if applied for 15 lakh?

To get a loan from Bank of India you need to follow certain rules and you need to submit few documents which are here under:
The applicant should be an Indian national.
The student should not have any outstanding loan amount from any other bank.
The candidate must have secured admission in the recognized University in India or abroad.
Parents should sign up as the Co-Applicant.
The candidate needs to submit photo copy of Address proof, Income proof, Income details, Education documents.
By paying processing fee of thousand rupees (which is refundable after the loan disbursement) the candidate can avail the loan from the bank. Up to Rs.7.50 lac the interest rate is 3% above Rs.7.50 lac the interest rate is 2.5%. Loan taken up to Rs.4 lac no security is required above rs.4 lac up to Rs.7.50 lac collateral security in form of a suitable third party guarantee is to be provided and above Rs. 7.50 lac co-obligation of parents together with tangible collateral security along with assignment of future income to the bank is required.
The loan can be repaid within 10 years if the amount taken is Rs. 7.50 lac if the amount is above Rs. 7.50 lac then the amount should be repaid within 15 years.
If the family income of the student is not exceeding Rs. 4.50 lac per annum then the candidate is eligible to get subsidy. Full interest subsidy is offered for the moratorium period which is course period plus 1 year or 6 months after securing a job, whichever is earlier.