Education and Career Forum

I am interested to study BTech in IIT. For this, I am preparing JEE Main & Advance so that I can secure excellent score and secure admission in IIT. But my problem is, I wouldn’t able to bear the expenses. For this I want to apply an education loan and I have heard about the Education Loan scheme which is provided by Bank of India. Can you please provide me the details of this loan scheme?

Details of Bank of India Education Loan Scheme are mentioned below :-

--> Eligibility :- You should have secured admission to higher education course in a recognised college/ university.

--> Quantum of Finance :- Rs. 10 lakhs for studies in India.

--> Margin :-
Upto Rs. 4 lakhs :- Nil
Above Rs. 4 lakhs :- 5% for studies in India and 15% for studies in Abroad.

--> Security :-
Upto Rs. 7.5 lakhs :- Parents/ guardians to be joint-borrowers
Above Rs. 7.5 lakhs :- Co-obligation of Parents together with tangible Collateral security of suitable value along with the assignment of future income of the student for payment of installments.

--> Expenses Covered :-
1. Fee payable to college/ hostel.
2. Examination/Library/Laboratory fee.
3. Purchase of books/ equipments/ instruments/ uniforms.
4. Caution deposit/building fund/refundable deposit supported by Institution bills/receipts.
5. Purchase of computers/Laptops - essential for completion of the course.
6. Life Insurance Premium for life cover of student/co-borrower.
7. Any other expenses required to complete the course - like study tours, project work, thesis, etc.