Education and Career Forum

Hello, I want to study BBA(H) and for this I need to apply an education loan. My friend has an account in Bank of India but I don’t. However we both want to apply an education loan in this bank. So, for me, Bank of India will provide an education loan? Or is it necessary to have an account in this Bank for applying an education loan?

No, it is not necessary to have an account in Bank of India to apply for an education loan for pursuing BBA (H) course. If you apply for an education loan in Bank of India and if it is sanctioned, the bank will automatically open an account for you towards education loan. Candidates who have secured admission to higher education course in a recognised college/ university are eligible to apply for an education loan in Bank of India.

Yes, it is not mandatory to have an account in Bank of India to apply for an Education Loan for BBA(H) aspirant. But if you have an account in Bank of India, then it will be easier for you to get loan application approved. You should have a co-signer who act as a co-borrowser while applying for education loan.

If you don't have a bank account in the concerned bank branch, then also no need to worry. You just need to have all the necessary documents to apply for the education loan and if there is a need for a bank account they will ask you to open an account.

Just make sure you have a guarantor and have confirmed admission at a recognized college or institute. No need to worry about the bank account.