Education and Career Forum

Respected Sir,
I have a Bank Account in Bank of India.
But its a savings account. So, for applying
Education Loan from Bank of India I have
to open a Student Account?

No, there is no need to open any Student Account or any other separate accounts to apply for education loan if you already have a Saving Account. If you want to take education loan from the branch of Bank of India where you have savings account, then there is no need of any other accounts, your present account will be linked by the branch manager to your loan request. However, if the loan amount is more than 4.5 lakhs then you need to change the status of your account to joint wherein your father/mother/guardian will be co-owner as well as co-borrower of the education loan. If you want to take education loan from some other banks then you need to open an account in the concerned branch of other bank.