Education and Career Forum

I have completed BBA in Finance and want to study MBA in Finance from abroad. So, I want to apply for an education loan of 15 lakh at BOI. What is the terms and conditions to apply for an education loan? What would be the interest rate, EMI and Tenure for it?

To apply for education loan you need to visit the official website of Bank Of India and can apply from there by typing “education loan” in the search box and after that you need to fill the application form and then after you need to complete the process by scanning all the necessary documents like address proof (Voter ID, Passport, ration card, etc.) , Identity proof (Voter ID, Pan card, Passport, etc.), Income details (Income tax return, Pan card, Salary slip, etc.), Education documents (Degree certificates, SSC and HSC mark sheets) and other documents if required by the bank or you can visit the nearest branch of the bank and can apply for the educational loan by submitting the photocopy of above mentioned documents along with coloured passport size photographs.
The bank will sanction the maximum amount to study abroad is Rs.20 lac.
The applicant should be the citizen of India. The candidate must have secured admission in the recognized University in India or abroad. Parents should sign up as the Co-Applicant. The applicants should not have any outstanding loan amount from any other bank.
As you are going to take Rs.15 lac as the education loan then you need to pay 2.50% above the base rate as an interest to the bank. If you serviced the interest during the moratorium period then you have to pay 1% interest to the bank. Apart from this you will get the interest subsidy during moratorium period after getting the job you need to repay the bank along with the interest within 15 years. The base rate for abroad study is 15%+2.5%= 17.5% then you have to repay approx. Rs.24000 per month.