Education and Career Forum

Hello,
I want to take education loan from Bank of India for studying MBBS. I have an account in BOI that is why I want to apply for loan there. Can anyone tell me how can I proceed? What is the terms and conditions?

Procedure of taking loan from BOI :-

- Approach the bank and talk to the bank manager for education.
- Put forward your request citing the institute and its reputation in which you want to get admission.
- Get to know the details of the education loan and the formalities you need to follow.
- If positive response from bank, proceed further as per bank's instructions complying the terms and conditions and completing all the formalities.

The terms and conditions booklet will be provided to you at the time of loan sanctioning which you need to read and sign in every page. It depends on the amount of loan you are taking.

The educational loan is offered for the candidates who wish to pursue higher education and also who are economically backward category.

The eligibility criteria is as follows to avail educational loan:

* Candidate must be a citizen of India.

* Candidate must have secured admission in any of the technical or professional course which is valid and recognized by the government of India and AICTE.

* Candidate shouldn't have any other outstanding educational loan.

The minimum loan amount sanctioned without any collateral security is Rs.4 lacs. Above Rs. 4 lacs, one has to keep collateral security.

The rate of interest is 2.50% per year.

The moratorium period is course period + 1 year after getting the job.

PROCEDURE:

* At first approach the BOI bank and obtain the application form after meeting the eligibility criteria.

* Fill the application form with all necessary details and submit back to the bank by attaching all the required documents like,

1. College admission letter including fee particulars in it.

2. Address and ID proof.

3. Latest 6 months bank statement.

4. Collateral security.

5. Academic certificates.

One can also apply online form submission for educational loan at http://www.bankofindia.co.in/english....aspx?from=new