Bank of India Bank Loan

Bank of India Education Loan

Since the rules, regulations, eligibility conditions, repayments and interests rates etc are revised by the banks from time to time. students and parents are advised to check thoroughly the terms and conditions of educational loan scheme of respective bank on offer at the time of application.

Star Educational Loan

Bank of India Education Loan

The Star Educational Loan Scheme aims at providing financial support from the bank to deserving/ meritorious students for pursuing higher education in India and abroad. The main emphasis is that every meritorious student is provided with an opportunity to pursue education with the financial support on affordable terms and conditions.

Bank of India Eduation Loan Eligibility

Student'S Eligibility:

  • Should be an Indian National
  • Student should have secured admission to a higher education course in recognized institutions in India or Abroad through Entrance Test/Merit based selection process after completion of HSC (10 plus 2 or equivalent).
  • Good academic career.
  • The student should not have outstanding education loan from any other Institution.
  • Father/Mother should be co-borrower.
  • Branch nearest to the permanent residence of student will consider the loan.

Eligible Course(India):

  • Approved Courses leading to graduate /post graduate degree and P.G. diplomas conducted by recognized colleges/ universities by UGC/Government/AICTE/AIBMS/ICMR
  • Courses like ICWA,CA,CFA,etc.
  • Courses conducted by IIM, IIT, IISc, XLRI, NIFT, NID and other Institutes set up by Central/State Govt.

Note : Professional courses not approved by AICTE and conducted by Institutes not recognized by State Universities is outside the purview of the eligibility under the scheme.

Eligibile courses abroad:

  • Graduation: For job oriented professional/technical courses offered by reputed universities.
  • Post-Graduation: MCA, MBA, MS, etc.
  • Courses conducted by CIMA - London, CPA in USA, etc.

Expenses Considered For Loan

  • Fee payable to college/school/hostel*
  • Examination/Library/Laboratory fee.
  • Purchase of books/equipments/instruments/uniforms.
  • Caution deposit/building fund/refundable deposit supported by Institution bills/receipts.
  • Travel expenses/passage money for studies abroad.
  • Purchase of computers/Laptops - essential for completion of the course.
  • Life Insurance Premium for life cover of student/co-borrower
  • Any other expenses required to complete the course - like study tours, project work, thesis, etc.
* As per brochure/ demand letter from the institution.

Quantum of Finance

  • Need based finance subject to earning potential of student upon completion of the course with and following ceilings
  • Studies in India - Maximum Rs.10.00 lakh
  • Studies abroad - Maximum Rs.20.00 lakh


Upto Rs.4 lakh : Nil Above Rs.4 lakh Studies in India : 5% Studies Abroad : 15%

Scholarship could be included in margin: Margin to be brought in on year to year basis as and when disbursements are made.Star Education Loan


UptoRs. 7.50 lakh: Parents or Guardian to be joint borrowers (No collateral security or Third Party Guarantee since covered under CGFSEL)

Above Rs.7.5 lakh: 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.

Note : The security can be in the form of land/building/Govt. Securities/Public Sector Bonds/NSC/KVP/LIP/ Banks Term Deposit etc., in the name of Student/ Parent/ Guardian/Guarantor with suitable margin.

Star Vidya Loan Scheme

Students should be Indian National. Secured admission in select Premier Educational Institutions in India, through Entrance Test /Selection process.

Courses covered

Regular full time Degree/Diploma courses (certificate / part-time courses not covered). Full time Executive Management courses like PGPX (For IIMs) are also covered.

Quantum of loan

  • Institutes under List “A” Rs.30.00 Lacs
  • Institutes under List “B” Rs.20.00 Lacs
  • Institutes under List “C” Rs. 10.00 Lacs

Rate of Interest

Premier Institutes as per list A, B and C: 1 year MCLR




  • No collateral Security
  • Parents/Guardians to join as Co- borrowers
  • Assignment of future income

Repayment period

Moratorium up to course period plus 1 year. Repayment period : 15 years from the date of commencement of repayment.

Expenses covered

Fees payable to college / school / hostel / Examination / Library Fees. / Purchase of books / equipment / instruments. Purchase of computer / laptop Any other expenses related to education. Coverage under Credit Guarantee Funds Scheme for Education Loans (CGFSEL)

All Educational Loans upto Rs.7.50 lacs conforming to the guidelines of “IBA Model Education Loan Scheme for pursuing studies in India and Abroad” are eligible for coverage under CGFSEL by National Credit Guarantee Trustee Company(NCGTC)

All other terms & conditions as per star education loan scheme.

Students may also apply online on Vidya Lakshmi Portal developed by NSDL e-Governance Infrastructure Ltd.

Website: Loan