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Tuesday, October 26, 2021


    

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BANK OF INDIA

Bank of India
         

Loan amount Upto Rs.10 lakhs
                 
Interest rate 11.5% upto Rs.2 lakhs and 13.5% from 2 to 10 lakhs.
            
Details of interest/
Payment
Maximum period of 10 years (principal amount).
Payment commences 6 months after the completion of the course or getting employed.

Accumulated interest is to be paid within 2-3 years of course completion.

Interest during course is simple. After the course, interest is compound.

If student does not return to India in 6 months, the interest charged is at commercial rates.
            

Margin money Student has to arrange 25% of all tuition and living costs.
               
Security/Collateral Mortgage on property (in parentsí names), shares, LIC, NSCs, Unit Trust, other investments.

These must be at least 200% of the loan amount.
             

Documents required Bank forms, letter of admission from overseas university clearly stating living costs and tuition fees and other costs. Student should have secured first division in previous studies (excluding language).
             
Where to apply Any Bank of India branch in India.
              
Time taken Usually processed within 1 month.
          

 
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