Bank of India Education Loan in 2025: Interest Rate, Colleges List and Documents Required

Students can easily pursue higher studies domestically and overseas with the help of a Bank of India education loan. These loans provide financial support to the students to manage their expenses and tuition cost and maximises opportunities for top-notch education.

The Bank of India education loan guarantees that candidates can concentrate on academic activities, with limited budget or debt commitments. Generally, the interest is between one year (12 months) RBLR +2.50, and the interest rate is calculated using RBI format for education or student loans. Generally, the Bank of India offers loan amounts for up to Rs 30 lakhs with a maximum 15-year term.

Read this complete article to learn about the Bank of India's education loans, which assist in achieving academic and professional objectives.

Bank of India Education Loan Eligibility 2025

For qualified Indian citizens enrolled in approved programs, the Bank of India provides student or education loans with some requirements for 2025:

Bank of India Education Loan Eligibility

• You must be an Indian resident.

• You should have confirmed admission to a recognised university.

• You must be between 16 to 35 years of age.

• Your co-borrower (parents or guardian) must co-sign the loan.

• Your co-applicant’s income usually requires evidence to support loan repayment.

• Good credit may be taken into consideration, especially for high loan amounts.

Bank of India Education Loan Documents Required

The documents required to get an education loan at the Bank of India to study in India or abroad countries are given below:

• Admission letter

• Completed loan application form.

• Two recent passport-size photographs.

• Cost of study statement.

• Proof of identity includes a Passport, Aadhaar card, PAN Card or Voter ID (Student and Parent/ Guardian).

• Valid bank statement for a minimum six months (Student and Parent/ Guardian).

• Income proof includes Salary slips, form 16 or income tax returns (yours or the guarantor's).

• Statement of assets & liabilities (Student and Parent/ Guardian).

How to Apply for a Bank of India Education Loan Abroad?

Here the step-by-step instructions to apply for a Bank of India education loan abroad are given:

• Step 1: Visit the official website or the nearby Bank of India to learn more about education loans.

• Step 2: You can download the application form online or else ask for it at the nearest branch.

• Step 3: Fill out the application with proper information and documents.

• Step 4: Submit it to a bank representative.

• Step 5: After processing the application, if accepted you get a sanction letter that includes the details of the loan amount, interest rate and repayment schedule.

Additional Details for Bank of India Education Loan

Types of Bank of India Education Loan

Following graduation, the student loan repayment begins, and they are granted an extra six months to find or accept payment.

Commonly, there are four types of Bank of India Education Loan:

• Undergraduate Education Loan

• Postgraduate Education Loan

• Parents Availing Education Loan

• Career growth Education Loan

Bank of India Education Loan Interest Rate 2025

The following lists the interest rate for an education loan from Bank of India:

Bank of India Education Loan Interest Rate

Bank of India Education Loan Interest Rate Calculator

The calculated features on the Bank of India’s official website will be used to process your payment. Here is the process for calculating an education loan:

• Press the calculator button in search on the official website of the Bank of India.

• Next, tap the calculator. The loan amount, interest rate and repayment period must be entered.

• After that, you can see the amount you are required to pay.

Bank of India Education Loan Abroad

Students who need to study overseas must be enrolled into courses that qualify them for Bank of India education loan. The courses are given below:

• Graduation: Career-oriented professional/technical programs offered by reputable universities.

• Post-Graduation: MCA, MBA, MS, etc.

• Courses conducted by CIMA - London, CPA in the USA, etc.

Bank of India Education Loan Without Collateral

Under specific circumstances, loan amounts are usually lesser, the Bank of India provides education loans without collateral or security. In public-sector banks, collateral is not needed for loans up to Rs 7.5 lakhs and up to Rs 40 lakhs in private banks.

Advantages of Bank of India Education Loan

The advantages of Bank of India education loan abroad are:

• No processing charges.

• No documentation charges.

• No prepayment penalty is levied.

• No requirement for collateral security up to 7.5 lakhs.

• Loan offers fee payment for online classes.

• No margin money is required for loans up to 4 lakhs

Features of Bank of India Education Loan to Study Abroad

The popular specific features of Bank of India Education Loan to study in foreign countries are as follows: