Star education scheme is one of the popular financial aids being offered by BOI to meritorious students for their further higher studies. The bank of India students' loans Star Educational Loan Scheme have played a vital role in catering the needs of students from middle income groups who deserve to rewarded with education loans and other sponsorships.
Bank of India education loans not only assist students with education finance but also support them while offering easy mode of applying. BOI student loans work for both domestic and international level of education where student should belongs to Indian nationality and apply for reputed degree program. For international studies; student can apply for Rs 20 lacs whereas for national college or universities; student can apply for Rs 10 lacs. Interest rate varies from one degree program to another where time period is major point to concern while apply for bank of India education student loans. For moratorium period BOI offers special treatment while offering 1% int. concession on interest rate whereas offering 0.50 % p.a concession over interest rate for women. Above 4 lacs under overdue period; student needs to pay off with penal interest @ 2 % for past due amount. Bank of India education loan carries certain rules and regulations that basically applied to all students but varied from one degree program to another.
- BOI offer education loan for job oriented course where age limit is 18-30 years for graduate programs and 15-28 years for international studies and post graduate.
- Student should be from Indian side and must be citizen.
- Student must have A grade of academic records; and university for he or she apply must be of top rated and recognized.
If talk about courses then there are certain list of education programs and degrees for which BOI offers students loans like for graduate, post graduate and doctorate programs including law, engineering, hotel management, medical, CA, CS, ICWA, mass communication and nursing but that should be from recognized university and colleges that must be approved by AICTE, UGC or from any of the government authorities. Apart from these, bank of India education student loans also stated for MS and MBA and that may be from USA, London and India. Well, the terms and conditions for bank of India loans varies on regular interval of time; thus it is recommended to students to go through fully before applying to any of the bank of india education loan.