Bank of India Students Personal Loan

Begin your academic pursuits with Bank of India Personal Loans for Students. From the Star Education Loan for studies in both India and abroad to specialised loans like the Star Vidya Loan and the Star Progressive Education Loan, each product is designed to alleviate the financial pressures of education. The Star Pradhanmantri Kaushal Rin Yojana also supports vocational training, and the Star Education Loan for Working Professionals caters specifically to those balancing employment with educational advancement. For more details about each loan's features, eligibility criteria, and application processes, prospective borrowers should keep reading this guide. 

Bank of India Lakh Personal Loan for Student – Highlights 

Here’s a simplified and easy-to-understand overview of the various Bank of India education personal loan features:

1. Star Education Loan – Studies in India

2. Star Education Loan – Studies Abroad

3. Star Vidya Loan

4. Star Progressive Education Loan

5. Star Pradhanmantri Kaushal Rin Yojana

6. Bank of India Skill Loan

7. Star Education Loan for Working Professionals

Eligibility Criteria for Student Personal Loan

For Bank of India’s Student Personal Loans, here are the general eligibility criteria and documentation requirements:

Eligibility Criteria for Student Personal Loan:

• Nationality: Applicants must be Indian Nationals or Persons of Indian Origin (PIO)/Overseas Citizens of India (OCI).
• Admission: Students should have secured admission to higher education courses in recognised institutions in India or abroad. Admission must be through an entrance test or a merit-based selection process following completion of HSC (10+2 or equivalent). If admission isn’t based on entrance tests, the loan eligibility may depend on the student’s employability potential and the institution’s reputation.
• Co-applicant Requirement: Loans often require a parent or guardian as a co-applicant, especially for larger loan amounts.

Documentation Needed for Loan Application

• Proof of Identity and Residence: Standard documents like Aadhar Card, Passport, Voter ID, etc.
• Academic Records: Admission letters, mark sheets, school certificates, and other relevant academic records.
• Financial Documents: Depending on the loan amount and the requirements, documents like salary slips, income tax returns, and co-applicant bank statements might be necessary.
• Proof of Admission: Official admission letter from the educational institution.
• Expense Documentation: Receipts or estimates covering tuition fees, living expenses, books, and other education-related expenses.

Bank of India Personal Loan for Student – Fees and Charges 

Bank of India’s education loans offer favourable terms to ease students’ financial burden. Notably, these loans generally do not involve any processing charges. Most of the education loan types offered also do not require collateral security up to certain limits, typically around Rs. 7.50 Lakhs, depending on the specific loan type. There are no hidden charges, and prepayment penalties are not applied, allowing more flexibility for repayment.

How to Apply for a Student Personal Loan

Urban Money can assist you if you’re looking for an even simpler way to apply for a student personal loan with the Bank of India. Here’s how Urban Money can streamline the process:

• Visit Urban Money Website: Start by going to the Urban Money website.
• Select the Bank and Loan Type: On the website, choose Bank of India from the list of banks and specify the type of education loan you are interested in.
• Provide Necessary Information: Fill out the required information form on Urban Money, including personal details, educational details, and the specifics of the desired loan.
• Wait for a Callback: After you submit your information, Urban Money will process your request. You can expect a callback from a representative who will assist you with the next steps, including finalising your application or answering any questions.