BOI loan balance transfer service is offered to students to transfer existing loans from any other bank to the Bank of India. Education loan refinancing is one of the best ways to make the loan cheaper by transferring it to another lender at a reduced interest rate and flexible repayment terms. Bank of India is one of the best banks for student loan refinance. You can apply for BOI loan balance transfer online or by visiting the nearest branch of the bank. Let’s check and understand all the features of the Bank of India education loan transfer.
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BOI Loan Balance Transfer: Major Highlights
For students aiming to pursue higher education abroad, education loans are a lifeline to cover huge tuition fees and living expenses. Bank of India (BOI) offers a range of education loans for students pursuing studies overseas. Bank of India refinance interest rates are also low as compared to other banks. BOI loan balance transfer service is provided by the bank at affordable interest rates and longer repayment periods. Check some major features of the Bank of India education loan transfer below:
| Particulars | Details |
| Name of the Scheme | BOI Star Education Loan |
| Mode of Application | Online and Offline |
| Interest Rate | For loans up to INR 7.50 lakh: 1 Year RBLR + 1.70% For loans above INR 7.50 lakh: 1 Year RBLR + 2.50% |
| Repayment Period | Up to 15 years |
| Processing Fee | VLP postal charges of Rs. 100.00 + 18% GST |
Also Read: Check here all the major details about IOB Education Loan Disbursement
Why BOI Loan Balance Transfer?
Studying abroad comes with financial challenges especially if you are in the USA or the UK. Education loans are one of the best ways to fund your overseas education as they cover tuition fees, accommodation costs etc. However, most banks provide education loans at a floating rate of interest. If the interest rate on an education loan increases, you can transfer the loan to the Bank of India if you are getting a low rate of interest. Here are some reasons why transferring your loan to BOI can be a smart financial decision:
Lower Interest Rates
One of the main reasons students opt for a loan balance transfer is to take advantage of lower interest rates. BOI offers competitive interest rates on education loans. BOI education loan interest rate for loans below INR 7.5 lakh is 1 year RBLR + 1.70% and for loans above INR 7.50 lakh is 1 Year RBLR + 2.50%.
Flexible Repayment Options
BOI provides students with flexible repayment options. You can get up to 15 years for loan repayment which will reduce your EMI amount. With options such as step-up repayment plans or EMI-based repayments, students can choose a plan that best suits their financial situation after they complete their course.
Top-Up Loan Facility
When you transfer your education loan to BOI, you may also be eligible for a top-up loan. If you want to pursue another course after the ongoing course, you can get a top-up education loan from the Bank of India. This additional funding can be used to cover extra expenses like living costs, travel expenses, or any other financial requirements during your studies.
BOI ensures transparency in the loan transfer process by avoiding any hidden charges. You only have to pay a nominal processing fee, which makes it easier for students to make the switch without worrying about unexpected costs.
Eligibility Criteria for BOI Loan Balance Transfer
The eligibility criteria for an education loan transfer to the Bank of India is the same as for a usual education loan. However, there are some mandatory requirements that the bank checks like regular payments, good credit scores etc. Check more details below:
- The student must have a clean repayment history with no defaults. In the books of the existing lender, all the payments must be done on time.
- The education loan must cover overseas education expenses and you need to show the details of admission to further courses.
- The remaining loan tenure should match BOI’s loan terms for education loans.
- The academic records must be excellent including your performance in the current course.
Also Read: Check here all the details about Education loan without guarantor to study abroad
How to Apply for a BOI Loan Balance Transfer?
It’s very useful to check and understand how to apply for education loan refinance. You can apply for a BOI education loan transfer through both online and offline processes. After submitting the application, the bank verifies your documents and the details and then approves the loan application. Check the steps below to apply for an education loan transfer to BOI:
- Check your eligibility and make sure your existing loan meets the eligibility criteria for a balance transfer to BOI.
- Collect necessary documents like your education loan sanction letter, repayment track record, admission proof, and academic qualifications.
- Fill out the BOI loan transfer application form and submit it with your documents at the nearest BOI branch.
- Once BOI verifies your details and approves your application, they will pay off your outstanding loan with the current lender, and the loan will be transferred to BOI.
- After the transfer, your new repayment schedule will be with BOI.
What Is a Loan Balance Transfer?
A loan balance transfer refers to the process of transferring your outstanding loan amount from one bank to another that offers a lower interest rate and better repayment period. For students who already have an education loan from another bank, BOI provides an opportunity to transfer their loan balance to BOI under its education loan schemes.
A BOI Loan Balance Transfer can provide international students studying abroad with financial relief. By offering lower interest rates, extended repayment tenures, and top-up facilities, BOI is a favourable option for managing your education loan effectively. Check some FAQs on the same below:
FAQs
A BOI Loan Balance Transfer allows students to move their existing education loan from another bank to the Bank of India. This can help reduce interest rates, extend repayment periods, and offer flexible repayment options.
Some of the major benefits of BOI loan balance transfer are lower interest rates, flexible repayment options, extended loan tenure, and the chances for a top-up loan.
Students with an active education loan from another bank, a good repayment history, and who meet BOI’s eligibility criteria can apply.
You can apply for a BOI loan balance transfer through the official website or by visiting the nearest branch of the bank.
Yes, BOI charges a nominal processing fee for loan transfers. However, there are no hidden charges.
To know more about education loans, the best bank accounts for students, forex and banking experience for global students or international money transfers, reach out to our experts at 1800572126 to help ease your study abroad experience.
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