Bank of India Education Loan Documents Required

Bank of India Education Loan Documents Required
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Bank of India is one of the oldest government banks in India. It offers education loans to study abroad under the BOI Star education loan scheme. You can get up to INR 1.5 crore education loan from the Bank of India to study abroad in a foreign university.

The documents required for the BOI education loan are required to be uploaded online or you can also submit it to the bank by visiting the nearest branch. It is very important to submit all the documents properly without any mistakes. Let’s check and understand all the major documents required for the Bank of India education loan.

What are the Documents Required for Bank of India Education Loan?

There are a lot of documents required for the BOI Star education loan. You need to submit documents for KYC, income status, employment details, scorecards of previous examinations and entrance examinations (if applicable). Check the details of the major documents required for BOI education loan:

KYC Documents

KYC (Know Your Customer) documents include all such documents which show your identity and are issued by government agencies. Check some of the major KYC documents that are required to be submitted to the bank:

DocumentsApplicantCo-applicant
Aadhaar Card
Voter ID Card
Driving License
Passport

Also Read: Want a quick education loan to study abroad? Check here all about SBI Education Loan Processing Time

Financial Documents

Financial documents are required to check the financial stability of the applicant and the co-applicant. It is very important to show income details as it is used to determine the total loan amount, repayment period, interest rate

DocumentsApplicantCo-applicant
Income Proof
Last 3 Months Salary Slip
Last 6 Months Bank Statement
Employment Details
IT Returns
P & L Statements

Academic Documents

The academic documents include those documents related to the student’s academic background. The bank wants these documents to ensure that the student has a strong academic background. Check the list of documents below:

DocumentsApplicantCo-applicant
Scorecard of Secondary and Higher Secondary Exam
Scorecard of Undergraduate
Admission Letter
Marksheets of the Entrance Exam (if applicable)

Also Read: Check this blog and know all the major documents required for education loan to study abroad

Documents Required After Loan Sanction

When the bank sanctions the loan, you will be required to submit some more documents. Those documents are for the confirmation that you are fully ready to travel abroad for your studies. The bank will also provide an education loan sanction letter which you can submit to the university to show proof of financial sources. Check all the documents required after loan sanction below:

  • Visa approval letter
  • Admission confirmation letter
  • Flight tickets
  • Copy of insurance letter

How to Submit Documents Required for BOI Education Loan?

It is very important to know the proper ways of submitting the documents required for an education loan. In case of any mistake or error, the bank may reject your education loan and it also may reflect in your credit report that you applied for a loan. Check the steps below to understand the process of submitting Bank of India education loan documents required:

  • Visit the official website of the bank and visit the loan section
  • Login to your profile and upload the documents
  • The documents shall be properly attested by a gazetted officer
  • For KYC documents, submit a self-attested copy

FAQs

What documents are required to apply for Bank of India education loan?

To apply for an education loan from Bank of India, you need documents such as like Aadhar card, passport, address proof etc. Other major documents are proof of admission to the university (offer letter or admission letter), mark sheets of the qualifying exams, and details of the course fees and expenses.

What documents are required for co-applicants for a Bank of India education loan?

If you have a co-applicant, their documents such as proof of identity, proof of residence, and income proof are necessary. They may also need to provide collateral-related documents if the loan amount requires security.

Are there any specific documents required for collateral or security for the loan?

Yes, if you are taking a secured loan, you’ll need to provide documents related to the collateral. This may include property documents such as sale deeds, house papers, or any other assets being pledged as security.

Do I need to provide income proof for a Bank of India education loan?

Yes, income proof is usually required so that the loan amount can be determined. For salaried individuals, this may include salary slips or income tax returns. For self-employed individuals or business owners, it could be business financial statements or income tax returns.

Do international students require any additional documents for a Bank of India education loan?

International students may need to provide additional documents such as a valid passport, visa documents, and proof of admission from the educational institution.

This was all the details about the documents required for the Bank of India education loan. Always keep all the documents handy so that you can submit the documents on time.

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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About Shekhar Suman

Shekhar is a versatile writer with a passion for sharing knowledge and creativity. With expertise in crafting informative blogs on study abroad and finance, Shekhar helps readers navigate the complexities of education and financial planning. Most of his writings blend the practicality of finance and the beauty of language, making a meaningful impact in both spheres. Beyond his professional pursuits, he finds solace in the writing Shayari.

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