Bank of India is one of the leading and most prominent public sector banks in India serving people since 1906. This bank is a preferable choice for international students who want to escalate their careers to further heights with overseas education. The bank provides specific schemes for study abroad loans like the BOI Star Education Loan. You can apply for an education loan from the Bank of India by visiting the official website or walking into any branch of the bank.
In this blog, we will focus on the Bank of India education loan processing time. Keep reading further to clear all your doubts.
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What is Bank of India Education Loan Processing Time?
Bank of India provides financial assistance to deserving students for pursuing higher education in India and abroad. Their education loan covers various expenses such as tuition fees, hostel charges, examination fees, books, and other related expenses. The Bank of India education loan processing time typically depends on various factors including application, documentation, and formalities. It may take 15-20 days or a month to complete the loan application and process it.
Also Read: Check this blog and know all the major documents required for education loan to study abroad
Steps Involved in Bank of India Education Loan Processing
Various stages are involved after which the Bank of India education loan is processed. After the submission of the loan application form, the bank verifies the documents on the basis of which loan got approved and sanctioned. Check out all the major steps involved in Bank of India Education loan processing:
Application Submission
Firstly, you need to apply! Gather all the necessary documents like your ID, address proof, admission letter from the college, income certificates, etc. Once you have everything ready, submit your application to the Bank of India. Ensure all details are accurate and complete to initiate the process. For application form submission, you may go to the nearest branch of BOI or check out the official website of the bank. You can also use the Vidya Lakshmi Portal to apply for a loan through BOI. After submitting the application form on the portal the Bank will contact you within 48-72 hours for further processing.
Document Verification
After you’ve submitted your application, the bank will check all your documents. They want to make sure everything is in order and that you’re eligible for the loan. They will check the student’s eligibility, academic performance, and reputation of the educational institution. This stage usually takes a few days, but delays can occur if any discrepancies are found. So, be patient!
Loan Approval and Sanction
Once the bank is satisfied with your application and documents, they’ll proceed further with your application. This means they’ve agreed to give you the loan amount you’ve requested. During this time, the bank will assess your eligibility, evaluate the collateral (if any), and determine the loan amount and interest rate. Wait for the bank’s decision on your loan application.
BOI Education Loan Disbursement
Upon approval, carefully read and sign the loan agreement. Once your loan is approved, the bank will disburse the funds directly to your college or institution. This can take a little time too, as the bank needs to coordinate with your college to make sure everything is done correctly. You should always check all details before initiating the Bank of India education loan disbursement process and also don’t miss on on checking out the Bank of India Education Loan Interest Rate for better understanding and quick processing.
Also Read: Want a quick education loan to study abroad? Check here all about SBI Education Loan Processing Time
FAQs on Bank of India Education Loan Processing Time
Indian nationals pursuing higher education in India or abroad are eligible to apply. Additionally, certain criteria regarding academic performance, admission to recognized institutions, and the applicant’s financial background may apply.
Bank of India education loans typically cover tuition fees, examination fees, library/laboratory fees, hostel fees, purchase of books/equipment/instruments/uniforms, travel expenses for studies abroad, and other related expenses.
The maximum loan amount varies depending on the course, country of study, and the bank’s discretion. The maximum loan amount can go up to INR 1.5 Cr.
The repayment period typically starts after the completion of the course or a certain grace period after securing employment, whichever is earlier. The repayment period can extend up to 15 years, allowing borrowers to repay the loan in convenient installments.
The processing time can vary depending on factors like document verification, loan approval, and disbursement coordination with educational institutions. On average, it may take anywhere from a few weeks to a couple of months.
Getting an education loan from the Bank of India can open doors to a world of opportunities. While the processing time might seem a little tough and daunting, but this is a first step towards your better future.
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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