BOI education loan form-filling process is easy to understand. You can fill out the loan application form through both online and offline processes. It is important to understand the education loan form-filling process so that the loan can be approved quickly without any issues. Any small mistake in the loan application form may lead to rejection. Let’s understand the complete process in this blog.
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Step-by-Step Guide to BOI Education Loan Form Filling Process
The Bank of India (BOI) provides a range of education loans for students pursuing higher education both in India and abroad. Their application process is designed to be as accessible as possible so that the students and parents can complete it without much hassle. Check all the steps involved in filling BOI loan application form.
Also Read: Check here all the major details on RBL Bank education loan to study abroad
Eligibility Check
Before starting the application, it’s essential to verify eligibility. BOI education loan requires applicants to meet certain criteria so that the approval of a loan can be done fairly. If your admission has been confirmed in an accredited institution in India or abroad and you are pursuing a top-notch course, the loan will be approved easily.
Download the Loan Application Form
Bank of India provides an option to download the loan application form online. You can download the form, print it and then submit it to the bank along with the relevant documents. You can also apply online by visiting the official website of BOI to download the form under the ‘Education Loan’ section.
Also Read: Want a personal loan for education? Check here all about Bandhan Bank Personal Loan
Filling Out the Form
In order to apply online or offline, you need to fill out the loan application form very carefully. In the loan application form, you need to enter personal details, course details, university details, monthly income etc. Check more details below:
- Enter basic information such as name, age, address, and contact information. These details should match completely with your KYC documents.
- Provide information about the course, institution, duration, and total fees as mentioned in the institution’s fee structure.
- Enter the loan amount you’re applying for based on the total cost of education and any other funding sources you may have such as scholarships to study abroad.
- Fill out the details of the co-applicant (usually a parent or guardian) and mention the relationship, income, and contact details.
- Enter the co-applicants income details accurately, as this will determine the loan amount and its approval.
- For larger loan amounts, collateral security may be required. Enter the details of the asset (property, FD, etc.) being offered as collateral.
- After filling out the form, submit it along with the required documents to the nearest BOI branch or upload it on the BOI’s online portal, if applicable.
- The bank will verify the submitted documents and assess the co-applicant’s financial standing and repayment ability.
- Once the verification process is complete, BOI will notify you of the loan approval status.
Disbursement of BOI Education Loan
If the loan has been approved, the amount is disbursed in instalments directly to the institution as per the fee schedule provided. The education loan disbursement process refers to the transfer of loan amounts to the university. You’ll also receive a repayment schedule outlining the EMI and interest applicable once the repayment period begins. If you require a loan disbursement letter, you can request the bank for the same. BOI education loan disbursement letter will be sent to your email ID or residential address.
By following this step-by-step guide, you can complete the Bank of India education loan application process efficiently and increase your chances of securing funding for your educational goals. Check some FAQs based on the BOI loan application process below:
FAQs
Students must secure admission to a recognised institution in India or abroad for higher education in an undergraduate, postgraduate, or specific professional program to be eligible for a BOI education loan.
The students must provide an admission letter, academic records, identity and address proof, income proof of the co-applicant and details of collateral (if required).
The processing time for a BOI education loan may take a few weeks, as it involves document verification, credit assessment, and background checks. However, timelines can vary by branch and loan amount.
BOI allows both online and offline applications. You can download the form from BOI’s website and submit it along with digital copies of the required documents.
Once the loan is approved, BOI disburses funds directly to the institution in instalments, matching the institution’s fee schedule.
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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