{"id":15817,"date":"2024-10-26T10:33:12","date_gmt":"2024-10-26T05:03:12","guid":{"rendered":"https:\/\/fly.finance\/blog\/?p=15817"},"modified":"2024-10-26T10:33:13","modified_gmt":"2024-10-26T05:03:13","slug":"bank-of-india-loan-repayment-plan","status":"publish","type":"post","link":"https:\/\/fly.finance\/blog\/education-loan\/bank-of-india-loan-repayment-plan\/","title":{"rendered":"Bank of India Loan Repayment Plan: Know All the Details Here"},"content":{"rendered":"\n<p>Bank of India loan repayment plan can be managed easily if you understand the process. Bank of India provides education loans under the <a href=\"https:\/\/fly.finance\/blog\/education-loan\/bank-of-india-abroad-education-loan\/\"><strong>BOI Star Education Loan scheme<\/strong><\/a> to study abroad. The loan repayment can be done using multiple modes of payment like cheque, setting \u2018Standing Instructions\u2019 etc. If you have additional funds, you can also make part payments and the bank may waive the interest amount for that amount. Banks do not take any <a href=\"https:\/\/fly.finance\/blog\/education-loan\/early-repayment-charge-of-education-loan\/\"><strong>early repayment charges on education loans<\/strong><\/a> so you can close the loan before maturity without any extra charges.<\/p>\n\n\n\n<div class=\"wp-block-yoast-seo-table-of-contents yoast-table-of-contents\"><h2 id=\"table-of-contents\">Table of contents<\/h2><ul><li><a href=\"#h-what-is-the-bank-of-india-loan-repayment-plan\" data-level=\"2\">What is the Bank of India Loan Repayment Plan?<\/a><ul><li><a href=\"#h-moratorium-period\" data-level=\"3\">Moratorium Period<\/a><\/li><li><a href=\"#h-simple-interest-during-moratorium\" data-level=\"3\">Simple Interest During Moratorium<\/a><\/li><li><a href=\"#h-repayment-schedule\" data-level=\"3\">Repayment Schedule<\/a><\/li><li><a href=\"#h-prepayment-options\" data-level=\"3\">Prepayment Options<\/a><\/li><li><a href=\"#h-repayment-via-ecs-or-online-mode\" data-level=\"3\">Repayment via ECS or Online Mode<\/a><\/li><li><a href=\"#h-grace-period-for-late-payments\" data-level=\"3\">Grace Period for Late Payments<\/a><\/li><li><a href=\"#h-education-loan-interest-subsidy-scheme\" data-level=\"3\">Education Loan Interest Subsidy Scheme<\/a><\/li><\/ul><\/li><li><a href=\"#h-key-features-of-bank-of-india-education-loan\" data-level=\"2\">Key Features of Bank of India Education Loan<\/a><\/li><li><a href=\"#h-faqs\" data-level=\"2\">FAQs<\/a><\/li><\/ul><\/div>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-what-is-the-bank-of-india-loan-repayment-plan\"><span id=\"what-is-the-bank-of-india-loan-repayment-plan\">What is the Bank of India Loan Repayment Plan?<\/span><\/h2>\n\n\n\n<p>The repayment phase is an important part of the education loan journey. Bank of India offers a well-structured repayment plan that is designed to ensure that students can repay the loan without financial stress. Below are the major components of the repayment plan:<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-moratorium-period\"><span id=\"moratorium-period\">Moratorium Period<\/span><\/h3>\n\n\n\n<p>The moratorium period, also known as the repayment holiday, gives students enough time to start earning after they complete their course. During this time, students do not need to pay the principal amount. However, interest may accumulate unless it&#8217;s subsidised under government schemes like the Interest Subsidy Scheme for economically weaker sections. The moratorium period is the course duration + 1 year or 6 months of employment, whichever is earlier.<\/p>\n\n\n\n<p class=\"has-pale-ocean-gradient-background has-background\"><strong>Also Read: Check here all the details about <\/strong><a href=\"https:\/\/fly.finance\/blog\/money-transfer\/sbi-foreign-travel-card\/\"><strong>SBI Forex Card<\/strong><\/a><strong> for international students<\/strong><\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-simple-interest-during-moratorium\"><span id=\"simple-interest-during-moratorium\">Simple Interest During Moratorium<\/span><\/h3>\n\n\n\n<p>During the moratorium period, the bank charges simple interest. It is advisable to pay this simple interest during that period as it helps in reducing the overall burden. If the interest during this period is not paid, it gets added to the principal at the end of the moratorium which will ultimately increase the EMI amount.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-repayment-schedule\"><span id=\"repayment-schedule\">Repayment Schedule<\/span><\/h3>\n\n\n\n<p>Once the moratorium period ends, students are expected to start repaying the loan in <a href=\"https:\/\/fly.finance\/blog\/education-loan\/full-form-of-emi\/\"><strong>equated monthly instalments (EMIs)<\/strong><\/a>. The repayment tenure is quite flexible and it usually from 7 to 15 years, depending on the loan amount. Most banks allow a repayment period of up to 15 years. This long repayment tenure ensures that the EMIs remain affordable, even if the loan amount is high.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-prepayment-options\"><span id=\"prepayment-options\">Prepayment Options<\/span><\/h3>\n\n\n\n<p>BOI allows for the prepayment of the loan without any penalty. If you have excess funds, you can foreclose it and save money that you would have paid as interest. Moreover, making lump-sum payments or increasing EMI amounts can help students close the loan faster and plan for other loans.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-repayment-via-ecs-or-online-mode\"><span id=\"repayment-via-ecs-or-online-mode\">Repayment via ECS or Online Mode<\/span><\/h3>\n\n\n\n<p>To make repayment easier, BOI offers Electronic Clearing System (ECS) mandates. In this method, the EMI is automatically deducted from your bank account every month. Students can also repay the loan through online banking, mobile apps, or by visiting the nearest BOI branch.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-grace-period-for-late-payments\"><span id=\"grace-period-for-late-payments\">Grace Period for Late Payments<\/span><\/h3>\n\n\n\n<p>Bank of India provides a limited grace period for any delayed payments, but regular late payments can lead to penalties. The charges will include bounce charges, penalties and GST for that amount.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-education-loan-interest-subsidy-scheme\"><span id=\"education-loan-interest-subsidy-scheme\">Education Loan Interest Subsidy Scheme<\/span><\/h3>\n\n\n\n<p>For economically weaker sections (EWS), the government offers an interest subsidy during the moratorium period. Under this scheme, students from families with an annual income of less than INR 4.5 lakhs can avail themselves of full interest subsidy during the moratorium period.<\/p>\n\n\n\n<p class=\"has-pale-ocean-gradient-background has-background\"><strong>Also Read: Check here all the major details and features of the <\/strong><a href=\"https:\/\/fly.finance\/blog\/personal-loan\/bandhan-bank-personal-loan\/\"><strong>Bandhan Bank Education Loan<\/strong><\/a><strong> to study abroad.<\/strong><\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-key-features-of-bank-of-india-education-loan\"><span id=\"key-features-of-bank-of-india-education-loan\">Key Features of Bank of India Education Loan<\/span><\/h2>\n\n\n\n<p>Bank of India is one of the best banks in India and a popular choice among students. It follows the <a href=\"https:\/\/fly.finance\/blog\/education-loan\/iba-model-education-loan-scheme\/\"><strong>IBA Model Education Loan Scheme<\/strong><\/a> like all the other banks. Check some of the major features of the Bank of India education loan to study abroad:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>BOI offers up to INR 1.5 lakh for studies in India and studying abroad.<\/li>\n\n\n\n<li><a href=\"https:\/\/fly.finance\/blog\/education-loan\/bank-of-india-education-loan-interest-rate\/\"><strong>Bank of India education loan Interest rates<\/strong><\/a> usually range between 9% to 12%, depending on the loan amount and the borrower\u2019s profile.<\/li>\n\n\n\n<li>BOI offers a moratorium period that includes the course duration plus an additional 6 months to 1 year after completing the course.<\/li>\n\n\n\n<li>Loans up to INR 4 lakhs are unsecured and don\u2019t require a co-applicant, while loans above INR 7.5 lakhs usually require collateral.<\/li>\n\n\n\n<li>The maximum repayment tenure is 15 years which makes it manageable for students to pay back the loan in smaller EMIs.<\/li>\n<\/ul>\n\n\n\n<p>Bank of India loan repayment plan is designed for students with the purpose of providing financial relief. By understanding the repayment structure and following smart financial practices, students can effectively manage their loan repayment.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-faqs\"><span id=\"faqs\">FAQs<\/span><\/h2>\n\n\n\n<div class=\"schema-faq wp-block-yoast-faq-block\"><div class=\"schema-faq-section\" id=\"faq-question-1729918494926\"><strong class=\"schema-faq-question\">What is the repayment period for Bank of India education loans?<\/strong> <p class=\"schema-faq-answer\">The repayment period for Bank of India education loans ranges is up to 15 years, depending on the loan amount.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1729918515795\"><strong class=\"schema-faq-question\">When does the repayment of the loan start?<\/strong> <p class=\"schema-faq-answer\">Repayment starts after the moratorium period, which covers the course duration plus an additional 6 months to 1 year after course completion or upon securing employment, whichever comes first.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1729918528347\"><strong class=\"schema-faq-question\">Can I make prepayments on my education loan?<\/strong> <p class=\"schema-faq-answer\">Yes, the Bank of India allows prepayment of the education loan without any penalty. Students can make lump-sum payments or increase EMI contributions.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1729918537542\"><strong class=\"schema-faq-question\">Is there an interest subsidy available on BOI education loans?<\/strong> <p class=\"schema-faq-answer\">Yes, the government offers an interest subsidy during the moratorium period for students from economically weaker sections (EWS) under the Education Loan Interest Subsidy Scheme. This applies to students whose family income is less than INR 4.5 lakhs per annum.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1729918549189\"><strong class=\"schema-faq-question\">How can I pay my Bank of India education loan EMIs?<\/strong> <p class=\"schema-faq-answer\">EMIs can be paid through the Electronic Clearing System (ECS), where the EMI is automatically deducted from your account. You can also pay via online banking, mobile apps, or by visiting a BOI branch.<\/p> <\/div> <\/div>\n\n\n\n<p>To know more about <a href=\"https:\/\/fly.finance\/loans\"><strong>education loans<\/strong><\/a>, the best <a href=\"https:\/\/fly.finance\/international-bank-account\"><strong>bank accounts for students<\/strong><\/a>, <a href=\"https:\/\/fly.finance\/forex\"><strong>forex<\/strong><\/a> and banking experience for global students or international money transfers, reach out to our experts at 1800572126 to help ease your study abroad experience.<\/p>\n\n\n\n<p><strong>Related Blogs<\/strong><\/p>\n\n\n\n<figure class=\"wp-block-table is-style-stripes\"><table class=\"has-pale-ocean-gradient-background has-background has-fixed-layout\"><tbody><tr><td><a href=\"https:\/\/fly.finance\/blog\/student-account\/sbi-zero-balance-account\/\"><strong>SBI Zero Balance Account<\/strong><\/a><\/td><td><a 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c-0.344,0.094-0.707,0.144-1.081,0.144c-0.264,0-0.521-0.026-0.772-0.074c0.522,1.63,2.038,2.816,3.833,2.85 c-1.404,1.1-3.174,1.756-5.096,1.756c-0.331,0-0.658-0.019-0.979-0.057c1.816,1.164,3.973,1.843,6.29,1.843 c7.547,0,11.675-6.252,11.675-11.675c0-0.178-0.004-0.355-0.012-0.531C20.985,7.47,21.68,6.747,22.23,5.924z\"><\/path><\/svg><span class=\"wp-block-social-link-label screen-reader-text\">Twitter<\/span><\/a><\/li>\n\n<li class=\"wp-social-link wp-social-link-facebook  wp-block-social-link\"><a href=\"https:\/\/www.facebook.com\/Flydotfinance\" class=\"wp-block-social-link-anchor\"><svg width=\"24\" height=\"24\" viewBox=\"0 0 24 24\" version=\"1.1\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" aria-hidden=\"true\" focusable=\"false\"><path d=\"M12 2C6.5 2 2 6.5 2 12c0 5 3.7 9.1 8.4 9.9v-7H7.9V12h2.5V9.8c0-2.5 1.5-3.9 3.8-3.9 1.1 0 2.2.2 2.2.2v2.5h-1.3c-1.2 0-1.6.8-1.6 1.6V12h2.8l-.4 2.9h-2.3v7C18.3 21.1 22 17 22 12c0-5.5-4.5-10-10-10z\"><\/path><\/svg><span 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Bank of India provides education loans under the BOI Star Education Loan scheme to study abroad. The loan repayment can be done using multiple modes of payment like cheque, setting \u2018Standing Instructions\u2019 etc. If you have additional funds, you can &#8230; <a title=\"Bank of India Loan Repayment Plan: Know All the Details Here\" class=\"read-more\" href=\"https:\/\/fly.finance\/blog\/education-loan\/bank-of-india-loan-repayment-plan\/\" aria-label=\"Read more about Bank of India Loan Repayment Plan: Know All the Details Here\">Read more<\/a><\/p>\n","protected":false},"author":24,"featured_media":15822,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[21],"tags":[],"class_list":["post-15817","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-education-loan"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.2 (Yoast SEO v27.2) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Bank of India Loan Repayment Plan: Know All the Details Here<\/title>\n<meta name=\"description\" content=\"This blog includes the details about the Bank of India Loan Repayment Plan. 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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.","sameAs":["https:\/\/in.linkedin.com\/in\/thahankmoody","https:\/\/www.tumblr.com\/blog\/dhanlabh"],"url":"https:\/\/fly.finance\/blog\/author\/shekhar\/"},{"@type":"Question","@id":"https:\/\/fly.finance\/blog\/education-loan\/bank-of-india-loan-repayment-plan\/#faq-question-1729918494926","position":1,"url":"https:\/\/fly.finance\/blog\/education-loan\/bank-of-india-loan-repayment-plan\/#faq-question-1729918494926","name":"What is the repayment period for Bank of India education loans?","answerCount":1,"acceptedAnswer":{"@type":"Answer","text":"The repayment period for Bank of India education loans ranges is up to 15 years, depending on the loan amount.","inLanguage":"en-US"},"inLanguage":"en-US"},{"@type":"Question","@id":"https:\/\/fly.finance\/blog\/education-loan\/bank-of-india-loan-repayment-plan\/#faq-question-1729918515795","position":2,"url":"https:\/\/fly.finance\/blog\/education-loan\/bank-of-india-loan-repayment-plan\/#faq-question-1729918515795","name":"When does the repayment of the loan start?","answerCount":1,"acceptedAnswer":{"@type":"Answer","text":"Repayment starts after the moratorium period, which covers the course duration plus an additional 6 months to 1 year after course completion or upon securing employment, whichever comes first.","inLanguage":"en-US"},"inLanguage":"en-US"},{"@type":"Question","@id":"https:\/\/fly.finance\/blog\/education-loan\/bank-of-india-loan-repayment-plan\/#faq-question-1729918528347","position":3,"url":"https:\/\/fly.finance\/blog\/education-loan\/bank-of-india-loan-repayment-plan\/#faq-question-1729918528347","name":"Can I make prepayments on my education loan?","answerCount":1,"acceptedAnswer":{"@type":"Answer","text":"Yes, the Bank of India allows prepayment of the education loan without any penalty. Students can make lump-sum payments or increase EMI contributions.","inLanguage":"en-US"},"inLanguage":"en-US"},{"@type":"Question","@id":"https:\/\/fly.finance\/blog\/education-loan\/bank-of-india-loan-repayment-plan\/#faq-question-1729918537542","position":4,"url":"https:\/\/fly.finance\/blog\/education-loan\/bank-of-india-loan-repayment-plan\/#faq-question-1729918537542","name":"Is there an interest subsidy available on BOI education loans?","answerCount":1,"acceptedAnswer":{"@type":"Answer","text":"Yes, the government offers an interest subsidy during the moratorium period for students from economically weaker sections (EWS) under the Education Loan Interest Subsidy Scheme. This applies to students whose family income is less than INR 4.5 lakhs per annum.","inLanguage":"en-US"},"inLanguage":"en-US"},{"@type":"Question","@id":"https:\/\/fly.finance\/blog\/education-loan\/bank-of-india-loan-repayment-plan\/#faq-question-1729918549189","position":5,"url":"https:\/\/fly.finance\/blog\/education-loan\/bank-of-india-loan-repayment-plan\/#faq-question-1729918549189","name":"How can I pay my Bank of India education loan EMIs?","answerCount":1,"acceptedAnswer":{"@type":"Answer","text":"EMIs can be paid through the Electronic Clearing System (ECS), where the EMI is automatically deducted from your account. You can also pay via online banking, mobile apps, or by visiting a BOI branch.","inLanguage":"en-US"},"inLanguage":"en-US"}]}},"_links":{"self":[{"href":"https:\/\/fly.finance\/blog\/wp-json\/wp\/v2\/posts\/15817","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/fly.finance\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/fly.finance\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/fly.finance\/blog\/wp-json\/wp\/v2\/users\/24"}],"replies":[{"embeddable":true,"href":"https:\/\/fly.finance\/blog\/wp-json\/wp\/v2\/comments?post=15817"}],"version-history":[{"count":4,"href":"https:\/\/fly.finance\/blog\/wp-json\/wp\/v2\/posts\/15817\/revisions"}],"predecessor-version":[{"id":15821,"href":"https:\/\/fly.finance\/blog\/wp-json\/wp\/v2\/posts\/15817\/revisions\/15821"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/fly.finance\/blog\/wp-json\/wp\/v2\/media\/15822"}],"wp:attachment":[{"href":"https:\/\/fly.finance\/blog\/wp-json\/wp\/v2\/media?parent=15817"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/fly.finance\/blog\/wp-json\/wp\/v2\/categories?post=15817"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/fly.finance\/blog\/wp-json\/wp\/v2\/tags?post=15817"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}