WITH LORIEN FINANCE GET

01

Bank of India provides education loans up to ₹1.5 crore for studying abroad. The exact amount depends on your eligibility, the course you choose, and the university you are admitted to. This ensures you have enough funding to cover tuition, living expenses, and other costs for the duration of your program.

02

Yes. For loan amounts up to ₹7.5 lakh, you don’t need to pledge any collateral. However, a financially stable co-applicant is required. For higher loan amounts, collateral may be needed, but this also unlocks better interest rates and flexible repayment options.

03

Bank of India education loans are designed to cover all major study-abroad expenses. These include tuition fees, hostel charges, living costs, travel expenses, exam and application fees, deposits, gadgets like laptops, and even insurance. This comprehensive coverage ensures you can focus on your studies without financial stress.

04

The loan processing typically takes around 7 working days after you submit all the required documents. With proper guidance and complete paperwork, the process is seamless and ensures that you meet important deadlines like visa interviews or university fee payments.

05

For BOI, you get a moratorium period of your course duration plus one year, during which you don’t need to start repayment of the principal amount. After this period, you can repay the loan over a span of up to 15 years, making it easier to manage your finances once you start earning.

06

Yes. Under Section 80E of the Income Tax Act, the interest paid on your education loan is eligible for tax deductions. This benefit applies for up to 8 years or until the interest is fully repaid, whichever comes first, reducing your overall financial burden.