all about medical
 Date : 9/20/2017 
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Eligibility Criteria

A. Courses Eligible
 
  a. Studies in India
 
    School Education including plus 2 stage
 
    Graduation courses: B.A., B.Com., B.Sc. etc.
 
    Post Graduation Course: Masters and Ph.D.
 
   

Professional Courses: Engineering, Medical, Agriculture, Veterinary, Law, Dentistry, Management, Computers, etc.
 

   

Computer certificate courses of reputed institutes accredited by Dept. of Electronics or institutes affiliated to the University.
 

   

Courses like ICWA, CA, CFA, etc.
 

    Courses conducted by IIM, IIT, ISc, XLRI, NIFT etc.
 
   

Courses offered in India by reputed foreign universities
 

    Evening courses of approved institutes
 
   

Other courses leading to diploma or degree conducted by college or universities approved by UGC/ Govt./ AICTE/ AIBMS/ ICMR
 

   

Courses offered by National Institutes and other reputed private institutions

     
 
  b. Studies abroad
 
   

Graduation: For job oriented professional or technical course offered by reputed universities
 

    Post Graduation: MCA, MBA, MS
 
    Courses conducted by CIMA - London, CPA in USA etc.
     




 
B. Student Eligibility
 
  Should be an Indian National
 
 

Secured admission to professional or technical courses through Entrance Text/Selection Process
 

 

Secured admission to foreign university or institution
 

  Should have good academic record.



 
Expenses considered for loan:
 
  Fee payable to college/ school/ hostel.
 
  Examination/ Library/ Laboratory fee.
 
  Purchase of books/ equipment’s/ instruments/ uniforms.

 

 

Caution deposit/ building fund/ refundable deposit supported by Institution bills/ receipt.
 

  Travel expenses/ passage money for studies abroad.
 
  Purchase of computers-essential for completion of the course.
 
 

Any other expenses required to complete the course- like study tours, project work, thesis etc.



 

Quantum of Finance
 
 

Need based finance subject to repaying capacity of the parents/ students with following margin and ceilings.
 

    Studies in India - Maximum Rs.7.50 lacs
 
    Studies abroad - Maximum Rs.15.00 lacs
 

 

 
 Margin
 
     Upto Rs.4.00 lacs NIL  
  Above Rs.4.00 lacs Studies in India 5%
 
    Studies Abroad  15%




Security

Upto Rs.4.00 lacs No security
 
Above Rs.4.00 lacs Collateral security equal to 100% of the loan amount



Repayment

Repayment holiday/Moratorium:

Course period + 1 year or 6 months after securing a job, whichever is earlier.

The laon to be repaid in 5-7 years after commencement of repayment.



Rate of interest

Upto Rs.15 lakh BoI BPLR - @ 10.75 p.a.

(The above rates are subject to revision as may be advised from time to time)

Interest subsidy of 2% to bright and needy students - for loans upto Rs.4 lakh. (Thus effective rate would be 8.75% p.a.)



Processing Charges

No processing/upfront charges.
 


Important

Since the rules, regulations, eligibility conditions, repayments and interests rates etc. are revised by the banks from time to time in keeping pace with the changing capital market conditions, students and parents are advised to thoroughly check the terms and conditions of educational loan scheme on offer at the time of application.


Head Office
P.O. Box No. 234, Express Towers
14th Floor Nariman Point, Mumbai - 400 021
Gen: 022-2023020, Fax: 022-2023167
E-Mail: cmdboi@bom5.vsnl.net.in
Website: www.bankofindia.com  


 

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