University of Manchester
United Kingdom
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| Interest Rate | Starts at 10.85% |
| Loan Amount (Collateral) | Upto ₹150 Lac |
| Loan Amount (Without Collateral) | Upto ₹7.5 Lac |
| Processing Fees | starts ₹10,000 |
| Processing Time | 7 working days |
| Loan Tenure | up to 15 years |
| Margin | 90% Funding |
| Prepayment Charges | Zero |
| Moratorium Period | Course + 1 year |
| Admit Letter | Required |
| Tax Benefits | Yes |
| Type | Bank |
The Bank of India is a Government Bank that offers an Unsecured Education Loan of up to Rs 7.5 lakhs and a Secured Education Loan of up to Rs 1.5 crores for studying at top-ranking universities worldwide.
The Education Loan is available for Bachelor's, Master's, undergraduate diploma, postgraduate diploma, or Professional Courses, such as CIMA-London or CPA-USA. Their interest rate is 10.05% for Loans up to Rs 7.5 lakhs and 10.85% for loans between Rs 7.5 lakhs and Rs 1.5 Crores. You have the option to choose between a Floating and a Fixed Rate of Interest. They have a processing fee between Rs 10,000 + GST, to Rs 20,000 + GST which is 100% refundable on the first disbursement.
Like other Government and Private Banks, they are providing a Full Moratorium Period of the course duration and a 1-year grace period. So, your Education Loan EMI will start after the moratorium period.
Abroad Cube (McCarthy AI Private Limited) is an Official Channel Partner of Bank of India for assisting with Education Loan Applications across India.
Let's Explore the Bank of India Education Loan Schemes for Study Abroad.
The Bank of India launched a special scheme for Education Loans for Study Abroad, named "Star Education - Study Abroad". Under this Scheme, they provide a Secured Education Loan of up to Rs 1.5 Crore and an Unsecured Loan of up to Rs 7.5 lakhs for Study in Top Universities Worldwide. The floating interest rate for the Bank of India Education Loan starts at 10.05% and increases to 10.85%. Likewise other Banks and NBFCs, they are providing a Moratorium period of the course duration plus one year's grace period and a Loan tenure of 15 years.
Currently, the Bank of India offers a maximum of Rs 7.5 lakhs for an unsecured education loan, and requires collateral for higher amounts exceeding this limit. This means that the Bank of India is a considerable option for Study Abroad Aspirants with tangible security, such as a house, Shop, or Building, providing you with a sense of security and confidence in your financial decisions.
The 'Star Education-Study Abroad' scheme applies to a wide range of Educational Courses above the 12th Level. This includes Bachelor's, UG Diplomas, Master's, PG Diplomas, PG Certificates, and professional courses, providing a comprehensive financial solution for various educational pursuits.
| Unsecured Loan Amount | Rs 7.5 Lacs |
|---|---|
| Secured Loan Amount | Rs 1.5 Crore |
| Interest Rate | 10.05% - 10.85% |
| Moratorium Period | Course Duration + 1 year |
| Applicable For | All Courses |
| Loan Tenure | 15 yrs + Course Duration + 1 year |
Here is the Eligibility Criteria of the Bank of India Star Education Loan for the Study Abroad scheme
The Bank of India covers nearly all expenses expected while studying abroad under Star Education Loan Scheme
The optional Term-Life Insurance cost is included in the Sanctioned Amount and will be deducted from the Disbursed Loan amount.
Here is the list of basic charges involved in Bank of India Study Abroad Education Loan
| Description | Charges & Fees |
|---|---|
| Processing Fees (Up to ₹20 Lacs) | ₹10,000 + 18% GST (Refundable*) |
| Processing Fees (Above ₹20 Lacs) | ₹ 20,000 + 18% GST (Refundable*) |
| VLP Charges | ₹100 + 18% GST |
| Legal & Technical Charges | Varies |
| Term Insurance Cover | Optional |
*Charges may vary
The Bank of India charges a processing fee of Rs 10,000 + 18% GST for Loan Amount up to ₹20 Lacs and Rs 20,000 + 18% GST on Loan amount above ₹20 Lacs under the Star Education Study Abroad Scheme, collectable before releasing the Sanction Letter. The bank will issue the complete refund of processing fees to the student after the first disbursement on case-to-case basis.
| Processing Fees | Charges |
|---|---|
| Loan amount up to ₹20 Lacs | ₹10,000 + 18% GST |
| Loan amount above ₹20 Lacs | ₹20,000 + 18% GST |
The Bank of India have a margin requirement of 10-15% for Study Abroad Education Loan. So, you are expected to bear at least 10-15% of your total cost of education from your pocket.
For example, the total cost of education is Rs 50 Lacs, including University Fees, Living, and travelling expenses. You have to bear Rs 5 Lacs of the costs, and the bank will provide you with a maximum of Rs 45 Lacs.
| Course Type | Loan Amount | Margin Money |
|---|---|---|
| All Courses | up to ₹4 Lacs | NIL |
| All Courses | ₹4 Lacs to ₹7.5 Lacs | 15% |
| Medical Courses | ₹7.5 Lacs to ₹150 Lacs | 10% |
| Other Courses | ₹7.5 Lacs to ₹150 Lacs | 10% |
As of July 1, 2025, the Bank of India has an interest rate of 10.85% for an education loan exceeding ₹7.5 Lacs and 10.15% for loans of less than ₹7.5 Lacs. This interest rate is applicable specifically for the Star Education - Study Abroad scheme.
| Loan Amount | Floating Interest Rate | Fixed Interest Rate |
|---|---|---|
| Up to ₹7.5 Lacs | 10.05% | 12.35% |
| Above ₹7.5 Lacs | 10.85% | 13.15% |
*As of 1st July 2025
Connect with our Education Loan Expert and get your application processed within 3-4 working days*
Check Eligibility For FreeWhen applying for an education loan through Abroad Cube, you can expect higher chances of approval as our expert will verify the documents before submission and suggest better alternatives for higher approval.
Using the latest technology and years of experience, we expedite the application process by 65%, reducing overall processing time. Applying using the exact required documents with the eligible lender is the key to getting an application processed in record processing time.
Our Education Loan Expert will send you a Personalized Document Checklist, removing all unnecessary documents, easing the process and giving you peace of mind.
We will help you get Comparable, Negotiated and best-suited Education Loan deals, saving you up to Rs 3 Lakhs. The major negotiable components are Interest Rate and Processing Fees.
We are not charging any service fees for helping with the Study Abroad Education Loan. Also, there are no hidden fees involved, which is guaranteed. For each approval, we get paid a referral fee by Bank of India without any additional charge to students.
Here is the standard document checklist for getting an education loan from Bank of India or other lenders. The bank or NBFC might ask for additional documents or information based on the application to ease the process.
The Education Loan documents may vary based on individual applications. If you are missing any required documents, please contact our Loan Expert for help!
Start by checking your eligibility on Abroad Cube's website or reach out to us via WhatsApp or phone. The Eligibility criteria include Country acceptance, University and course ranking, Academics, Credit Score and history, co-applicant and Collateral requirements, etc.
Once you pass the basic Eligibility Criteria, the next step will be Documentation. Our Education Loan Expert will send you a personalized Document Checklist of Bank of India and help you arrange, sort and suggest alternatives, if any. Before sending documents to the Bank of India, we ensure that all documents are in order according to the required Checklist to expedite the application login process.
Our Education Loan Expert will choose the best lenders from the pool of 12+ options to get you the best-suited deal. They will follow up with concerned Lender Relationship Managers for Application Login and further processing. The lender process will include getting consent, address verification, and a small telephonic interview with the Credit Manager before the final decision.
The sanction letter will be released within 24 hours once you pay the processing fee to the Bank via acceptable payment methods. Afterwards, you may proceed with the Study Visa process or request Pre-Visa disbursement. You can also ask for reimbursement if you have already paid the Tuition Fees or Living Expenses via other means. Once you complete the banking formalities, the loan amount will be disbursed into the Bank Account
You may apply for Bank of India Education Loan by visiting their local bank branch or contacting their customer support team. But Abroad Cube will help you get a hassle-free Education Loan from your comfort at the best Interest Rate and record processing time at Zero Service Charges.
Abroad Cube is an Online Study Abroad Marketplace that has onboarded 12+ Banks and NBFCs to ease the process of getting the best deal for an Education Loan in minimal processing time. To get started, Check your Eligibility and share your Documents by Email or WhatsApp to expedite your application process.
Get your Education Loan Eligibility checked within 5 minutes
Sorting, Verifying and Submitting Documents as per Checklist
Submission of application to top lenders from a pool of 12+ options
Get Sanction Letter in record time and proceed for Disbursement
Are you worried about your Eligibility for Study Abroad Consultancy? Enter your basic details and check your eligibility within minutes in more than 10 Banks and NBFCs.
Get Education Loan EMI Repayment analysis, monthly EMI and Amortization Schedule in a single click without worrying about complex formulas and calculations.
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