Public sector bank · Education Loan
Bank of India Education Loan 2026
Bank of India’s Star Education Loan covers studies in India and abroad; Star Vidya offers lower rates for students at premier institutes. Interest rate 7.00% – 9.80%, loan Up to ₹150 lakh for studies in India, medical and non-medical (official); Star Vidya up to ₹30 lakh (aggregator), tenure 15 years from start of repayment.
Checked 30 September 2026Interest rate
7.00%
up to 9.80%EMI on ₹10,00,000 (10 yrs)
₹11,611
Bank of India Education Loan at a glance
Interest rate7.00% – 9.80%
Processing feeStudies in India: nil (portal fee ₹100 + GST); studies abroad: ₹5,000 (aggregator)
Loan amountUp to ₹150 lakh for studies in India, medical and non-medical (official); Star Vidya up to ₹30 lakh (aggregator)
Tenure15 years from start of repayment
Collateral-free limit₹7.5 lakh (parent co-borrower; CGFSEL cover)
MoratoriumCourse + 1 year
Lender typePublic sector bank
Rank on this site#5 of 8 by starting rate
Strengths
- Nil processing fee for studies in India
- Large limit for Indian courses (up to ₹150 lakh)
- 15-year repayment
Watch out for
- Conflicting published spreads — ask for your exact rate in writing
- RBLR not published on an accessible page
Bank of India education loan interest rate & charges
| Feature | Bank of India |
|---|---|
| Interest rate | 7.00% – 9.80% |
| Rate details | Official pricing: 1-year RBLR + 1.70% up to ₹7.5 lakh and a higher spread above (the bank’s page and BankBazaar show different spreads). BankBazaar lists 9.80% up to ₹7.5 lakh and 9.60% above; Star Vidya (premier institutes) 7.00% – 8.75%. The current RBLR could not be retrieved. |
| Processing fee | Studies in India: nil (portal fee ₹100 + GST); studies abroad: ₹5,000 (aggregator) |
| Loan amount | Up to ₹150 lakh for studies in India, medical and non-medical (official); Star Vidya up to ₹30 lakh (aggregator) |
| Tenure | 15 years from start of repayment |
| Prepayment / foreclosure | No prepayment charge on floating-rate loans to individuals |
| Collateral-free limit | ₹7.5 lakh (parent co-borrower; CGFSEL cover) |
| Moratorium | Course + 1 year |
| Margin | Nil up to ₹4 lakh; 5% (India) / 15% (abroad) above |
Special schemes & features
BOI Star Education Loan
For studies in India and abroad
Star Vidya
For students at premier institutes: 7.00% – 8.75%
Star Progressive Education Loan
For higher studies by working or experienced students
Source: bankofindia.bank.in. Rates are indicative; your rate depends on your profile. Always check the Key Facts Statement (KFS) for the APR before signing.
EMI at Bank of India’s rates
| Loan amount | EMI @ 7.00% | EMI @ 8.40% | EMI @ 9.80% |
|---|---|---|---|
| ₹5,00,000 | ₹5,805 | ₹6,173 | ₹6,552 |
| ₹10,00,000 | ₹11,611 | ₹12,345 | ₹13,105 |
| ₹25,00,000 | ₹29,027 | ₹30,863 | ₹32,761 |
Tenure 10 years, reducing-balance method. Total interest on ₹10,00,000 at 7.00%: ₹3,93,302.
Bank of India education loan EMI calculator
Eligibility
- Indian national (some lenders also lend to NRI/OCI students)
- Confirmed admission to a recognised course in India or abroad, usually through an entrance test or merit-based selection
- Parent or guardian as co-borrower (spouse or parents-in-law for married students)
- Satisfactory credit history of the co-borrower; income matters more for larger or unsecured loans
- Collateral for loans above ₹7.5 lakh under the IBA model scheme (higher collateral-free limits for premier institutes)
- Margin money (your own contribution) of 5% for India or 15% for abroad on loans above ₹4 lakh
Documents required
- Student and co-borrower KYC: PAN, Aadhaar, passport (for abroad), photographs
- Admission letter and official fee schedule of the institute
- Marksheets of Class 10, 12, graduation and entrance-test scorecards
- Co-borrower income proof: salary slips / Form 16 or ITR for 2 years, 6 months’ bank statements
- Collateral papers for secured loans: title deed, encumbrance certificate, valuation and legal reports
- For studies abroad: I-20 / CAS / CoE or offer letter, visa (at disbursal), cost estimate, GRE/GMAT/IELTS/TOEFL scores
How to apply for Bank of India Education Loan
- Shortlist lendersCompare rate, collateral-free limit, margin and moratorium for your institute — premier institutes get much better terms.
- Apply online or via PM-VidyalaxmiApply on the bank’s website, at a branch or through the PM-Vidyalaxmi portal (pmvidyalaxmi.co.in) for participating banks.
- Submit documentsAdmission letter, fee schedule, academic records, KYC and co-borrower income proof; collateral papers if needed.
- Sanction & KFSCheck the sanction letter and Key Facts Statement for APR, moratorium terms and margin before signing.
- DisbursalFees are paid directly to the institution term by term; living and other costs are released in tranches.
Bank of India vs other lenders
| Lender | Rate | Processing fee | Tenure | EMI on ₹10,00,000 |
|---|---|---|---|---|
| Union Bank Education Loan | 6.75% – 10.00% | Not published in the sources checked — ask the branch | Up to 15 years after the moratorium | ₹11,482 |
| Bank of Baroda Education Loan | 6.85% – 9.90% | Nil up to ₹7.5 lakh and for premier institutes in India; studies abroad 1% (max ₹10,000), refunded for premier institutes; ₹8,500 per property mortgaged | Up to 120 EMIs (loans up to ₹7.5 lakh) or 180 EMIs (above ₹7.5 lakh) after the moratorium | ₹11,534 |
| Canara Bank Education Loan | 6.85% – 10.10% | Vidya Turant: nil (PM-Vidyalaxmi portal fee ₹200 + GST); Master’s-abroad scheme 0.50% (capped at ₹10,000 – ₹20,000) | Up to 15 years excluding the moratorium | ₹11,534 |
| SBI Education Loan | 6.90% – 9.90% | Student Loan: nil up to ₹10 lakh, ₹5,000 + GST for ₹10–20 lakh, 0.50% (max ₹25,000) above ₹20 lakh. Scholar Loan: nil. Global Ed-Vantage: 0.50% (min ₹10,000, max ₹50,000) + GST | Up to 15 years after the moratorium | ₹11,559 |
| Bank of India Education Loan | 7.00% – 9.80% | Studies in India: nil (portal fee ₹100 + GST); studies abroad: ₹5,000 (aggregator) | 15 years from start of repayment | ₹11,611 |
| PNB Education Loan | 8.10% – 11.25% | About 1% for study-abroad loans (aggregator); India loans as per PNB’s service-charge schedule | Up to 15 years | ₹12,186 |
| Credila Education Loan | 8.95% – 13.00% | 0.5% – 1% of the loan + GST | Up to 14 years | ₹12,641 |
| HDFC Bank Education Loan | 9.00% – 14.10% | Studies in India: 1% of loan or ₹1,000, whichever is higher; studies abroad: 1.5% + taxes | Up to 10 years for loans up to ₹7.5 lakh; up to 15 years above | ₹12,668 |
Frequently asked questions
What is the Bank of India Education Loan education loan interest rate?
Bank of India education loan rates start at 7.00% and go up to 9.80% p.a.. The rate you get depends on your credit score, income and loan details.
What is the EMI for ₹10,00,000 from Bank of India?
At 7.00% for 10 years the EMI is about ₹11,611, with total interest of ₹3,93,302.
What is the processing fee?
Bank of India: Studies in India: nil (portal fee ₹100 + GST); studies abroad: ₹5,000 (aggregator). GST at 18% applies on fees.
What is the maximum tenure?
Bank of India: 15 years from start of repayment.
Can I prepay or foreclose the loan?
Bank of India: No prepayment charge on floating-rate loans to individuals.
Information compiled from the lender’s published rates and reputable aggregators for comparison only. FinancePortal is not affiliated with Bank of India Education Loan. Terms change — confirm with the lender.