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Bank has been ranked 8th in TOP 50 SERVICE BRANDS in The Most Trusted Brands Survey 2010 and 2nd among all Public Sector Banks
Friday, 03-Sep-2010
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6. SECURITY:
Upto Rs. 4 lakh : No security
Above Rs.4 lakh & upto Rs.7.5 lakh : Collateral security in the form of a suitable third party guarantee.
 Above Rs.7.5 lakh : Collateral security of suitable value or at the discretion of the Bank suitable third party guarantee alongwith the assignment of future income of the student for payment of installments.
Note : The security can be in the form of land/building/Govt. Securities/Public Sector Bonds/NSC/KVP/LIP/ Banks Term Deposit etc.,in the name of Student/Parent/Guardian/Guarantor with suitable margin.


7. RATE OF INTEREST*: (w.e.f. 01.07.10)
    • Upto Rs.7.50 lacs – 3.50% above Base Rate, Min. 11.50% p.a.
    • Above Rs.7.50 lacs  – 4.00% above Base Rate, Min. 12.00% p.a.
    • Simple interest during the repayment holiday/moratorium period. Penal interest @2% for loans above Rs.4 lakh for the overdue amount and overdue period.
    • Int. Concession of 0.50%p.a. for woman beneficiaries for limits upto Rs.50,000/- and 1% for limits over Rs.50,000/-
    • 1% int. concession if interest is serviced during moratorium period, where repayment holiday is specified for interest/repayment under the scheme (concession available for moratorium period)

    No processing charges.

    One time charges for any deviations from the scheme norms including approval of courses outside the scheme -

    Upto Rs.4.00 lacs - Rs. 500/-
    Over Rs.4.00 lacs upto Rs.7.50 lacs - Rs.1000/-
    Over Rs.7.50 lacs upto Rs.20.00 lacs - Rs.2000/-

    In respect of loans availed by borrowers from rural areas from the Rural Branches – Charges Nil

8. INSURANCE  :
All the student borrowers are offered a specially designed Term Insurance cover and the premium can be included as an item of finance.

9. REPAYMENT:
Repayment holiday/Moratorium : Course period + 1 year or 6 months after getting job, whichever is earlier.
  • The loan is to be repaid in 5-7 years after commencement of repayment.
10. BANK CHARGES:
Processing/upfront charges
For Studies in India- NIL.
For Studies Abroad – Rs.1000 for issuance of sanction letter for
obtention of VISA.
Amount refundable on availing loan.
Document /Stamp Charges
At Actuals
Change of Institution
Studies in India – Rs.250/-
Studies Abroad-   Rs.500/-
Agreement(copy to borrower) Xerox charges
Loan upto Rs.2 lacs- Rs. 25/-*
Loan over Rs.2 lacs- Rs.100/-*
Plus copying charge of Rs.1 per page

One time charges for any deviations from the scheme norms including approval of courses outside the scheme –
Upto Rs.4.00 lacs - Rs.500/-
Above Rs.4.00 lacs to Rs.7.50 lacs - Rs.1,000/-
Over Rs. 7.50 lacs upto Rs.20.00 lacs – Rs.2,000/-

In respect of loans availed by borrowers from rural areas from the Rural Branches – Charges NIL. 

 11. OTHER CONDITIONS : 

i)    Loan to be disbursed in stages as per requirement / demand, directly to the Institution/ Vendors of books/equipments/instruments to the extent possible;

ii)   Student to produce mark list of previous term/semester before availing next installment ;

iii)  Student / Parent to provide latest mailing address, in case of any change ;

iv)  Student /Parent to inform Branch immediately on change of course /completion of studies/termination of studies/ any refund of fees by college /institution /successful placement /obtention of job/change of job etc.,

On Line facility available for submission of application, tracking of application status and resume completion of incomplete application .
 
For further information, you may contact nearest branch of the Bank. Loan at the sole discretion of Bank of India.


Previous
Announcement
Bank has been ranked 8th in
TOP 50 SERVICE BRANDS in The Most Trusted Brands Survey 2010 and 2nd among all Public Sector Banks
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Notice -
Another option of Pension for Bank of India exstaff
 
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Presentation to
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Watch Webcast of
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Financial Results
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Presentation of results
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Press Release
on Results for the quarter ended June 2010
 
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Bank''s Base Rate is fixed at 8% with effect from 01.07.2010.

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Press release launching of
Mobile Based Remittance, Urban Financial Inclusion and two factor Authentication
 
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Presentation of Results
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Notice for Debit and ATM cardholders
 
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One Time Settlement Scheme for NPA of SME borrowers
 
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