Bank of India Study Abroad Loan
Get financial support for your overseas education with a Bank of India Study Abroad Loan under the BOI Star Education Loan scheme for eligible higher education courses abroad.
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Bank of India Study Abroad Loan Highlights
The bank of india abroad education loan, under the Star Education Loan – Studies Abroad scheme, offers need-based funding for eligible overseas higher education.
Interest rate starting from
9.80%
Max loan amount
Up to 1.5 Cr
Processing fee
₹10,000(Excluding GST)
Repayment tenure
Up to 15 Yrs
Moratorium
1 Year
Key Features of Bank of India Overseas Education Loan
The Bank of India overseas education loan is designed to finance regular full time degree and postgraduate studies at recognized institutions abroad.
No Collateral
Eligible education loans up to ₹7.50 lakh can be covered under the Credit Guarantee Fund Scheme for Education Loans (CGFSEL), subject to applicable conditions.
Repayment
Students can receive a moratorium of up to the course period plus one year, followed by a repayment period of up to 15 years.
No Prepayment Penalty
BOI lists no prepayment penalty under the Star Education Loan – Studies Abroad scheme.
Expenses Covered
The loan can finance eligible expenses including tuition, hostel fees, books, equipment, a computer or laptop, one way travel, deposits and other education related expenses.
Loan Takeover Available
Bank of India also provides a facility for taking over eligible education loans from another bank, subject to BOI's terms and assessment.
Tax Benefits
Interest paid on an education loan may qualify for tax benefits under Section 80E, subject to applicable tax rules.
Types of Education Loans in BOI
Bank of India's dedicated education loan scheme for eligible higher education abroad is the Star Education Loan – Studies Abroad.
Bank of India Star Education Loan
The Star Education Loan is BOI’s financing scheme for eligible full-time graduate, postgraduate, and approved overseas courses through a Bank of India education loan for study abroad.
- Maximum Loan Amount: Up to ₹1.50 crore
- Loan Amount Depends On: Course cost, student profile, and expected earning potential after graduation
- Up to ₹4 lakh no margin is required.
- Above ₹4 lakh and up to ₹7.50 lakh a 15% margin applies.
- Above ₹7.50 lakh a 10% margin applies for eligible study abroad loans.
- Loans up to ₹7.50 lakh carry an interest rate of 9.80% p.a.
- Loans above ₹7.50 lakh carry an interest rate of 9.60% p.a.
- Girl students are eligible for a 0.50% interest concession.
- Students pursuing eligible professional courses are eligible for a 0.50% interest concession.
- The interest rate is linked to BOI’s 1-Year RBLR and may change over time.
- Up to ₹7.50 lakh a parent or eligible co-borrower is required, with no tangible collateral under CGFSEL.
- Above ₹7.50 lakh a parent or eligible co-borrower and tangible collateral acceptable to BOI are required.
- Future income is assigned toward repayment for loans above ₹7.50 lakh.
- Agricultural land may be accepted only where legally permitted.
- Degree Programs Graduate, postgraduate and master’s courses
- Professional Programs MBA, MCA and MS
- Research Programs PhD courses
- Other Eligible Courses Recognized postgraduate diplomas, aeronautical courses, pilot training and shipping courses
- CIMA and CPA Examination fees may be financed where there is no regular course curriculum
- Course Recognition The course must be approved or recognized by the relevant academic or regulatory authority
- BOI’s June 2026 circular lists a processing charge of ₹10,000 for study abroad loans.
- BOI’s current product page lists ₹5,000 excluding GST, refundable after the loan is availed.
- Other charges such as VLP portal, deviation, or third-party charges may also apply.
- Final applicable charge should be confirmed with BOI at the time of application.
- Webometrics Ranking Universities ranked within the top 3,000 may be considered.
- QS Ranking Universities ranked within the top 1,000 may be considered.
- Ranking Criteria These rankings are indicative and subject to BOI’s eligibility requirements.
Covers eligible tuition, hostel fees, academic charges, books, equipment, computer/laptop, deposits, travel, insurance and other approved study expenses.
Course period + 1 year. Repayment starts after the moratorium.
Up to 15 years after the moratorium period.
Source: BOI Star Education Loan
Eligibility for Bank of India Study Abroad Education Loan
Students applying for a Bank of India foreign education loan must meet the bank's applicable academic, admission and lending requirements.
Student Eligibility
Nationality: Applicant should be an Indian national.
Education: The student should have completed HSC/10+2 or equivalent.
Admission: Admission should be secured at a recognized institution abroad.
Course: The selected program must meet BOI's approved course requirements.
Institution: The overseas institution must meet BOI's applicable recognition/ranking criteria.
Co borrower: Parent(s) or another eligible co borrower must join the loan as applicable.
Admission Assessment: Where admission is not based on an entrance test or qualifying examination marks, BOI may consider the student's employability and the institution's reputation.
Collateral Security
Loans up to ₹4 lakh: A parent or eligible co-borrower must join as a joint borrower. CGFSEL coverage applies, and no tangible collateral is required.
Loans above ₹4 lakh and up to ₹7.50 lakh: A parent or eligible co-borrower must join as a joint borrower. CGFSEL coverage applies, and no tangible collateral is required.
Loans above ₹7.50 lakh: A parent or eligible co-borrower must join as a joint borrower, and tangible collateral of suitable value acceptable to Bank of India is required.
Future Income: For loans above ₹7.50 lakh, the student's future income is assigned toward loan repayment.
Agricultural Land: Agricultural land may be considered as collateral only in states where it can legally be mortgaged for non-agricultural purposes, subject to BOI's terms.
Documents Required for Bank of India Education Loan
The documents required for a Bank of India Study Abroad Loan generally include the following.
01 Student Documents7 Documents
Identity Proof: PAN card and other accepted KYC documents.
Address Proof: Aadhaar card, passport, utility bill, or other accepted address proof.
Academic Records: Class 10, Class 12, graduation marksheets, and certificates, where applicable.
Admission Proof: Admission letter or university offer for the overseas course.
Cost of Study: University fee structure and schedule of study expenses.
Photographs: Recent passport-size photographs.
Vidya Lakshmi Details: Vidya Lakshmi Portal reference number and application number.
02 Co Applicant Documents5 Documents
Identity Proof: PAN card and other accepted KYC documents.
Address Proof: Aadhaar card, passport, utility bill, or other accepted address proof.
Relationship Proof: Documents establishing the relationship with the student, where required.
Bank Statements: Recent bank account statements for the period specified by the bank.
Photographs: Recent passport-size photographs of the co applicant.
03 Income Documents2 Documents
Salaried Applicants: Salary slips, Form 16, bank statements, and Income Tax Returns.
Self Employed Applicants: Income Tax Returns, business income proof, bank statements
04 Collateral Documents3 Documents
Property Documents: Title deed, sale deed, property papers, or other ownership documents.
Valuation Documents: Documents required by BOI for legal verification and valuation.
Additional Security Proof: Other documents the bank requests based as security offered.
How do you apply for SBI Education Loan for Abroad Studies?
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Popular Study Destinations for Bank of India Education Loans
A Bank of India overseas education loan can support eligible courses at recognized institutions across international study destinations, subject to BOI's institution and course requirements.
United States
United Kingdom
Canada
Australia
Europe
Ireland
France
Singapore
New Zealand
Expenses Covered by Bank of India Study Abroad Loan
The Bank of India education loan for study abroad can cover several eligible expenses associated with overseas education.
Tuition Fees
Fees payable to the eligible college, university or institution.
Accommodation Expenses
Eligible hostel expenses associated with the course may be financed.
Exam & Library Fees
Applicable examination and library related charges can form part of the education cost.
Books and Equipment
Expenses for required books, equipment and instruments can be considered.
Computer or Laptop
Purchase of a computer or laptop required for studies can be included.
International Travel
Eligible travel expenses or one way passage money may be financed.
Refundable Deposits
Caution deposits, building funds and refundable deposits supported by institutional bills or receipts may be considered.
Insurance
Premium for eligible life insurance cover for the student or co borrower for the loan tenure may be included in the finance.
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Frequently Asked Questions
About BOI Education Loans Abroad
Can I get a Bank of India education loan to study abroad?
Yes. The Bank of India Study Abroad Loan under the Star Education Loan scheme provides financing for eligible Indian students admitted to recognized institutions abroad for approved higher education courses.
What is the maximum Bank of India education loan amount for studying abroad?
BOI currently publishes a maximum loan amount of up to ₹1.50 crore for eligible medical and non medical courses. Financing is need based and subject to the student's expected earning potential and BOI's credit assessment.
What is the current Bank of India education loan interest rate?
As per BOI's rate schedule effective 1 June 2026, the bank of india education loan interest rate is 9.80% p.a. for loans up to ₹7.50 lakh and 9.60% p.a. for loans above ₹7.50 lakh. The rates are linked to BOI's 1 Year RBLR and can change.
Does Bank of India provide education loans without collateral?
Under the published Star Education Loan terms, eligible loans up to ₹7.50 lakh do not require tangible collateral and are covered under applicable CGFSEL conditions. Loans above ₹7.50 lakh generally require tangible collateral acceptable to BOI.
What is the repayment period for a Bank of India foreign education loan?
The Bank of India foreign education loan provides a moratorium of up to the course period plus one year. The repayment period can extend up to 15 years from the commencement of repayment.
What expenses can a Bank of India overseas education loan cover?
A Bank of India overseas education loan can cover eligible tuition and hostel fees, examination and library charges, books, equipment, a computer or laptop, one way travel, eligible deposits, insurance premiums and other approved education related expenses.
Is there a margin requirement for studying abroad?
Yes. BOI currently specifies nil margin up to ₹4 lakh, 15% for loans above ₹4 lakh and up to ₹7.50 lakh, and 10% for study abroad loans above ₹7.50 lakh, subject to the bank's prevailing terms.
Is there a prepayment penalty on the Bank of India education loan?
BOI currently lists no prepayment penalty as an advantage of its Star Education Loan – Studies Abroad scheme.
How can Nomad Credit help with a Bank of India education loan?
Nomad Credit can help students understand their education loan eligibility, prepare the required documentation, compare suitable financing options and get support through the loan application process.
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Written by
Mansi Jain| Content Specialist
Reviewed by
Swati Sahu| Lender Editor
Reading Time
12 min read
Disclosure
Interest rates, benchmark rates, processing charges, margins, collateral requirements, concessions, loan limits and other lending terms are subject to change at Bank of India's discretion. Loan sanction is also subject to BOI's credit assessment and applicable terms and conditions. Information on this page should be verified against Bank of India's latest official product page and rate circular before submitting an application.
