Book a Free Counselling Session for Admission 2022 Book Now

Bharat Overseas Bank Education Loan: Application, Eligibility, Interest Rate, Documents & Much More.

The Bharat Overseas Bank was a private bank based in Chennai, India. In 2007 it merged with Indian Overseas Bank, which took over all the bank’s employees, assets, and deposits. BOB was established in 1973 order to take over for the Bangkok branch of the Indian Overseas Bank. If you want Education Loan to pursue higher studies from Abroad or India, You are at the right place to collect every aspect of information related to Education Loan in India.

Bharat Overseas Bank
Bharat Overseas Bank

Read this full post on Bharat Overseas Bank Education Loan for information Like Eligibility, How to apply, Interest Rates, Documents Needed, Different aspects of Education Loan, Interest Rates, Return Policy, General Instructions etc. Throughout the article, we will share information regarding Bharat Overseas Bank Education Loan it’s Process to Apply and full detailed Information.

Bharat Overseas Bank Education Loan

The major aim of the bank is to ensure anywhere and any time banking for the customer with the latest state-of-the-art technology. The Bank is very serious about its Education Loan Facility and by developing an effective customer-centric relationship it promises to emerge as a world-class education Loan provider. Before we share further, let us first have a brief review of the Bank.

Brief Review

Profile Description
Name of Bank  Bharat Overseas Bank
Founded on 10 February 1937
Headquarter Chennai, Tamil Nadu, India
Type of Bank  Private bank
Number of Employees 31,846 (2016)
CEO Name Shri R. Subramania Kumar
Maximum Loan Amount  Rs 40.0 Lacs
Timeline for Loan Disposal Maximum 15 Working days
Annual Revenue ∇ 23,517.29 crore (US$3.3 billion) (2016)
Processing Fees No Processing Fee will be charged
Other Subsidiaries
  • Indian Overseas Bank (Singapore)
  • Indian Overseas Bank, Asset Management Arm
  • Indian Overseas Bank, Hong Kong Branch
Category  Education Loan in India

Types of Bharat Overseas Bank Education Loan

Bharat Overseas bank merged with Indian Overseas Bank. So scheme Providing below are of Indian Overseas Bank.

Subscribe Us to get Latest Updates from India's Top Universities. Scheme Description
1. Educational Loans-Vidya Jyoti The loan is made available for Graduation/Post Graduation/Diploma/Computer education in any recognized State/Central Government/University, professional courses including Engineering, Medical, Agriculture, Veterinary, Law, Dental, Management, courses like ICWA, CA, CFA, etc., Courses conducted by IIM, IISC, XLRI, NIFT etc, Maximum of Rs. 30.00 lakhs for studying in India and Rs. 40.00 lakhs for studying abroad.
2. IOB Scholar The loan is made available for Graduation/Post Graduation/Diploma/Computer education in any recognized State/Central Government/University, professional courses including Engineering, Medical, Agriculture, Veterinary, Law, Dental, Management, courses like ICWA, CA, CFA, etc. One can avail a loan amount Maximum of Rs. 30.00 lakhs for studying in India and Rs. 40.00 lakhs for studying abroad.
3. Vocational Course & Skill Development Scheme for Vocational Education and Training for providing financial support to those who have the minimum educational qualification and to support the national initiatives for skill development. One can avail a loan amount
• For courses duration up to 3 months Rs. 20,000
• For courses duration 3 to 6 months Rs. 50,000
• For courses duration 6 months to 1 year Rs. 75,000
• For courses duration above 1 year Rs. 1,50,000
4. Career Dreams The Loan for financing Coaching/Tuition fee of reputed Institutions in India to prepare for professional Courses entrance examinations (Chartered Accountancy /Medicine /Engineering /Business Management etc.), Civil Services examinations (IAS/IPS/IFS etc) and various.
Career & Skill development courses (Training by NIBM, NIIT, APTECH, SSI, SPSS, SAS, SAP etc).
Minimum of Rs. 25,000 and Maximum Of Rs. 2,00,000

How to Apply


  • Visit official Web Site of Bharat Overseas Bank (Click Here)
  • Find the Educational Loan Section (Apply Now Button)
  • Fill the Online Application Form


  • Visit the nearest branch of Bharat Overseas Bank to get offline Education Loan form.
  • You may also download the form from official web handle.
  • Submit the Application Form to Nearest Branch along with document needed.


  • The applicant should be an Indian national.
  • Should have secured admission to professional/technical courses in India or abroad.

Documents Needed

  • Identity Proof of Applicant and Joint Borrower
  • Proof of Residence
  • Mark sheet of last qualifying examination for school and graduate studies in India
  • Academic Records: 10th Result, 12th Result, Graduation result-semester Wise (if Possible) Entrance Exam Result through which admission is being taken
  • Proof of admission: Offer Letter or Admission Letter from the Institution
  • Proof of Income: IT Returns, Salary Slip/Business Proof.
  • Documents of Guarantor

Expenses Considered

  • Tuition and course fee
  • Examination, library and laboratory fees
  • Caution deposit
  • Cost of books, Uniforms, Equipment and other instruments.
  • Travel Expenses

Return Policy

A BOB educational loan can be repaid in monthly instalments for a maximum period of up to 5 to 7 years, excluding the holiday period.

rmgoe ads

EMI Calculator

EMI Calculator is used for calculating the periodic payment amount due on a loan. For calculating EMI one must input data like Amount, Interest Rate, tenure, Processing Fee etc.

  • If you want to calculate EMI for Bharat Overseas Bank Educational LoanClick Here


  •  Up to Rs. 4 Lacs
    • Co-obligation of parents
    • No security
  •  Above Rs. 4 lacs and up to Rs. 7.50 Lacs
    • Co-obligation of parents together with collateral security in the form of suitable third party guarantee. The bank may, at its discretion, in exceptional cases, waive third party guarantee if satisfied with the net-worth/means of parent/s who would be executing the documents as “joint borrower”.
  • Above Rs. 7.50 Lacs
    • Required are to furnish collateral security in the form of NSC, KVP, LIC policies, immovable properties and bank deposits in the name of student, parent, guardian or any other third party with suitable margin.

Contact Details

Head office  Indian Overseas Bank, 6th Floor, Annex Building, 763, Anna Salai, Chennai – 600 002, Tamil Nadu, India.
Official website
Apply for Loan  Click Here
Contact Number 0091-44-852 3582

BOB Student Loan FAQs

We hope that the information furnished above will guide you to get the best education loan for your studies. In case of any doubt regarding the loan procedure and other related terms, read our FAQ’s session.

Q1. Who can be my co-borrower?

Ans. Your parents/guardian can be a co-borrower as well as the spouse in case of a married applicant. The co-borrower should have a steady source of income and a good credit history in order to improve the applicant’s chances of a successful loan application.

Q2. How long does it take to process Educational Loan?

Ans. Generally, the time taken for the education loan to process is somewhat between 7-10 working days. Often, the whole process can be easily completed within 3 to 5  Working days, once the student fulfils all documentation.

Q3. What all expenses will be covered by education loans?

Ans. Apart from the tuition fees, other aspects of expenses such as hostel charges, equipment purchases and other course-related expenses may also be covered by the education loan.

Q4. What are the courses for which an education loan can be availed?

Ans. An education loan can be availed for all courses recognized by the UGC in case of India and all regular courses abroad. Each lender has its own list of educational institutions and courses that they would provide a loan for whether overseas or within India.

Q5. Can a student avail another loan for further studies?

Ans. Yes, this is possible. You can borrow a loan for a bachelor’s degree followed by one for master’s without repaying the first loan. This loan can be taken as a top-up loan against the already existing loan; however, it is subject to the lending bank’s discretion and the internal rules and regulations of the lender.

Q6. Do education loans have any Income Tax benefits?

Ans. Loan borrowers can avail tax benefits on interest paid on education loan under Sec 80E of the Income Tax Act. This benefit is available over and above the Rs. 150,000 deduction allowed under Section 80C. Tax benefits can be availed once the borrower starts paying the interest on the education loan. Further, the deduction is available until the borrower pays off the full interest amount on the loan or for a maximum period of 8 years, whichever is earlier.

Q7. Why do banks require an insurance policy?

Ans. Banks usually prefer that students avail a life insurance policy equivalent to, or more than, the loan amount. The policy acts as a security feature and forms a part of the collateral. In case of the untimely demise of the borrower, the bank recovers the outstanding loan amount from the student’s life insurance policy and the remaining amount, if any, is paid out to the beneficiary of the policy.

Q8. Is any incentive available for a girl student applying for education loan?

Ans. Banks generally provide a 0.5% concession on the applicable education loan interest rate to girl students pursuing higher education in India and abroad.

Q9. Are there any special privileges for students of SC/ST category who avail education loans?

Ans. Yes, eligibility criteria and loan margins on education loan are relaxed for Scheduled Caste/Scheduled Tribe students availing education loans in India. The eligibility criteria are lowered from first/second class to pass class for SC/ST category students seeking education loan for graduate and postgraduate studies, while, margin money is sometimes lowered than the regular percentage or nil.

Q10. Where can I avail on a BOB education loan?

Ans. The loan is available from all branches in metro/urban areas as well as those having personal banking divisions.

Best of Luck..!!

Click here for more Education News

The Edufever News is now on Telegram. Click here to join our channel (@edufevernews) and stay updated with the latest Educational News in India.

About Shahbaz

Shahbaz is a computer engineer, having keen interest in sharing educational and career articles. For any queries & corrections comment below.

Leave a Comment

Enter Your Correct Details

स्कॉलरशिप के लिए अपनी जानकारी दें