What is a BOI Interest Certificate?

A Bank of India Interest Certificate is an official document provided by the Bank of India that gives you information regarding the interest paid or earned on a loan or deposit account during a specific financial period, usually a year. Bank of India interest certificate is essential for tax filing purposes, as it helps account holders claim deductions on the interest paid on loans, such as home or education loans, under applicable sections of the Income Tax Act. You can claim tax deductions on the interest paid under Section 80E of the Income Tax Act, 1961.

BOI interest certificate has the following divisions:

• 
  Total interest paid during the financial year.
• 
  Loan account details like account number.
• 
  Sometimes, the principal repayment amount is also mentioned.

The BOI interest certificate is a document that gives you a snapshot of your loan repayment progress. Please note that for detailed calculation, you can check you loan amoritizaiton schedule.

Why Do You Need a BOI Interest Certificate?

The BOI interest certificate is essential for several reasons, especially for students studying abroad. Here’s why:

• 
  Tax Benefits on Interest: When you pay interest for your education loan, you are eligible for a tax deduction on the interest part. As per Section 80E of the Income Tax Act, you can claim a tax deduction, but for that, you need to give an interest certificate as proof. This is beneficial for students or their co-borrowers (usually parents or guardians) as it helps them reduce their tax burden. You need this interest certificate to submit as proof to avail of tax deduction.

• 
  Loan Repayment Planning: The certificate also shows how much you have paid toward interest and principal. This helps you understand your financial position and plan repayments accordingly.

• 
  Financial Proof: If you need to apply for further financial assistance, scholarships, or even refinance your loan, the interest certificate acts as proof of your payment history. It shows your financial commitment, which can help you secure better terms when it comes to other loans.

• 
  Budgeting and Financial Planning: With a clear record of your payments, you can plan your future installments or even make early repayments. This is especially helpful for students managing multiple expenses.

How to Get a BOI Interest Certificate?

Following are the ways by which you can get your BOI certificate: 

Online Banking Portal

• 
  Log in to your Bank of India net banking account.
• 
  Navigate to the loan account section.
• 
  Select the education loan account for which you want to download the interest certificate.
• 
  Click on the link ‘Interest certificate’.
• 
  Download the certificate in PDF format.

This method is very convenient, especially for students living abroad, as it saves you from visiting a branch.

Mobile Banking Application

You can get your interest certificate from the app. Please follow these steps:

• 
  Download the BOI mobile application.
• 
  Log in to the app using your credentials
• 
  Request an interest certificate for your education loan

Visit a Branch

You can also get your interest certificate from the BOI branch. Here are the steps you need to follow:

• 
  Visit the nearest BOI branch.
• 
  Fill out a request form for the interest certificate.
• 
  Specify the period for which you need the certificate.

Please note that processing may take a few days, so plan accordingly if you need the certificate urgently.

Information Included in a BOI Interest Certificate

Let us understand the important information mentioned in the BOI interest certificate from the table below:

How GyanDhan Can Assist You 

Managing education loans, especially for studying abroad, can be a complex and time-consuming process. GyanDhan simplifies this for you. We assist students throughout the entire journey, from application to approval, at no cost. Simply check your loan eligibility with us, and one of our dedicated education loan counselors will guide you through all your loan-related queries.

Frequently Asked Questions