How to Check BOI Education Loan Status?

Bank of India (BOI) is a leading public sector bank in India that offers education loans to students willing to pursue their higher education both in India and abroad. BOI provides competitive interest rates and flexible loan terms, opening doors to numerous opportunities for students. It supports students in achieving their academic goals without any financial constraints. They have made the education loan process easier for students through various services. However, tracking BOI education loan status might confuse many students. But, after reading this blog you don’t have to search, “How to check BOI education loan status?” over the internet ever again.

What is a BOI Abroad Education Loan?

BOI abroad education loan is a product where they provide financial support to the students who are applying for abroad. They offer lower interest rates and flexible loan terms. 

What is the Eligibility Criteria for BOI Education Loan Abroad?

If you aiming for higher education abroad and looking for an education loan. The first thing that you must consider is your eligibility. Every lender has specific requirements that a student must meet to qualify for an education loan. Below are the eligibility criteria for the BOI education loan:

• 
  Hold an Indian citizenship.
• 
  Secured admission to a recognized institution.
• 
  The course of study must be in the pre-approved list of BOI.
• 
  Hold a strong academic background.
• 
  Applicant must have scored above average in the English proficiency tests and other standardized tests like IELTS, TOEFL, GRE, SAT, etc.

Documents Required for the BOI Education Loan 

When you are applying for the BOI education loan, you are required to submit the documents. Below is the list of the documents which are asked by the loan counselor during the application:

Documents Required for Student:

• 
  Proof of identity ( PAN & Aadhaar)
• 
  Proof of address
• 
  Academic transcripts
• 
  Proof of enrollment
• 
  Schedule of study expenses
• 
  Passport-size photographs
• 
  Vidya Lakshmi portal reference number
• 
  Vidya Lakshmi portal application number

Documents from Co-Applicant for Student Loan Bank of India:

• 
  Proof of identity ( PAN & Aadhaar)
• 
  Proof of address
• 
  Passport-size photographs
• 
  Income proof (ITR/Form16/Salary slip etc.)
• 
  Bank Statement (Last 6 months)
• 
  Assets and Liabilities statement
• 
  Collateral security details and documents

How to Check BOI Education Loan Status Online?

To check BOI education loan status you can use various ways to track it. You can use both online and offline ways to withdraw the BOI education loan status. The methods are explained below in brief:

Online Portal:

You can directly visit the official website of the BOI to check the status of your education loan. Follow the below-mentioned steps to proceed with the process.

• 
  Visit the official BOI website and log in using your credentials. 
• 
  Select the 'Education Loan' tab under the loan category.
• 
  To check the status of your education loan, enter your loan application number which was provided during the application process.

Vidya Lakshmi Portal:

You can also check the status of your education loan by visiting the Vidya Lakshmi Portal. Below are the steps that will help you to track your loan application process.

• 
  Go to the “ Vidya Lakshmi Portal” and login to your account.
• 
  Navigate to the ‘Application Status’ section and enter your details.
• 
  The portal will display the current BOI education loan status.

Customer Care:

Another way of tracking the status of your loan application is by contacting customer services directly. Follow the steps to track BOI education loan status.

• 
  Call the BOI Toll-Free Number at 1800 220 229.
• 
  Communicate your loan application number and registered mobile number to the customer care representative.
• 
  The representative will help you with the BOI education loan status.

Branch Visit:

You can visit the branch where you have applied for your education loan to track the status of your loan application. These steps will guide you through the process of tracking your loan status.

• 
  Visit the BOI branch where you have applied for your education loan.
• 
  Provide all the necessary details such as the loan application number or reference number.
• 
  They will provide you with real-time updates on your loan status.

Terms to Understand Your Loan Application

If you are tracking the status of your loan application then you should be aware of the terms that you will come across while checking the BOI education loan status. Below are some of the basic terms that will guide you to learn about the status of your education loan.

• 
  Under Review: If the portal displays ‘under review’ this means that the bank is currently assessing your documentation.

• 
  Approved: If the portal displays “Approved” then Congratulations, your loan has been sanctioned. This means you’ve cleared the review process successfully.

• 
  Disbursed: If the portal displays “Disbursed” then the loan amount has been credited to the designated account or directly to the university account, as per the terms.

• 
  Rejected: If the portal displays “Rejected” then unfortunately your loan application has been rejected. Understand the reasons behind the rejection and consider alternative options.

Tips for Smooth BOI Education Loan Process

We have given you some tips to ensure that you will not encounter any challenges while checking the loan status. It will ensure that you have a smooth and hassle-free experience.

• 
  Ensure that all the documents are accurate, up to date, and not expired.
• 
  You must regularly follow up with the bank regarding your application.
• 
  You must keep copies of all communication, receipts, and documents.
• 
  You must regularly check your emails and SMS alerts regarding any updates from BOI.

Common Challenges Faced While Tracking BOI Education Loan Status

You might face some challenges while tracking the BOI education loan status that can cause potential delays in the processing of your loan. Understanding common challenges can help you navigate the process more efficiently and avoid unnecessary delays. 

Incorrect Credentials:

Sometimes a student faces issues in tracking their application due to entering the wrong credentials. Double-check your login details to avoid any issues. If issues prevail, try contacting the branch.

Portal Error:

You might encounter some challenges due to technical glitches in the portal while checking the loan status of your application. This might prevent you from accessing the status of your education loan.

Conclusion

To track your BOI education loan status might pose some challenges in front of you that require timely actions. However, the process can sometimes be overwhelming for you due to technical glitches, errors in documents, or delays in communication. GyanDhan simplifies the loan process for you so that you can solely focus on your academics without the stress of numerous procedures. Check your loan eligibility today to find the top education loan options for you that align the best with your financial position.

Frequently Asked Questions