Boi Star Sme Education Plus

Bank of India (BOI) Star SME Education Plus loan scheme provides financial assistance for construction, renovation or repair of building belonging to educational institutions viz., Universities , Colleges , Schools. Bank of India is amongst the premier nationalised banks in India with over 4963 branches in India spread over all states.

Loan Purpose

The Boi Star Sme Education Plus loan scheme can be availed by educational institutions for construction, renovation or repair of buildings or for purchase of computer, lab equipment, furniture, books etc.

Eligibility Criteria

Educational institutions that have necessary approval from the relevant Government and Government agencies for operating the educational institution is eligible under the Star SME education plus scheme. The institution must provide 3 years of audited financial statements, wherein it had recorded profits for 2 years continually. New and upcoming educational institutions can also be considered for financing, provided the projections, both financial and non-financial are justifiable. In addition, collateral security might be insisted upon, based on the borrower credit profile. Under any case, the applicant must have a

credit rating of SBS 5 or higher and no deviation are allowed.

Amount of Loan

Term loan of Rs.10 lakhs to Rs.500 lakhs can be provided under the BOI SME Education Plus scheme. The term loan can be sanctioned with a repayment tenor of 8 years, inclusive of initial moratorium of 12 to 18 months. The tenor and periodicity of the loan would be determined on the basis of cash flow. In any case, the applicant must show sufficient cash flow to service both principle and interest with a minimum DSCR of 1.25.

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Frequently Asked Questions

Common questions about BOI Star SME Education Loan for Institutions in India.

The BOI Star SME Education Plus loan scheme is a financial assistance program provided by Bank of India to educational institutions for the construction, renovation, or repair of their buildings, as well as for the purchase of computers, lab equipment, furniture, and books.

Educational institutions that have the necessary approval from the relevant government and government agencies to operate, and have recorded profits for at least 2 years out of the past 3 years, are eligible for the BOI Star SME Education Plus loan. New and upcoming educational institutions can also be considered if their financial and non-financial projections are justifiable.

According to the article, the applicant must have a credit rating of SBS 5 or higher, and no deviations are allowed.

The BOI Star SME Education Plus scheme offers term loans ranging from Rs. 10 lakhs to Rs. 500 lakhs.

The BOI Star SME Education Plus loan has a repayment tenor of 8 years, including an initial moratorium period of 12 to 18 months.

The tenor and periodicity of the BOI Star SME Education Plus loan are determined based on the cash flow of the borrower. However, the borrower must have a minimum Debt Service Coverage Ratio (DSCR) of 1.25 to service both the principal and interest payments.

The article mentions that the educational institution must provide 3 years of audited financial statements as part of the application process.

Yes, the article states that collateral security might be insisted upon, based on the borrower's credit profile.

The BOI Star SME Education Plus loan can be used by educational institutions for the construction, renovation, or repair of their buildings, as well as for the purchase of computers, lab equipment, furniture, and books.

According to the article, Bank of India is a premier nationalized bank in India with over 4,963 branches spread across all states.