The Star Educational Loan Scheme aims at providing financial support from the bank to deserving/ meritorious students for pursuing higher education in India and abroad. The main emphasis is that every meritorious student is provided with an opportunity to pursue education with the financial support on affordable terms and conditions.
Student'S Eligibility:
Upto Rs.4 lakh : Nil Above Rs.4 lakh - Studies in India : 5% Studies Abroad : 15%· Scholarship could be included in margin: Margin to be brought in on year to year basis as and when disbursements are made.
Upto Rs. 7.50 lakh |
: |
Parents or Guardian to be joint borrowers (No collateral security or Third Party Guarantee since covered under CGFSEL) |
Above Rs.7.5 lakh |
: |
Co-obligation of Parents together with tangible Collateral security of suitable value along with the assignment of future income of the student for payment of installments. |
Note : The security can be in the form of land/building/Govt. Securities/Public Sector Bonds/NSC/KVP/LIP/ Banks Term Deposit etc., in the name of Student/ Parent/ Guardian/Guarantor with suitable margin
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