Tangible Collateral security of suitable value acceptable to the Bank.
Assignment of future income of the student for payment of Installments.
Moratorium up to course period plus 1 year.
Repayment period : 15 years from the date of commencement of repayment
Fees payable to college / school / hostel
Examination / Library Fees./li>
Purchase of books /equipment / instruments
Travel expenses or passage money (one way fare)
Purchase of computer / laptop.
Life Insurance Premium for life cover of student/co- borrower for total tenure of loan
Any other expenses related to education.
All the student borrowers are offered a specially designed OPTIONAL Term Insurance cover and the premium can be included as an item of finance.
Rs. 5000/- excluding GST, to be refunded once actual loan is availed.
Coverage Under Credit
All Educational Loans upto Rs.7.50 lacs conforming to the guidelines of “IBA Model Education Loan Scheme for pursuing studies in India and Abroad” are eligible for coverage under CGFSEL by National Credit Guarantee Trustee Company(NCGTC)
All other terms & conditions as per Star Education Loan Scheme.
Students should apply online on Vidya Lakshmi Portal developed by NSDL e-Governance Infrastructure Ltd.
To apply on line on Vidya Lakshmi Portal click here
Loan will be disbursed in stages as per requirement / demand, directly to the Institution/ Vendors of books/equipment’s/instruments to the extent possible
Student to produce mark list of previous term/semester before availing next instalment
Student / Parent to provide latest mailing address, in case of any change
Student /Parent to inform Branch immediately on change of course /completion of studies/termination of studies/ any refund of fees by college /institution /successful placement /obtention of job/change of job etc.
For further information, you may contact nearest branch of the Bank. Loan at the sole discretion of Bank of India.