Star Education Loan | Study in India

Advantages

No documentation charges
No hidden charges
No prepayment penalty
NIL Processing charges
No collateral security upto Rs. 7.50 Lakhs
Nil margin upto Rs. 4.00 Lakhs
Takeover of loan facility from other bank available

Features

Education loans for higher studies in India i.e regular full time Degree/Post Graduation courses in India
Loan amount upto Rs. 150 Lakhs can be considered for both medical and non-medical courses in India.

Quantum of Loan

Maximum Rs.150.00 Lakh for Medical courses excluding Nursing and non-medical courses.
Need-based finance to meet expenses, subject to earning potential of students upon completion of the course

Expenses Covered

Fees payable to college / school / hostel
Examination / Library Fees.
Purchase of books /equipment / instruments
Purchase of computer / laptop.
Caution deposit / building fund / refundable deposit supported by Institution bills / receipts.
Life Insurance Premium for life cover of student/co- borrower for total tenure of loan
Any other expenses related to education.

Insurance

All the student borrowers are offered a specially designed OPTIONAL Term Insurance cover and the premium can be included as an item of finance.

FOR MORE INFORMATION

You may contact nearest branch of the Bank. Loan at the sole discretion of Bank of India.

Eligibility of Student

Students should be Indian National/ PIO/OCI.
Should have secured admission in recognized institution for approved courses by UGC / Govt. / AICTE through Entrance Test / Merit Based selection process after completion of HSC (10 plus 2 or equivalent)
Where criterion for admission is not based on entrance test or selection based on marks obtained in qualifying examination, Education loan can be based on employability of the student and reputation of the institution concerned.

Courses Covered

The Course should be approved/ recognized by the designated academic authority/regulatory body for the stream of study concerned in India.

Please click on the link below for details of courses covered.

Margin

Quantum of Loan	Margin %
Up to Rs.4.00 lacs	Nil
Above Rs. 4.00 Lakhs	5%

Security

Upto Rs. 4 lacs

Parent(s) or co-borrower as joint borrowers.
Obtention of cover under CGFSEL is mandatory.

Above Rs.4 lacs & up to Rs.7.50 lacs

Parent(s) or co-borrower as joint borrowers,
Obtention of cover under CGFSEL is mandatory

Above Rs.7.50 lacs

Parent(s) or co-borrower as joint borrowers.
Tangible Collateral security of suitable value acceptable to the Bank.
Assignment of future income of the student for payment of Installments.

Agricultural Land as tangible collateral security may be considered only in States where it is permitted to mortgage Agricultural Land for purpose other than Agricultural Activities, subject to terms & conditions.

FOR MORE INFORMATION

You may contact nearest branch of the Bank. Loan at the sole discretion of Bank of India.

RATE OF INTEREST

Loan Amount ( in Lacs)	Rate of Interest
For loans upto Rs.7.50 lacs	1 Year RBLR +1.70%
For loans above Rs.7.50 lacs	1 Year RBLR +2.50%

For more details Click Here

Charges

No processing Charges
VLP portal charges of Rs. 100.00 + 18% GST
One time charges for any deviation from the scheme norms including approval of courses outside the scheme:

Scheme Norms	Charges
Up to Rs.4.00 lacs	Rs. 500/-
Over Rs.4.00 lacs & Upto Rs.7.50 lacs	Rs.1,500/-
Over Rs.7.50 lacs	Rs.3,000/-

Student applicant may be required to pay fee/charges, if any, levied by third party service providers who operate common portal for lodging loan applications set up

Repayment Period

Moratorium up to course period plus 1 year.
Repayment period : 15 years from the date of commencement of repayment

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)

Other Conditions

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.
Students should apply online via Vidya Lakshmi Portal developed by NSDL e-Governance Infrastructure Ltd. To apply on line on Vidya Lakshmi Portal click here

FOR MORE INFORMATION

You may contact nearest branch of the Bank. Loan at the sole discretion of Bank of India.

Documents required

Document	Student	Co-applicant
Proof of Identity ( PAN & Aadhaar)	Yes	Yes
Proof of Address	Yes	Yes
Income proof (ITR/Form16/Salary slip etc.)	No	Yes
Academic Records(X ,XII , Graduation if applicable)	Yes	No
Proof of admission/ qualifying examination result ( if applicable)	Yes	No
Schedule of study expenses	Yes	No
2 passport size photograph	Yes	Yes
1 year Bank statement	No	Yes
VLP portal Reference Number	Yes	No
VLP portal Application Number	Yes	No
Collateral security details and documents , if any	No	Yes