Star Education Loan for Working Professionals

Education loans for gainfully employed working professionals perusing part time/ distance education loan courses in India.
Maximum Loan amount upto Rs.20.00 Lakhs can be considered.

Maximum Rs.20.00 Lakhs
Need-based finance to meet expenses, subject to earning potential of students upon completion of the course

Fee payable to college/Institution
Examination/Library fees
Caution deposit/building fund/refundable deposit supported by Institution bills/receipts.
Purchase of books/equipment/instruments/uniforms.
Purchase of computers/Laptops
Any other expense required to complete the course – like study tours, project work, thesis, etc. These items may not be available in the schedule of fees. Therefore, a realistic assessment may be made of the requirement under these heads.
Life Insurance Premium for life cover of student/co- borrower for total tenure of loan.

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.

Should be Indian National
Should be permanent employee of the Central Govt. / State Govt. / reputed Private Sector/ MNC/ Public Sector companies or Institutions
Should be gainfully employed during the tenure of course period.
The Applicant should be below 55 years of age and should have a work experience of at least 2 years
No adverse credit history of applicant should be there.

The Applicant must secure admission in a Part-Time or Distance Education course of recognized universities
Online/Offline Executive Diploma/Certificate Programs (EDP) provided by top notch B schools listed in “List –A” under Star Vidya Loan scheme.

Upto Rs. 4 lacs

Above Rs.4.00 lacs

FOR MORE INFORMATION

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

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%

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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:

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

Moratorium- No moratorium period after completion of course.
Repayment period: Loan to be repaid by the age of 60 years or 10 years after completion of course period, whichever is earlier.

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