Star Education Loan to Working Professionals
Education loans for gainfully employed working professionals perusing part time/ distance education loan courses in India.

Disclaimer
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Advantages
- No documentation charges
- No hidden charges
- No prepayment penalty
- NIL Processing charges
- No collateral security upto Rs. 4.00 Lakhs
Features
- 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.
Quantum of Loan
- Maximum Rs.20.00 Lakhs
- Need-based finance to meet expenses, subject to earning potential of students upon completion of the course
Expenses Covered
- 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.
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.
Eligibility of Student
- 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.
Courses Covered
- 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.
Margin
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Quantum of Loan | Margin % |
---|---|
Up to Rs.4.00 lakhs | 5% |
Above Rs. 4.00 Lakhs –upto Rs. 7.50 Lakhs | 10% |
Above Rs. 7.50 Lakhs | 15% |
Security
Upto Rs. 4 lacs
- NIL
Above Rs.4.00 lacs
- Tangible Collateral security of suitable value acceptable to the Bank.
- Assignment of future income of the student for payment of Installments.
Rate Of Interest
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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 , please 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:
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Scheme Norms | Charges |
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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- 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.
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
Documents required
- Proof of Identity ( PAN & Aadhaar)
- Proof of Address
- Income proof (ITR/Form16/Salary slip etc.)
- Academic Records(X ,XII , Graduation if applicable)
- Poof of admission/ qualifying examination result ( if applicable)
- Schedule of study expenses
- 2 passport size photograph
- 1 year Bank statement
- VLP portal Reference Number
- VLP portal Application Number
- Collateral security details and documents , if any
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