Star Education Loan to Working Professionals

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

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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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:

• 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