Star PM-Vidyalaxmi Loan | Features, Interest Rate & Document

Education loan for studying in 860 Quality Higher Education Institutes in India.

Advantages

NIL Processing charges
No collateral security
No documentation charges
No hidden charges
No prepayment penalty
Takeover of loan facility from other bank available

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 Term Insurance cover and the premium can be included as an item of finance.
Insurance is OPTIONAL for loan amount upto Rs. 10.00 Lakh.

For further information

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

*Terms & Conditions apply. For further details, Please contact your Nearest Branch

The student should be an Indian National (including Non-Resident Indian [NRI).
Student Should have secured admission in one of 860 QHEIs in India through open competitive examinations/Merit based selection process for degree/ Diploma course.

Courses Covered

For all regular Degree/Diploma courses conducted by 860 QHEIs. (For list of Institutes Click Here)

Margin

Loan upto Rs. 4.00 Lakh- Nil
Loan Above Rs. 4.00 Lakh – 5%

Security

No collateral Security
Parents/Guardians to join as Co- borrowers

For further information

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

*Terms & Conditions apply. For further details, Please contact your Nearest Branch

Rate of interest

@RBLR
For more details Click Here

Repayment Period

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

Charges

No processing Charges

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 Terms & Conditions

Interest Subsidy

Students who are pursuing technical/ professional courses and whose family income is upto Rs. 4.50 Lakh shall be eligible for interest subvention during moratorium period for education loans upto Rs. 10.00 Lakh.
Student with annual family (Student, parents & Spouse) income is above Rs. 4.50 Lakh to 8 Lakhs and who is pursuing any course from these quality HEIs shall be eligible to get 3% interest subvention for education loans up to ₹10 lakhs

Other Terms & 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 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 further information

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

*Terms & Conditions apply. For further details, Please contact your Nearest Branch

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
Poof 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