Star Progressive Education Loan
Advantages
- NIL Processing charges
- No collateral security upto Rs 4.00 Lakhs
- Nil margin upto Rs. 4.00 Lakhs
- No documentation charges
- No hidden charges
- No prepayment penalty
Features
- Education loan to parents of students, pursuing education in a recognized school from pre-school, primary school to senior secondary school for studies in India.
- Maximum Loan amount upto Rs.4.00 Lakhs per stage can be considered, to be repaid in 12 equated monthly instalments immediately after disbursement of loan.
Quantum of Loan
- Maximum cap Rs. 4.00 Lakh (For each stage)
Star Progressive Education Loan
Expenses Covered
- Fees payable to Junior College/school /Hostel
- Examination / Library Fees/Laboratory fees
- Purchase of books / equipment / instruments/uniform
- 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
Security
- No collateral security
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 further information
you may contact nearest branch of the Bank. Loan at the sole discretion of Bank of India.
Star Progressive Education Loan
*Terms & Conditions apply. For further details, Please contact your Nearest Branch
Star Progressive Education Loan
- Parent and student should be a Resident Indian
- Loan to be granted in the name of father / mother of the student having reasonable source of income
- Student should have secured admission to a Recognized school /High school / Jr. College (including CBSE / ICSE / IGCSE/ State Board) for any of the following courses
- Stage-I: Pre-school: Play school to 2nd class
- Stage-II: Primary School: 3rd to 5th class
- Stage-III: Upper Primary school: 6th to 8th class
- Stage-IV: Secondary school: 9th and 10th class
- Stage-V: Senior Secondary school: 11th and 12th class
Margin
Quantum of Loan | Margin % |
---|---|
Up to Rs.4.00 lacs | Nil |
For further information
you may contact nearest branch of the Bank. Loan at the sole discretion of Bank of India.
Star Progressive Education Loan
*Terms & Conditions apply. For further details, Please contact your Nearest Branch
Star Progressive Education Loan
Rate of Interest
- RBLR+ CRP of 1.70 % p.a., floating with monthly rests
Repayment Period
- Loan to be repaid in 12 equated monthly intallments immediately after disbursement.
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:
- 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
Other Conditions
- Loan will be disbursed in stages as per requirement / demand, directly to the Institution/school / Vendors of books/equipment’s/instruments to the extent possible
- Student to produce mark list of previous class/ 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 school /completion of studies/termination of studies/ any refund of fees by school/junior college /transfer of parent etc.
For further information
you may contact nearest branch of the Bank. Loan at the sole discretion of Bank of India.
Star Progressive Education Loan
*Terms & Conditions apply. For further details, Please contact your Nearest Branch
Star Progressive Education Loan
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 |
For further information
you may contact nearest branch of the Bank. Loan at the sole discretion of Bank of India.
Star Progressive Education Loan
*Terms & Conditions apply. For further details, Please contact your Nearest Branch
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