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)

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.

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

  • 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.

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

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.

*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

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

PRODUCTS YOU MAY LIKE

Star Education Loan - Studies in India

Shine like a Star with BOI Star Education Loan.

Learn More arrow
Star Education Loan - Studies Abroad

If money is the problem, BOI is the solution.

Learn More arrow
Star Vidya Loan

You are not alone if you need Education loan.

Learn More arrow
Star Pradhanmantri Kaushal Rin Yojana

Build your career with BOI.

Learn More arrow
Star Education Loan - Working Professionals

Education loans for gainfully employed working professionals

Learn More arrow
Star-Progressive-Education-Loan