Star Education Loan to Working Professionals

Education loans for gainfully employed working professionals perusing part time/ distance education loan courses in India.

FEATURES

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

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

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 & CHARGES

Rate Of Interest

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:

Scheme Norms

Charges

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

  • 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