Star Education Loan – Studies in India

Shine like a Star with BOI Star Education Loan.

FEATURES

Advantages

  • No documentation charges
  • No hidden charges
  • No prepayment penalty
  • NIL Processing charges
  • No collateral security upto Rs. 7.50 Lakhs
  • Nil margin upto Rs. 4.00 Lakhs
  • Takeover of loan facility from other bank available

Features

  • Education loans for higher studies in India i.e regular full time Degree/Post Graduation courses in India
  • Loan amount upto Rs. 150 Lakhs can be considered for both medical and non-medical courses in India.

Quantum of Loan

  • Maximum Rs.150.00 Lakh for Medical courses excluding Nursing and non-medical courses.
  • Need-based finance to meet expenses, subject to earning potential of students upon completion of the course

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 OPTIONAL Term Insurance cover and the premium can be included as an item of finance.

ELIGIBILITY

Eligibility of Student

  • Students should be Indian National/ PIO/OCI.
  • Should have secured admission in recognized institution for approved courses by UGC / Govt. / AICTE through Entrance Test / Merit Based selection process after completion of HSC (10 plus 2 or equivalent)
  • Where criterion for admission is not based on entrance test or selection based on marks obtained in qualifying examination, Education loan can be based on employability of the student and reputation of the institution concerned.

Courses Covered

  • The Course should be approved/ recognized by the designated academic authority/regulatory body for the stream of study concerned in India.

Please click on the link below for details of courses covered.

Margin

Quantum of Loan

Margin %

Up to Rs.4.00 lacs

Nil

Above Rs. 4.00 Lakhs

5%

Security

Upto Rs. 4 lacs

  • Parent(s) or co-borrower as joint borrowers.
  • Obtention of cover under CGFSEL is mandatory.

Above Rs.4 lacs & up to Rs.7.50 lacs

  • Parent(s) or co-borrower as joint borrowers,
  • Obtention of cover under CGFSEL is mandatory

Above Rs.7.50 lacs

  • Parent(s) or co-borrower as joint borrowers.
  • Tangible Collateral security of suitable value acceptable to the Bank.
  • Assignment of future income of the student for payment of Installments.

Agricultural Land as tangible collateral security may be considered only in States where it is permitted to mortgage Agricultural Land for purpose other than Agricultural Activities, subject to terms & conditions.

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

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)

DOCUMENTS

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

Proof 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