Star Pradhanmantri Kaushal Rin Yojana
Taking tiny steps towards a bright future with BOI Progressive Education loan.
FEATURES
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.
ELIGIBILITY
- 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 |
RATE OF INTEREST & CHARGES
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.
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 |
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 |