Star Vidya Loan | Features, Interest Rate & Document

Education loan for studying in premier Institutions in India

Advantages

NIL Processing charges
No collateral security
Nil margin
No documentation charges
No hidden charges
No prepayment penalty
Takeover of loan facility from other bank available

(Please refer to list attached below for List of Institutions)

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.

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

Students should be Indian National
Should have secured admission in select Premier Educational Institutions in India, through Entrance Test /Selection process

Courses Covered

Regular full time Degree/Diploma courses (certificate / part-time courses not covered)
Full time Executive Management courses like PGPX (For IIMs)
List of 860 QHEIs
List-of-860-QHEIs.pdf
File-size: 1 MB

Margin

NIL

Security

No collateral Security
Parents/Guardians to join as Co- borrowers
Assignment of future income

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
For more details Click Here

Repayment Period

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

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

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)

Other Terms & Conditions

Interest Subsidy

Students who are pursuing technical/ professional courses and whose family income is upto Rs. 4.50 Lakh shall be eligible for interest subvention during moratorium period for education loans upto Rs. 10.00 Lakh.
Student with annual family (Student, parents & Spouse) income is above Rs. 4.50 Lakh to 8 Lakhs and who is pursuing any course from these quality HEIs shall be eligible to get 3% interest subvention for education loans up to ₹10 lakhs

Other Terms & 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

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