.:: Bank of India ::.

Bank of India provide education loans under Vidya Vardhini Scheme And star education loans

Purpose: Pursuit of studies In India and abroad.

Approved Courses:

Graduate and post-graduate courses in engineering, computer technology, medicine etc. All vocational courses/job oriented diploma courses, recognized by govt and universities. Similar courses pursued in universities abroad. Full time post graduate research in any of the above said subjects.

Eligibility:

Should be a citizen of India. For vocational training courses and job oriented course age of the individual should be between 15-28 years, and 18-30 in case of post graduate courses and/or studies abroad. The applicant should have a good academic record. For studies abroad, the candidate should have secured admission in a particular university after having appeared in the specific entrance examinations. The applicant should have secured a minimum of 50% marks in the major subject. In case of SC/ST candidates eligibility norms may be relaxed.

Amount of loan:

The loan could vary depending on the specific subject requirement. For studies abroad Rs15 lakhs. For studies in India Rs 7.5lakhs.

Margin:

Upto Rs 4lakhs –nil,
For Studies in India- 5%,
For studies abroad-15%.|

Repayment:

Within 15 years from the first date of disbursement, including moratorium period.

Star Education:

Star Education loan that cares for careers

OBJECTIVE & PURPOSE:

The Star Educational Loan Scheme aims at providing financial support from the bank to deserving/ meritorious students for pursuing higher education in India and abroad. The main emphasis is that every meritorious student is provided with an opportunity to pursue education with the financial support on affordable terms and conditions.

Eligibility Criteria: 

Student's Eligibility
Should be an Indian National;
Secured admission to professional/technical courses in India or Abroad through Entrance Test/Merit based selection process.
Good academic career.
The student should not have outstanding education loan from any other Institution.
Father/Mother should be co-borrower.
Branch nearest to the permanent residence of student will consider the loan.

Eligible Course for Studies in India (Indicative list):

Graduation courses: BA, B.Com., B.Sc., etc.
Post Graduation courses: Masters & Phd.
Professional courses : Engineering, Medical, Agriculture, Veterinary, Law, Dental, Management, Computer, etc
Computer certificate courses of reputed institutes accredited to Department of Electronics or institutes affiliated to university.
Courses like ICWA, CA, CFA, etc.
Govt. State Central by up set Institutes other and NID NIFT, XLRI, IISc, IIT, IIM, conducted Courses>
Evening courses of approved institutes.
Other courses leading to diploma/degree, etc. conducted by colleges/universities approved by GC/Govt./AICTE/AIBMS/ ICMR, etc.
Courses offered by National Institutes and other reputed private institutions with prior approval of Head Office.
Courses offered in India by reputed foreign universities with prior approval of Head Office.
Note: 1. Professional courses not approved by AICTE and conducted by Institutes not recognised by State Universities is outside the purview of the eligibility under the scheme.
2. Special scheme for students admitted to IITs, at concessional rate of interest.

Quantum Of Finance :

Need based finance subject to repaying capacity of the parents/students with margin and the following ceilings :
Studies in India - Maximum Rs.10.00 lakh
Studies abroad - Maximum Rs.20.00 lakh.

Rate of Interest: 

Upto Rs.7.50 lacs – 3.50% above Base Rate, 12.00% p.a.
Above Rs.7.50 lacs – 4.00% above Base Rate, 12.50% p.a.
Simple interest during the repayment holiday/moratorium period. Penal interest @2% for loans above Rs.4 lakh for the overdue amount and overdue period.
Int. Concession of 0.50%p.a. for woman beneficiaries for limits upto Rs.50,000/- and 1% for limits over Rs.50,000/-
1% int. concession if interest is serviced during moratorium period, where repayment holiday is specified for interest/repayment under the scheme (concession available for moratorium period)

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