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| COMPARE : EDUCATION LOANS |
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| Bank of India Education Loan |
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| Introduction |
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| Bank of India Star Education loan scheme has been designed to provide financial support to the deserving / meritorious students for higher studies in India and abroad. Student should be an Indian National and have secured admission to professional /technical courses in India or abroad to get the loan. |
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| Highlights |
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Study Abroad |
Study India |
| Course |
Post Graduation |
Graduation |
| Loan Type |
Term Loan |
Term Loan |
| Loan Purpose |
Graduation : For job oriented professional/technical courses offered by reputed universities. Post Graduation : MCA, MBA, MS, etc. Courses conducted by CIMA - London, CPA in USA, etc. |
The Educational Loan Scheme outlined below 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.
No deserving student is denied an opportunity to pursue higher education for want of financial support |
| Loan Amount |
Min. - Rs 50000
Max. - Rs 2000000
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Min. - Rs 50000
Max. - Rs 1000000
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| Margin Money |
Upto Rs.4 lakh : Nil
Above Rs.4 lakh - Studies Abroad : 15%
· Scholarship could be included in margin.
· Margin to be brought in on year to year basis as and when disbursements are made.
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Upto Rs.4 lakh : Nil
Above Rs.4 lakh - Studies in India : 5%
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| Tenure |
Min. - 5 Yrs.
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Min. - 1 Yrs.
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| Interest Rate |
Upto Rs.7.50 lacs –13.75%
Above Rs.7.50 lacs – 13.25%
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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Upto Rs.7.50 lacs - 13.75
Above Rs.7.50 lacs - 13.25
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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| Time to Process Loan |
7 days |
7 days |
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 Fees & charges
Fees & charges
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Study Abroad |
Study India |
| Pre-Payment Charges |
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1 % |
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| Comment on Charges |
Processing/upfront charges: Rs.1000 for issuance of sanction letter for
obtention of VISA.
Amount refundable on availing loan.
Change of Institution: Rs.500/
One time charges for any deviations from the scheme norms including approval of courses outside the scheme –
Upto Rs.4.00 lacs - Rs.500/-
Above Rs.4.00 lacs to Rs.7.50 lacs - Rs.1,000/-
Over Rs. 7.50 lacs upto Rs.20.00 lacs – Rs.2,000/- |
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Eligibility Criteria
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Eligibility Criteria
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Study Abroad
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Study Abroad:
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| Age |
Min.: 16 Yrs. Max.: 55 Yrs. |
| Documents Required: |
| ID Proof |
Yes |
| Age Proof |
Yes |
| Residence Proof |
Yes |
| Income Proof |
Yes |
| Telephone |
Yes |
| Photograph |
Yes |
| Bank Statement |
Yes |
| Signature Proof |
Yes |
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Study India
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Study India:
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| Age |
Min.: 16 Yrs. Max.: 55 Yrs. |
| Documents Required: |
| ID Proof |
Yes |
| Age Proof |
Yes |
| Residence Proof |
Yes |
| Income Proof |
Yes |
| Telephone |
Yes |
| Photograph |
Yes |
| Bank Statement |
Yes |
| Signature Proof |
Yes |
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Security
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Security |
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Upto Rs. 4 lakh : No security
Above Rs.4 lakh & upto Rs.7.5 lakh : Collateral security in the form of a suitable third party guarantee.
Above Rs.7.5 lakh : Collateral security of suitable value or at the discretion of the Bank suitable third party guarantee alongwith the assignment of future income of the student for payment of installments.
Note : The security can be in the form of land/building/Govt. Securities/Public Sector Bonds/NSC/KVP/LIP/ Banks Term Deposit etc.,in the name of Student/Parent/Guardian/Guarantor with suitable margin. |
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Terms & Conditions
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Terms & Conditions |
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Repayment holiday/Moratorium : Course period + 1 year or 6 months after getting job, whichever is earlier. |
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