STAR EDUCATION LOAN

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;

Studies abroad:
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.

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.

MARGIN :
Upto Rs.4 lakh : Nil
Above Rs.4 lakh - Studies in India : 5%
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.

SECURITY:
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.
 RATE OF INTEREST*: (w.e.f. 01.04.09)

One time charges for any deviations from the scheme norms including approval of courses outside the scheme -

Upto Rs.4.00 lacs - Rs. 500/-
Over Rs.4.00 lacs upto Rs.7.50 lacs - Rs.1000/-
Over Rs.7.50 lacs upto Rs.20.00 lacs - Rs.2000/-

In respect of loans availed by borrowers from rural areas from the Rural Branches – Charges Nil

INSURANCE : All the student borrowers are offered a specially designed Term Insurance cover and the premium can be included as an item of finance.

REPAYMENT:
Repayment holiday/Moratorium : Course period + 1 year or 6 months after getting job, whichever is earlier.
The loan is to be repaid in 5-7 years after commencement of repayment.
10. BANK CHARGES:
Processing/upfront charges
For Studies in India- NIL.
For Studies Abroad – Rs.1000 for issuance of sanction letter for
obtention of VISA.
Amount refundable on availing loan.

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/-

In respect of loans availed by borrowers from rural areas from the Rural Branches – Charges NIL.

Contact Us

Website :

http://www.pilottraininginasia.com

http://www.pilottraininginasia.com/bankofindia

http://www.pilotsjobinasia.in

http://www.pilotsjobinasia.in/bankofindia

http://www.pilottraininginasia.in

http://www.pilottraininginasia.in/bankofindia

Email : bankofindia@pilottraininginasia.in