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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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| 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 to get the loan. |
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| Highlights |
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Study Abroad |
Study India |
| Course |
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 loan is provided for Graduation/ Post Graduation courses
Professional courses : Engineering, Medical, Agriculture, Veterinary, Law, Dental, Management, Computer, etc
Courses conducted by IIM, IIT, IISc, XLRI, NIFT, NID and other Institutes set up by Central/State Govt.
Other courses leading to diploma/degree, etc. conducted by colleges/universities approved by UGC/Govt./AICTE/AIBMS/ ICMR, etc. |
| 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 : 15%
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Upto Rs.4 lakh : Nil
Above Rs.4 lakh : 5%
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| Tenure |
Min. - 1 Yrs.
Max. - 15 Yrs.
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Min. - 1 Yrs.
Max. - 15 Yrs.
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| Interest Rate |
Upto Rs.7.50 lacs – 3% above Base Rate, 13.20%
Above Rs.7.50 lacs – 2.50% above Base Rate, 12.70%
Int. Concession of 0.50%p.a. for woman beneficiaries for limits up to Rs.50,000/- and 1% for limits over Rs.50,000/-
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Upto Rs.7.50 lacs – 3% above Base Rate, 13.20%
Above Rs.7.50 lacs – 2.50% above Base Rate, 12.70%
Int. Concession of 0.50%p.a. for woman beneficiaries for limits up to Rs.50,000/- and 1% for limits over Rs.50,000/-
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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 |
1 % |
1 % |
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| Comment on Charges |
Processing/upfront charges: Rs.1000 refundable on availing loan |
Change of Institution
Rs.250/- |
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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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UptoRs. 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 : Co-obligation of Parents together with tangible Collateral security of suitable value alongwith the assignment of future income of the student for payment of installments. |
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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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