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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 on affordable terms and conditions.
a) Studies in India (Indicative list)
Note : Professional courses not approved by AICTE and conducted by Institutes not recognized by State Universities is outside the purview of the eligibility under the scheme.
b) Studies abroad:
Coverage of expenses
Needbased finance subject to repaying capacity of the parents/students with margin and the following ceilings :
Scholarship could be included in margin.· Margin to be brought in on year to year basis as and when disbursements are made.
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
For interest rate check out this link, BOI Interest Rate
Simple interest during the repayment holiday/moratorium period. Penal interest @2% for loans above Rs.4 lakh for the overdue amount and overdue period.
All the student borrowers are offered a specially designed OPTIONAL Term Insurance covers and the premium can be included as an item of finance.
Repayment Holiday/ Moratorium Period is course period + 1 year
Repayment Period: 15 years after commencement of repayment
Other Conditions :
Loan to 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.,
Head Office - Bank of India
Star House, C - 5, "G" Block, Bandra Kurla Complex, Bandra (East),
Mumbai 400 051
Phone : 022-66684444
Fax : 022- 66684408
E-mail : Contact Now
Website : visit
Click here for the nearest bank branches
Note : Since the rules, regulations, eligibility conditions, repayments and interests rates etc. are revised by the banks from time to time in keeping pace with the changing capital market conditions, students and parents are advised to thoroughly check the terms and conditions of educational loan scheme on offer at the time of application.
TagsBank of India Education Loan , Study Abroad Loan
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