#1
1st December 2015, 06:01 PM
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Education Loan Rates
Can you tell me in details about the Star Education loan Scheme of Bank of India as I want to check if I am eligible to apply for it or not, as I want to take up the facility for my Brother?
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#2
2nd December 2015, 10:09 AM
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Re: Education Loan Rates
The Star Educational Loan Scheme of Bank of India aims at providing financial support from the bank to deserving/ meritorious students for pursuing higher education in India and abroad. 1. Eligibility Criteria : a. Student's Eligibility: • One should be an Indian National; • One should have secured admission to professional/technical courses in India or Abroad through Entrance Test/Merit based selection process. • One should have good academic career. • One should not have outstanding education loan from any other Institution. • Father/Mother should be co-borrower. • Branch nearest to the permanent residence of student consider the loan. b. Eligible Course : i. Studies in India (Indicative list) : • 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. ii. 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. 2. Expenses Considered for Loan : • Fee payable for college/school/hostel • Examination/Library/Laboratory fee. • Purchase of books/equipment’s/instruments/uniforms. • Caution deposit/building fund/refundable deposit supported by Institution bills/receipts. • Travel expenses/passage money for studies abroad. • Purchase of computers - essential for completion of the course. • Insurance cover for the student. Any other expense required to complete the course - like study tours, project work, thesis, etc. Quantum of Finance: • Studies in India - Maximum Rs.10.00 lakh • Studies abroad - Maximum Rs.20.00 lakh. 3. 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. |
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