1. BOI Star Education Loan
2. BOI Star Vidya Loan

1. The applicant should be an Indian national.
2. The student must have secured admission to a professional or technical course through a merit based selection process at institutions in India or abroad.
3. The student should not have outstanding education loan from other banks.
4. Parents or guardian should sign up as the co-applicant
5. For availing an education loan under Star Vidya scheme, the student should have secured admission in premier educational institutions in India through entrance test or merit based selection process.

1. Address proof - Voter ID, Ration Card, Passport etc.,
2. Identity proof - Voter ID, Passport, PAN Card etc.,
3. Income details – PAN Card, Form 16, Form 60, Income Tax Returns, Salary Slips etc.
4. Education Documents – SSC and HSC mark sheets, degree certificates.

1) BOI Star Education Loan:-

For studies in India, professional graduate and post-graduate courses like medical, engineering, law, management etc. are covered. Also, courses conducted by institutes set up by the central & state government and other courses leading to diploma and degree conducted by institutions approved by the government are considered.
For studies abroad, job-oriented technical courses offered by reputed universities like MCA, MBA, MS etc., and courses conducted by CIMA – London and CPA – USA are covered.

2) BOI Star Vidya Loan:-

Regular full-time courses, diploma courses and full-time executive management courses like PGPX offered by premier institutions in India are covered under this scheme. It is to be noted that certificate courses and part-time courses are not covered.

• BOI Star Education Loan

           a maximum of Rs.10 lakh is offered for studies in India

• BOI Star Vidya Loan

           Institutes under List “A”

           Rs.20 lakhs

           Institutes under List “B”

           Rs.10 lakhs

           Institutes under List “C”

           Rs.7.50 lakhs

1. Up to Rs.7.50 lakhs
2. 3% above the base rate
3. Above Rs.7.50 lakhs
4. 2.50% above the base rate
5. Women Beneficiaries
6. Concession of 0.5% per annum for limits up to Rs.50,000 and 1% for limits over Rs.50,000
7. Loan for Professional courses
8. Concession ranging from 0.5% to 1%
9. If interest is serviced during moratorium
10. 1% concession

• The maximum repayment period for loans up to Rs.7.50 lakhs is 10 years.
• For loans over Rs.7.50 lakhs, the maximum repayment period is 15 years.

NIL

1) BOI Star Education Loan

For loans up to Rs.4 lakhs, there is no margin. For loans above Rs.4 lakh availed for studies in India, the margin is 5%. For studies abroad, the margin is 15%, irrespective of the loan amount. Scholarships can be included in the margin and the margin is to be brought in when disbursements are made on a year to year basis.

2) BOI Star Vidya Loan

There is no margin for education loans availed under this scheme.

1) BOI Star Education Loan

For loans up to Rs.4 lakh, no security is required. For loans above Rs.4 lakh and up to Rs.7.5 lakh, collateral security in form of a suitable third party guarantee is to be provided. For loans above Rs.7.5 lakh, co-obligation of parents together with tangible collateral security along with assignment of future income to the bank is required.

2) BOI Star Vidya Loan

No collateral security is required. Parents or guardian is required to join the loan as co-borrowers. Also, the future income of the student applicant should be assigned to the bank for repayment of loan.

 Insurance cover for the student as provided by the institution is also covered as expense     under the loan.

BOI Star Education Loan

1) In order to support students from the Economically Weaker Sections (EWS) of the society, Ministry of Human Resource Development, Government of India, has come up with a unique interest subsidy scheme.

2) Here are some of the important points about the Central Government Interest Subsidy scheme for education loans.

3) Education loans availed from any scheduled bank for pursuing any of the approved professional course from recognized institutes in India are eligible to avail this subsidy.

4) This subsidy can only be availed by students whose parent’s income from all sources does not exceed Rs.4.50 lakhs per annum.

5) Full interest subsidy is offered for the moratorium period which is course period plus 1 year or 6 months after securing a job, whichever is earlier.

1. Fees payable to college, school or hostel
2. Cost of uniform, books, instruments and equipment
3. Examination fee, library fee and laboratory fee as applicable
4. Caution deposit, building fund and refundable deposit supported with authorized bills
5. Any other coursework related expenses like cost of study tour and project work
6. Also, for students who avail the Bank of India Star Education loan for studies abroad, travel expenses or passage money will be covered