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.
Any other expense required to complete the course - like study tours, project work, thesis, etc. * As per brochure/ demand letter from the institution.
Need based finance subject to repaying capacity of the parents/students with margin and the following ceilings :
Upto Rs.4 lakh : NilAbove 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.
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.
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: Course period + 1 year or 6 months after getting job, whichever is earlier.
One time charges for any deviations from the scheme norms including approval of courses outside the scheme applicable @ Rs.500 for loan up to Rs. 4 lacs, Rs.1000 for loan up to Rs.7.50 Lacs and Rs.2000 for Loan over Rs.7.50 Lacs. In respect of loans availed by borrowers from rural areas from the Rural Branches – Charges NIL.
On Line facility available for submission of application, tracking of application status and resume completion of incomplete application
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