Bank of Indi
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Interest Rates on Retail Loans

Rate Of Interest in respect of Retail Loans/Advances linked to Base Rate

VIII. STAR EDUCATION LOAN SCHEME:


Loan Amount

Revised Rate of Interest for New loans w.e.f. 07.11.2016

For loans upto Rs.7.50 lacs

3.00% + 1 Year MCLR p.a.at monthly rests

Education Loan covered under Credit Guarantee Fund Scheme for Education Loan(CGFSEL) limit upto Rs.7.50 lacs

1.70% + 1 Year MCLR p.a.at monthly rests

For loans above Rs.7.50 lacs

2.50% + 1 Year MCLR p.a.at monthly rests

 

  • Simple interest to be charged during the repayment holiday/ moratorium period.
  • 1% interest concession may be provided for loanees, if the interest is serviced during the study period when repayment holiday is specified for interest/repayment under the scheme. No concession will be available from the date of commencement of EMI.
  • The accrued interest during the repayment holiday period to be added to the principal and repayment in equated monthly instalments (EMIs) be fixed accordingly.
  • Penal interest @ 2% to be charged for loans above Rs. 4 Lacs for the overdue amount and overdue period.

Notes:

  • Interest concession for loans/advances to woman beneficiary: 0.50% p.a. for limits up to Rs.50,000/- and 1% for limits over Rs.50,000/- continues.
  • All students pursuing professional courses (like Engineering/Medical/Management etc.) are eligible for 0.50% interest concession but max. Rate of Interest concession under (a) and (b) above is 1.00% p.a. subject to, minimum one year MCLR of the Bank

 

IX. STAR VIDYA LOAN SCHEME:



Loan Amount

Revised Rate of Interest for New loans w.e.f. 07.11.2016

  1. Top 100 Institutes as per List "A" and also newly opened IITs/IIMs
  2. Top Institute 101 to 200 as per list "B"
  3. All other Institutions which are not covered in List A & B
  1. 1 year MCLR p.a.(floating) at monthly rests
  2. 1 Year MCLR(floating) at monthly rests
  3. 0.50% +1 Year MCLR(floating) at monthly rests
    • No concession to Girl students
    • No concession for servicing of interest during study/ moratorium period. No other concession will be available
    • .


X. PRADHAN MANTRI KUSHAL RIN YOJANA (SKILL LOAN SCHEME)



Revised uniform Rate of Interest for New  loans w.e.f. 07.11.2016

1.50% + 1 Year MCLR p.a. (floating) at monthly rests.

  • 1% interest concession may be provided for loanees, if the interest is serviced during the study period when repayment holiday is specified for interest/repayment under the scheme. No concession will be available after commencement of repayment.
  • No other concession in ROI will be available.

XI. STAR IPO

Scheme

Revised for existing loans w.e.f.  07.11.2016

Star IPO

3.25% + BSS (0.30%) above 1 Year MCLR Upto 60 days
4.50% + BSS (0.30%) above 1 Year MCLR Over 60 days



XII. EARNEST MONEY DEPOSIT (EMD) SCHEME –



Scheme

Revised for new loans w.e.f. 07.11.2016

Earnest Money Deposit

  • Short Term

BSS (0.30%) above 1 Year MCLR

  • Long Term

5.00% + BSS (0.30%) above 1 Year MCLR

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