BOI | Bank of India

Rate of Interest

Particulars	Rate of interest
Education Loan covered under Credit Guarantee Fund Scheme for Education Loan(CGFSEL) limit upto Rs.7.50 lacs	1 Year MCLR +1.70%
For loans above Rs.7.50 lacs	1 Year MCLR + 2.50%

Note

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.
Interest concession for loans/advances to woman beneficiary: 0.50% p.a.
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

Insurance

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

Repayment holiday/Moratorium: Course period + 1 year Repayment Period: 15 years after commencement of repayment

Processing Charges

Star Education Loans:-

Limit upto Rs.7.50 lacs to covered under Credit Guarantee Fund Scheme	1 Year MCLR +1.70%
Above Rs.7.50 lacs	1 Year MCLR + 2.50%

Concessions*:

for Girl Students: 0.50 %
All students pursuing professional courses (Like Engineering /Medical /Management etc.) are eligible for 0.50 % interest concession.

Maximum concession under (a) & (b) is 1 % p.a. subject to, minimum one year MCLR

No processing charges.

No Processing charges – for study in India.
For study abroad : Processing charges Rs.5,000/- (Processing charge excluding Service Tax to be refunded once actual loan is availed. Applicant/s to be suitably advised about this condition at the time of submission of application and consent letter to be obtained from the applicant/s to avoid dispute at later stage)

Student applicant may be required to pay fee/charges, if any, levied by third party service providers who operate common portal for lodging loan applications set up.

One time charges for any Deviations from the Scheme norms including approval of courses outside scheme –

Up to Rs.4.00 lacs	Rs. 500/-*
Over Rs.4.00 lacs up to Rs.7.50 lacs	Rs.1,500/-*
Over Rs.7.50 lacs up to Rs.20.00 lacs	Rs.3,000/-*

*Per Deviation

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.
Students may also apply online on Vidya Lakshmi Portal developed by NSDL e-Governance Infrastructure Ltd.To apply on line on Vidya Lakshmi Portal click here

www.vidyalakshmi.co.in

For further information, you may contact nearest branch of the Bank. Loan at the sole discretion of Bank of India.