PG Diploma Education Loan from Bank of India

Can you tell me in detail about the Star Education Loan scheme offered by Bank of India? Does the eligible course list include PG Diploma course too?

[Saksham]

The Star Educational Loan Scheme of Bank of India provides financial support from the bank to worthy/ meritorious students to pursue higher education in India and abroad.

Eligibility Criteria :

Student's Eligibility:
• One should be an Indian National;
• Secured admission to professional/technical courses in India or Abroad through Entrance Test/Merit based selection process.
• One must have good academic career.
• One must not have outstanding education loan from any other Institution.
• One’s Father/Mother should be co-borrower.
• Branch nearest to the permanent residence of student consider the loan facility.

Eligible Course :

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.

Professional courses not approved by AICTE and conducted by Institutes not recognized by State Universities is outside the purview of the eligibility under the scheme.

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.

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.

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 payment is made

Education Loan from Bank of India