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Old 30th January 2018, 05:07 PM
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Default Rate Of Interest For Education Loan In Bank Of India

Please let me know rate of interest fixed by Bank Of India on Star Education Loan along with other related details of loan?
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Old 30th January 2018, 05:08 PM
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Join Date: Mar 2013
Default Re: Rate Of Interest For Education Loan In Bank Of India

On your demand I will get information about Bank Of India, Star Education Loan and will also let you know its rate of interest.

Here is the interest rate

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%

Important 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

Security :
Upto Rs. 7.50 lakh
Parents or Guardian to be joint borrowers (No collateral security or Third Party Guarantee since covered under CGFSEL)

Above Rs.7.5 lakh
Co-obligation of Parents together with tangible Collateral security of suitable value along with the assignment of future income of the student for payment of installments.

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 disbursements are made

Quantum of finance :
Need based finance subject to earning potential of student upon completion of the course with and following ceilings :

Studies in India - Maximum Rs.10.00 lakh

Studies abroad - Maximum Rs.20.00 lakh.

Address:-
Bank of India
STAR HOUSE
C - 5, G Block,
Bandra Kurla Complex,
Bandra (East),
Mumbai 400 051.

Phone:-
022-66684444
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