Bank of India

What to know

• Star Education Loan follows the IBA security and margin grid.
• No collateral is the norm up to ₹7.5 lakh.
• The card rate is repo-linked and reset by the bank.

Terms

Interest

Repo-linked

Maximum

Need-based. Premier lists go higher than the standard IBA caps.

Without collateral

₹7.5 lakh on the standard scheme

Tenure

Up to 15 years after the moratorium

Processing fee

Often nil for studies in India. Abroad files may carry a fee.

Margin

Nil up to ₹4 lakh. Above that, usually 5% for studies in India and 15% for studies abroad.

Moratorium

Course period plus up to 12 months

Girl student

Many public-sector schemes give girl students 0.50%. Confirm it is written on the sanction.

Typical speed

About 2–4 weeks

Covers

India and abroad

Eligibility

• Indian national, or an OCI where the lender allows it, with an admission offer.
• A co-applicant, usually a parent or guardian.
• Acceptable credit on the co-applicant for anything above the unsecured cap.

Documents

• Admission letter or college allotment, plus the fee structure.
• KYC for the student and co-applicant: PAN, Aadhaar, and passport-size photographs.
• Academic records: Class 10, Class 12, and degree marksheets.
• Co-applicant income proof: salary slips or ITR, and six months of bank statements.
• Collateral papers only when the loan is above the unsecured limit.