The Bank of India offers some Education Loans for students of India. Here I am telling you about Star Education loan:

STAR EDUCATION LOAN

ELIGIBILITY:
Should be an Indian National;

Student should have secured admission to a higher education course in recognized institutions in India or Abroad through Entrance Test/Merit based selection process after completion of HSC (10 plus 2 or equivalent).

Good academic career.

The student should not have outstanding education loan from any other Institution.

Father/Mother should be co-borrower.

Branch nearest to the permanent residence of student will consider the loan.

ELIGIBLE COURSE :
Studies in India:
Approved Courses leading to graduate /post graduate degree and P.G. diplomas conducted by recognized colleges/ universities by
UGC/Government/AICTE/AIBMS/ICMR

Courses like ICWA,CA,CFA,etc.

Courses conducted by IIM, IIT, IISc, XLRI, NIFT, NID and other Institutes set up by Central/State Govt.

Regular Degree /Diploma courses like Aeronautical, Pilot Training Shipping, degree/diploma in nursing or any other discipline approved by Director General of Civil Aviation/Shipping/Indian Nursing Council

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.

EXPENSES CONSIDERED FOR LOAN :
Fee payable to college/school/hostel*
Examination/Library/Laboratory fee.
Purchase of books/equipments/instruments/uniforms.
Caution deposit/building fund/refundable deposit supported by Institution bills/ receipts.
Travel expenses/passage money for studies abroad.
Purchase of computers/Laptops - essential for completion of the course.
Life Insurance Premium for life cover of student/co-borrower

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%•

SECURITY :
Upto Rs. 4 lakh :
Parents or Guardian to be joint borrowers ( To be covered under CGFSEL)

Above Rs.4 lakh &upto Rs.7.5 lakh:
Parents or Guardian to be joint borrowers ( To be 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.

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%