ASBM University is now included under BOI Star Vidya Loan Schemes.
| The Vidya loan Scheme guidelines are enclosed for information | |||||||||||||
| SL. NO. | PARAMETER | SCHEME GUIDELINES | |||||||||||
| Eligibility | (A) Nationality: The student should be an Indian National (B) Admission Criteria: Student should have secured admission in recognized premier institutions in India through Entrance Test/Merit based selection process after Completion of HSC (10 plus 2 or equivalent), Loan to be granted to students who have secured admission under merit quota only. (C) Credit History of Student: 1. Normally, the applicant i.e. student borrower may not have a credit history and as such he/she is assumed to be creditworthy. 2. In case of adverse credit history of Applicant i.e. CIBIL personal score less than 675 shall not be considered. |
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| Expenses Covered | a) Fee payable to college/school/hostel. b) Examination/library fee. c) Caution deposit/building fund/refundable deposit support by institution bills/receipts. d) Purchase of books/equipment/instruments/uniforms. e) Purchase of computers/laptops. f) Any other expenses required to complete the course like study tours, project work, thesis, visit to foreign universities under student exchange programme etc. these items may not be available in the schedule of fees. Therefore, a realistic assessment may be made of the requirement under these heads. g) Life insurance premium for life cover of student/co-borrower for total tenure of loan. |
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| Quantum of Loan | Maximum Rs. 10 lakhs under list C. | ||||||||||||
| Margin | NIL | ||||||||||||
| Repayment Period | I. Repayment holiday/Moratorium: Course period + 1 year II. Repayment Period: After commencement of repayment, repayment of the loan will be in equated monthly instalments for a maximum period of 15 years for all categories. No prepayment penalty will be levied for prepayment of loan at any time during the repayment period. |
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| Interest rate | @RBLR is subjected to change from time to time. | ||||||||||||
| Security | 1. Co-obligation of parents/guardian as co-borrowers. 2. Assignment of future income of student. All education loans upto Rs. 7.50 lakhs are to be covered under CGFSEL. |
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The Scheme guidelines are general in nature. All other terms and conditions as per Bank’s guidelines.
For further query, Please feel free to contact the officers of Bank of India