Education and Career Forum

I am interested to apply an education loan in Bank of India. I have heard about Star Vidya Loan of this bank. So, can I know what security they want to provide an education loan?

Security that you need to submit against Star Vidya Loan of Bank of India are mentioned below :-

--> Upto Rs.7.5 lakhs :- Parents/ Legal-guardians needs to be joint-borrowers
--> Above Rs. 7.5 lakhs :- Collateral Security Documents equal to bank loan amount should be submitted to bank for processing your education loan.

Originally Posted by Unregistered

I am interested to apply an education loan in Bank of India. I have heard about Star Vidya Loan of this bank. So, can I know what security they want to provide an education loan?

The security required for Star Education Loan of Bank of India is given below:

For an education loan of up to Rs 7.50 Lakh – parents to be joint borrowers
For an education loan of above Rs 7.50 Lakh – parents to be joint borrowers and tangible Collateral security of suitable value along with the assignment of future income of the student for payment of installments. The security can be in the form of land or building or government securities or public sector bonds or NSC or KVP or Bank term deposits, etc. in the name of student or parent with suitable margin. Students can find the details in the Bank of India website link given Click Here