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| Education loans |
Central Bank of India Education Loan Scheme
The education loan offered by Central Bank of India is also known as Cent Vidyarthi Loan. It is offered to meritorious students willing to pursue their higher education in India or abroad.
Eligibility
- Candidates applying for the education loan need to satisfy certain eligibility criteria as specified by the bank;
- Applicants should be Indian Nationals and aged between 16-40 years.
- Students applying for the Central bank of India student loan are considered eligible if they get admission to various professional or technical courses through merit based selection process or entrance examination.
Courses Eligible for Central Bank Student loans
- There are plenty of professional and technical courses which are eligible for the Central Bank education loan in India.
Studies Abroad
- School education which includes +2 standard, graduation , post graduation and professional courses in the areas of Agriculture, Law, Engineering, Veterinary Science, Medicine, Management, Dental Science, Computer and others.
- The courses should be offered by reputed colleges or institutions approved by Department of Electronics or Institutions certified by the University.
- IIM, NIFT, XLRI, IIT offered courses, reputed regular diploma and degree courses, evening courses and courses that are conducted by foreign universities in India.
Maximum Loan Amount :
- Rs. 20 lacs for studies Abroad.
- Rs, 10 lacs for studies in India.
- Upto Rs. 4 lacs : No security
- Above Rs. 4 lacs and upto Rs. 7.50 lacs -Collaterals in the form of a satisfactory third party Guarantee
- Above Rs. 7.50 lacs - Collateral security of suitable value or Co-obligation of parents / guardians / third party along with the assignment of future income of future income of the student for payment of installments.
Rate of Interest
Male Students
- Normal Student : BPLR-2.00%
- IIT / IIM Students : BPLR-2.50%
- Normal Students : BPLR - 2.50%
- IIT / IIM Student : BPLR - 3.00%
- Normal Student : BPLR - 2.50%
- IIT / IIM Student : BPLR - 3.00%
Expenses Covered by Central Bank Student Loans
The loan amount covers hostel charges, examination fees, laboratory and library fees, building fund, caution deposit, refundable deposit and other expenses. The education loan also covers the travel expenses of the students traveling abroad for education.
Repayment
Repayment to commence 12 months after completion of studies or 6 moths after securing jobs whichever is earlier. Maximum period is between 5 to 7 years. Repayment of EMI basis.
Contact Details:
Corporate Office - Central Bank of India
Chander Mukhi, Narman Point, Mumbai - 400 021
Phone : 022-6638 7777
Website : centralbankofindia.co.in