Central Bank of India Education Loan
Education Bank Loan in India: Central Bank of IndiaDownload Application For Central Bank of India Education Loan
The central bank of India was the first Indian commercial bank, established in 1911. The founder of central bank of India is Sir Sorabji Pochkhanawala. The first Chairman of a truly 'Swadeshi Bank' was Sir Pherozesha Mehta. It was announced by Sir Sorabji Pochkhanawala as Central Bank of India is the 'property of the nation and the country's asset' and also added 'Central Bank of India lives on people's faith and regards itself as the people's own bank'. It was nationalized in the year 1969.The education loan offered by Central Bank of India is also known as Cent Vidyarthi Loan which is offered to meritorious students willing to pursue their higher education in India or abroad.
Cent Vidyarthi Scheme
Eligible Criteria for Central Bank of India Education Loan:
Students for Education Loan:
- Student should have Indian nationality.
- Age group is in between 16 - 40 years.
- Must take secured admission to technical and professional courses through entrance exam or merit based selection process.
- Take secured admission to the foreign institutes or universities.
Courses Eligible for Getting Loan:
Education in the India:
- School education +2 stages.
- Graduation courses: B. Sc, B.Com, BA etc.
- Masters and PhD are the post graduation courses.
- Professional courses : Agriculture, Medical, Engineering, Law, Veterinary, Management, Dental, Computer etc
- Computer courses of famous institutes qualified by Dept. of Electronics.
- Courses such as CFA, CA, ICWA, etc
- All the courses arranged by IIT, IIM, IISc, NIFT, XLRI etc
- All the courses conducted in India which is offered by foreign universities, national institutes and some private institutes.
- Approved university's evening courses.
- Diploma or degree courses managed by universities or colleges approved by government, UGC, AIBMS, AICTE, ICMR etc
- Education in abroad:
- Graduation courses which are job oriented and other technical or professional courses.
- MS, MBA, MS etc such post graduation courses.
- Courses conducted by CPA - USA, CIMA- London, etc.
Details of Education Loan:
Exposure of expenses:
- Fees payable to the school, college or hostel
- Laboratory, Examination, or Library fee
- Fees required for purchasing equipments, books, uniforms or instruments.
- Building funds, caution deposit, or the deposit which is refundable supported by the institution receipts or bills.
- Passage money or travel expenses for those Education in abroad.
- Buy the computers which are useful for the course.
- Other expenses required for completion of course such as study tours, thesis, project work, etc.
- The maximum amount is Rs. 10 lakhs for studying in the India.
- The maximum amount is Rs. 20 lakhs for studying in Abroad.
- There is no any margin on the loan up to Rs 4 lakhs
- The margin on loans greater than Rs 4 lakhs are 5 percent for students in India and 15 percent for the students in Abroad.
Scholarship is included in margin. It can bring in yearly basis and when repayment is made on basis of pro rata.
- No security is required on loan up to Rs.4 lakh only co-obligant is required either parents or guardian or both.
- Collateral security in form of guarantee of third party is needed when loan amount is greater than Rs. 4 lakh.
- For loan greater than Rs.7.5 lakh, collateral security of suitable value is required or co-obligant such as parents, guardians or the third party with assignment of the student's future income.
- If interest is serviced at the time of study period then concession on interest is 1 percent.
- At the time of repayment or the moratorium period, interest is charged monthly, quarterly on simple interest.
The period of repayment started after completion of course plus 1 year or after the six months from getting job, whichever becomes earlier.
Details & Contact:
Mumbai 400 021
Phone - (022) 6638 7777
Website - http://www.centralbankofindia.co.in
Since the rules, regulations, eligibility conditions, repayments and interests rates etc. are revised by the banks from time to time in keeping pace with the changing capital market conditions, students and parents are advised to thoroughly check the terms and conditions of educational loan scheme on offer at the time of application.
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