Central Bank of India Education Loan

 
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Central Bank of India Education Loan
  4 out of 5 based on 2 Ratings.

     
 
About Central Bank of India Education Loan
Here you will find Central Bank of India Education Loan Interest Rates, its Eligibility and Repayment Process.

Cent Vidyarthi

Purpose of Loan
   
For pursuing higher studies, in India & Abroad

Eligibility
   
The student should be an Indian National.

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).

Where there is no entrance test/merit based selection process and admission is purely based on the marks scored in qualifying examinations, the student should have scored minimum 50% marks in qualifying examination. (10% relaxation for SC/ST categories).

However, entrance test or selection purely based on marks obtained in qualifying examination may not be the criterion for admission to some of the post graduate courses or research programmes. In such cases Branch should take into consideration the employability and reputation of the institution concerned.

Note: A meritorious student (who qualifies for a seat under merit quota) is     eligible for loan under this scheme even if the student chooses to pursue a course under Management Quota.

Nature of Facility

Term Loan

Expenses considered for loan
   
i.    Fee payable to college++/ school/ hostel*

ii.    Examination/ Library/ Laboratory fee

iii.    Travel expenses/ passage money for studies abroad

iv.     Insurance premium for student borrower, if applicable

v.    Caution deposit, Building fund/refundable deposit supported by Institution bills/receipts. **

vi.    Purchase of books/ equipments/ instruments/ uniforms***

vii.    Purchase of computer at reasonable cost, if required for completion of the course***

viii.   Any other expense required to complete the course - like study tours, project work, thesis, etc.***

ix.     While computing loan required, scholarships, fee waiver etc., if any available to the student borrower may be taken into account.

Notes:         

For courses under Management quota seats considered under the scheme, fees as approved by the State Government/Government approved regulatory body for payment seats will be taken, subject to viability of repayment.

 Reasonable lodging and boarding charges will be considered in case the student chooses / is required to opt for outside accommodation.

These expenses could be considered subject to the condition that the amount does not exceed 10% of the total tuition fees for the entire course.

It is likely that expenditure under Item Nos. vi, vii & viii above may not be available in the schedule of fees and charges prescribed by the college authorities.  Therefore, a realistic assessment may be made of the requirement under these heads.  However, the maximum expenses included under vi, vii & viii may be capped at 20% of the total tuition fees payable for completion of the course.

Maximum loan amount
   
Rs. 10 lakh for studies in India.

Rs. 20 lakh for studies Abroad.

The ceilings fixed for studies in India and Abroad correspond to the limits fixed by the RBI for treatment as priority sector lending. However Regional Managers can consider/sanction higher quantum of loan on course to course basis and on merits subject to condition that the loan amount should be backed by 100% liquid security/collateral security. It may also be noted that even loans in excess of Rs. 10 lakh qualify for interest subsidy under Central Sector Interest Subsidy Scheme for loans up to Rs.10 lakh.

Margin
   
Upto Rs. 4 lacs : NIL, Above Rs. 4 lacs:In India - 5% ,Abroad - 15% Margin (scholarship may be included in margin.)

Rate of Interest

Type of Borrower - Rate of interest:-

Male Students - Base Rate+2.00%

Female SC,ST & IIM/IIT students - Base Rate+1.50%



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Comment/ Reviews on Central Bank of India Education Loan
Helllo Sir/Madam.My Name is Mohammed Mohsin.I have finished with B.Com in the year of 2011.I am planning to do Higher Studies,as Higher education is the must,Today.I am planning to do MBA.The total fees for MBA is Rs.3 laks,for 2 years.As,I belong to a less financial stable family,I am unable to do MBA,by my family's sponsorship,being a huge amount too.Can,I get to know the procedure for applying loan,and is there any security required for it??How much minimum amount of loan,will the Bank provide???
Posted By : Mohammed Mohsin, on 14-04-2012 00:32:02 
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NEED LOAN
Posted By : SHIVAKUMAR, on 04-11-2011 18:13:13 
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Can i get the loan of 14 lakhs for studying in Melbourne Institute of Technology, australia? I have recieved the offer letter from the institution. now looking to avail the loan for the same purpose. Your assistance will be highly appreciated. thanks
Posted By : Harman Kumar, on 03-10-2011 18:56:33 
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sir i am krishnabai i want education loan from your branch which located in belgaum .
Posted By : krishnadai G kadale, on 16-09-2011 17:05:00 
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sir,i have finished my b-tech it with loan from indian bank.now i want to do ME and i got seat in sai ram engineering college.can i get loan amount of RS.1lakh for 2years.plz reply me...
Posted By : MANIKANDAPRABU.K, on 25-08-2011 06:55:10 
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sir,i have finished my b-tech it with loan from indian bank.now i want to do ME and i got seat in sai ram engineering college.can i get loan amount of RS.1lakh for 2years.plz reply me...
Posted By : MANIKANDAPRABU.K, on 25-08-2011 06:54:56 
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sir i want education lone from your branch which located in manjhol jabardustpur but manager said to me that i am unable to give u lone.sir my name aditya kumar i study in srm university chennai i am from kapoori govindpur post-manjhol jabardustpur distt-saharanpur sir please help me
Posted By : aditya kumar, on 13-08-2011 00:55:26 
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help me for getting education loan plz
Posted By : rohit bishwas, on 06-07-2011 09:59:26 
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help me for getting education loan plz
Posted By : rohit bishwas, on 06-07-2011 09:54:32 
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