Student Education loans in India

Here know the complete information about Student Education Loans offered by Central Bank India.

Central Bank


Studies in India

Eligibility for Education Loan
  • Must be an Indian National.
  • Secured admission to Professional/ Technical courses through Entrance Test/ Selection Process.
Eligible Courses for Education Loan
  • Students those who are pursuing higher education like diploma/ degree etc., conducted by reputed institutions.
Quantum of Finance
Maximum of Rs. 10.00 lacs for studying in India
Margin
  • Upto Rs.4,00,000/- -- NIL
  • Above Rs.4,00,000/- -- 5%

Studies in Abroad

Eligibility
  • Must be an Indian National.
Eligible Courses for Education Loan
  • Post graduation/technical courses offered by reputed universities.
Quantum of Finance
Maximum of Rs. 20.00 lacs for studies in abroad.
Margin
  • Upto Rs.4,00,000/- -- NIL
  • Above Rs.4,00,000/- -- 15%

Common aspects for Indian and Abroad studies

Expenses considered for Education Loan
  • Fee payable to college/school/hostel
  • Payment of course fees
  • Purchase of books/equipments/instruments
  • Examination/Library/Laboratory fee
  • Caution deposits and refundable deposits
Security
  • Upto Rs.4.00 lacs - Co-obligation of parents/ guardian/ parent-in-law/spouse
  • Above Rs. 4.00 lacs upto 7.5 lacs - Co-obligation of parents/ guardian/ parent-in-law/spouse together with collateral security in the form of suitable third party guarantee.
  • Above Rs. 7.5 lacs - Co-obligation of parents / guardian / parent-in–law / spouse together with tangible collateral security of suitable value, along with the assignment of future income of the student for payment of installments.
Repayment
  • Repayment to commence 12 months after completion of studies or 6 months after securing jobs whichever is earlier. Maximum period 5 to 7 years. Repayment on EMI basis.
Rate of Interest
For Boys
  • IIT/IIM Students - BPLR - 2.50%
  • Other Students - BPLR - 2.00%
For Girls
  • IIT/IIM Students - BPLR - 3.00%
  • Other Students - BPLR - 2.50%
SC/ST and Minority Community
  • IIT/IIM Students - BPLR - 3.00%
  • Other Students - BPLR - 2.50%
Incentive
  • 1% interest concession, if interest is serviced during study period when repayment holiday is specified for interest repayment. It should be given at the end of Financial Year i.e. 31st March. Interest is calculated at simple basis during Repayment Holiday / Moratorium Period. Interest will be compounded on monthly rests from due date of first instalment.
Disbursement
  • Payment directly to college / hostel / mess / airlines etc. In appropriate cases, disbursement to be made to borrowers subject. Original receipts to be submitted.
For more details visit Central Bank official website: https://centralbankofindia.co.in

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