Central Bank Of India

YES

1) The applicant should be an Indian National.

2) The applicant should have secured an admission to a professional course in approved institutions in India or abroad through a merit based selection process after completion of SSC or HSC.

3) When there is no merit based selection process involving an entrance test and the admission is based on marks secured in qualifying examinations, the applicant must have scored at least 50% mark in the qualifier test.

4) In cases where an entrance exam or a qualifying exam is not the criteria for admission (ex-research programs), the loan eligibility is based on the employability and reputation of the institution.

In order to be eligible for Central Bank of India education loan, following conditions:-

1) The applicant should be an Indian National.

2) The applicant should have secured an admission to a professional course in approved institutions in India or abroad through a merit based selection process after completion of SSC or HSC.

3) When there is no merit based selection process involving an entrance test and the admission is based on marks secured in qualifying examinations, the applicant must have scored at least 50% mark in the qualifier test.

4) In cases where an entrance exam or a qualifying exam is not the criteria for admission (ex-research programs), the loan eligibility is based on the employability and reputation of the institution.

  1. Address Proof like Utility bills, Ration card, Voter ID
  2. Identity proof like PAN Card, Voter ID, Passport
  3. Income documents like income tax return statements, salary slips and income proof as authorized by a CA, Form 16 and Form 60
  4. Educational documents like HSC and SSC certificates, mark sheet etc.

Rs.10 lakh is offered for studies in India

1) Male Students

    Base Rate + 2.00%

2) Female, SC, ST & students admitted to IIM/IIT

    Base Rate + 1.50%

 

The repayment of Central Bank of India Education Loan will commence 12 months after the course completion or 6 months after securing a job, whichever is earlier. For loans up to Rs.7.50 lakhs, the maximum repayment period is 10 years. The maximum repayment tenure is 15 years for loans above Rs.7.50 lakh. The repayment is done on easy monthly instalment basis.

 

NIL

For loans up to Rs.4 lakhs, there is no margin. For loan amounts above Rs.4 lakhs, the margin is 5% for studies in India and 15% for studies abroad

  • For loans up to Rs.4 lakhs:-
  1. Parent or guardian is to be the joint borrower for the loan. Also, the future income of the student is to be assigned to the branch for payment of loan instalments.
  • For loans above Rs.4 lakhs and up to Rs.7.5 lakhs:-
  1. Besides parents or guardian being the joint borrower and assignment of income, a third-party security will be taken as collateral security. If satisfied with the net-worth of the joint borrower, the bank manager may waive off the security.
  • For loans above Rs.7.5 lakhs:-
  1. Parent or guardian should be the joint borrower and future income of the student is to be assigned to the branch. Also, a tangible collateral security of minimum value equal to the loan amount is to be made.

The insurance policy should be assigned in favour of the bank

  • Interest Subsidy Scheme for Education Loan:

For students from economically weaker sections with gross annual income of parents not more than Rs.4.50 lakhs, the ministry of HRD has come with an interest subsidy scheme. Under this scheme, interest subsidy is provided for 12 months after the completion of course or six months after securing a job, whichever is earlier.

  • Some salient features of this scheme are as follows.
  1. This interest subsidy scheme is available to the eligible students only once whether for the first undergraduate course or the postgraduate course in India.
  2. This scheme cannot be availed by students who discontinue the course midstream or who are expelled from the university on disciplinary or academic grounds.
  3. If the discontinuation is due to medical reasons, relevant medical documents has to be submitted to avail the benefits of this scheme.
  4. The maximum eligible loan amount to avail the central scheme for interest subsidy on education loans is Rs.10 lakhs.

The expenses that will be covered under the loan will include the fees payable to college, hostel fees. Examination & laboratory fees, travel expenses & passage money for studies abroad, caution deposit, building fund or refundable deposits with bills, cost of books, equipment & instrument costs. Any other expenses required to complete the coursework like study tour costs, project work cost will also be covered. The scholarships and fee waivers available to the student will be taken into account while computing the loan required.

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