There are several banks which
offer education loans in India .
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. Central Bank of India
established in the year 1911 was regarded as the first commercial bank of India entirely
managed and owned by Indians. Being the first Swadeshi Bank of India , it was
nationalized in the year 1969. In order to know more about Central Bank student
loans, scroll down the page.
Candidate's 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
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 in India
- 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.
Studies Abroad
- Graduation, post graduation and courses conducted by reputed institutions like CIMA-London and CPA-USA.
Expenses Covered by Central Bank Student Loans
The loan amount covers hostel charges, examination fees, laboratory and library
fee, building fund, caution deposit, refundable deposit and other expenses. The
education loan also covers the travel expenses of the students traveling abroad
for education.
Quantum of Finance:
The maximum amount of loan
offered is Rs.7.50 lacs and Rs.15 lacs for studies in India and
abroad respectively.
Margin
There is no margin for education loans up to Rs.4 lacs. For loans above Rs. 4
lacs the margin is 5% and 15% respectively for India and abroad.
Security
Various types of securities are charged for the students willing to take
education loan of Central Bank of India .
Education loan up to Rs.4 lacs- co-obligation security.
Education loan more than Rs.4 lacs and up to Rs.7.50 lacs-Collateral
security
Education loan more than Rs.7.50 lacs-collateral security or
co-obligation of any of the following-parents, guardians and third party.
In order to collect more information about cent vidyarthi education loan scheme
browse through http://www.centralbankofindia.co.in/
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