Central Bank of India Special Education Loan Scheme to IIM Students

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Central Bank of India Cent Vidyarthi Special Education Loan Scheme to IIM Students is the concessions/ relaxations permitted to students of IIMs and 4 Reputed Institutions.

Eligibility :

Students admitted to IIMs through the Common Admission Test (CAT) and pursuing two year full time management course. The scheme is also applicable to students pursuing full time regular management course (through XAT/CAT) in the four reputed institutes. The student should be an Indian National.

The scheme is not applicable for any part time courses or one year courses

Loan Details

Coverage of expenses

Fee payable to college/ school/ hostel.
Examination/ Library/ Laboratory fee.
Travel expenses
Insurance premium for student borrower, if applicable.
Caution deposit, Building fund/refundable deposit supported by Institution bills/receipts.
Purchase of books/ equipments/ instruments/ uniforms.
Purchase of computer at reasonable cost, if required for completion of the course.
Any other expense required to complete the course - like study tours, project work, thesis, etc.
Visit to foreign universities in Exchange Programme.
Living Expenses upto Rs.120000/- p.a. on declaration basis.

Quantum

Rs.20.00 lakh. More than 20 lacs is allowed provided 100% liquid collateral equal to loan amount given.

Margin : Nil

Security :

No collateral Security.
No third party guarantee.
Assignment of future income of the student. Salary to be routed through account maintained with our branch.

Insurance

Comprehensive life insurance policy for the student availing Educational Loan to the minimum of loan amount for a minimum period of loan term (i.e., course period + moratorium period + repayment period) assigned in favour of the Bank. Premium to be paid regularly by the borrower.

Rate of Interest

Male students without joint borrower: MCLR + 0.50%
Male students with joint borrower: MCLR
Female/SC/ST/Minority Community students: MCLR

Concessions

1% interest concession may be provided by the bank during the study period, if interest is serviced during the study period and subsequent moratorium period prior to commencement of repayment.
Interest is calculated at simple basis during Repayment Holiday / Moratorium Period. Interest will be compounded on monthly rests from due date of first installment.

Disbursement

Payment directly to college / hostel / mess / airlines etc. In appropriate cases disbursement to be made to borrowers subject to satisfactory evidence. Original receipts to be submitted.

Repayment

Repayment to commence 12 months after completion of studies or 6 months after securing job whichever is earlier.
Maximum repayment period upto 10 years for loans upto Rs.7.50 lakh
Maximum repayment period upto 15 years for loans above Rs.7.50 lakh. Repayment on EMI basis.

List of IIMs and 4 other Reputed Institution

Indian Institute of Management, Ahmedabad, Gujarat
Indian Institute of Management, Bangalore, Karnataka
Indian Institute of Management, Kolkata, West Bengal
Indian Institute of Management, Indore, Madhya Pradesh
Indian Institute of Management, Kashipur, Uttarakhand
Indian Institute of Management, Kozhikhode, Kerala
Indian Institute of Management, Lucknow, Utter Pradesh
Indian Institute of Management, Raipur, Chattisgarh
Indian Institute of Management, Ranchi, Jarkhand
Indian Institute of Management, Rohtak, Haryana
Indian Institute of Management, Shillong, Meghalaya
Indian Institute of Management, Trichhy, Tamil Nadu
Indian Institute of Management, Udaipur, Rajasthan

Other 4 Reputed Institutions

Xavier Labour Relation Institute (XLRI), Jamshedpur
Xavier Institute of Management, Bhubaneswar (XIMB)
SP Jain Institute of Management and Research (SPJMR), Mumbai
Management Development Institute (MDI), Gurgaon.

Additional Institutions

The above scheme is also applicable to the following Institutions with conditions** as under

RAS AL KHAIMAH (RAK), UAE.(Two Year Post Graduate Programme in Management (PGP) through IIM, Indore - studies abroad)
Indian Institute of Management, Indore (for their Branch at Mumbai)
S.P. Jain School of Global Management (Campus at Dubai, Singapore & Sydney - studies abroad)

**Conditions:-
Co-borrower condition is compulsory.
Tangible Collateral security equal to minimum 100% of loan amount if the loan sanctioned is more than Rs.7.50 lakh.

Contact Details

Corporate Office -
Central Bank of India
Chander Mukhi, Narman Point, Mumbai - 400 021
Phone : 022-6638 7777
Call Center toll free no (24 hours). 1800 22 1911
Website : visit

Click here for the nearest bank branches

Note : 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.

Tags

Central Bank of India Loans , Education Loan to IIM Students , Education Loan for management courses

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