Central Bank of India - Cent Vidyarthi Scheme

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Central Bank of India Cent Vidyarthi Education Loan Scheme is a term loan scheme for students for pursuing higher studies in India and 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)
Secured admission to Foreign University/Institutions.

Loan Details

Coverage of expenses

Fee payable to College/School/Hostel.
Examination/Library/Laboratory fee.
Travel expenses/passage money for studies abroad.
Insurance premium for student borrower, if applicable
Caution deposit, Building fund/refundable deposit supported by Institution bills/receipts
Purchase of books/ equipment's/ 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.
While computing loan required, scholarships, fee waiver etc., if any available to the student borrower may be taken into account

Quantum
Need based finance subject to repaying capacity of the parents/students with margin and the following ceilings:

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.
No maximum celling if loan amount secured by 100% collateral security.

Margin :

Upto to Rs.4.00 lacs - No margin
Above Rs.4.00 lacs
For studies in India : 5%
For studies abroad : 15%

Scholarship assistance to be included in margin.

Security :

Upto Rs.4 Lakhs : No security .Parent(s)/guardian to be joint borrower(s). Assignment of future income of the student for payment of loan installments.
Above Rs.4 Lakhs and upto Rs 7.5 Lakhs: Besides the Parent(s)/guardian executing the documents as joint borrower(s), collateral security in the form of suitable third party guarantee will be taken along with the assignment of future income of the student for payment of installments.
Above Rs.7.5 Lakhs: Parent(s)/guardian to be joint borrower(s). Tangible collateral security of minimum value equivalent to the loan amount and acceptable to bank, along with the assignment of future income of the student for payment of installments.

Rate of Interest

As per bank rules

Male Students - MCLR+2.00%
Female SC,ST,IIT students - MCLR+1.50%

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.

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 , Study Abroad Loan

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