Central Bank of India Cent Vidyarthi Education Loan Scheme is a term loan
scheme for students for pursuing higher studies in India and Abroad.
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.
Coverage of expenses
Fee payable to College/School/Hostel.
Travel expenses/passage money for studies abroad.
Insurance premium for student borrower, if applicable
Caution deposit, Building fund/refundable deposit supported by Institution
Purchase of books/ equipment's/ instruments/ uniforms
Purchase of computer at reasonable cost, if required for completion of the
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.
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.
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
Rate of Interest
As per bank rules
Male Students - MCLR+2.00%
Female SC,ST,IIT students - MCLR+1.50%
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
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 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.
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
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