Central Bank Education Loan

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The Cent Vidyarthi scheme of central bank of India offers education loan for the Indian national students who want to pursue higher education either in India itself or abroad.

Bank Name	Amount of Loan	Repayment Tenure	Interest Rate
	10 - 20 lacs	10 - 15 years	11.20 - 11.70 %

Eligible Courses

For any change of policy or detailed and exact information you are required to visit the nearest branch of central bank however an overview is being given here.

To study in India :

Various graduation and post-graduation courses from any of the reputed / known university or college is eligible to apply for education loan.

To study abroad :

Any of the job potential containing either post-graduation or graduation course of abroad from the foreign university can apply for education loan

Expenses that can be considered for granting loan

Fe which is needed to be paid to hostel / school / college
Lab /library /examination fee
Travel or passage expenses if the candidate has secured admission in abroad any of the university
Premium of insurance of the student
Various refundable deposits including caution money, hostel security fee etc.
Purchase of instrument / books / equipment etc.
Computer purchasing fund for the student if the university / college approve that the requirement of computer is necessary for the completion of course.
The other sundry expenses which are must for the course like thesis / research or project work.

Amount of loan granted

The ceiling amount for the loan is given below however the limit is fixed and can be altered by the RBI.
Rs 10 lakhs if student want to study in India
Rs 20 lakhs for the case if student wishes to study abroad

Interest rates

Rate of interest is given below for convenience however for exact and current rate of Interest you can log in to the website or can visit to the nearest branch of central bank
Rate of interest is base rate + 2 % for all male candidates
Rate of interest is equal to base rate + 1.50 % for all the SC / ST / female and IIT applicant.

Processing fee

No service charge or processing fee is taken by the bank for granting of loan to the students for admission in India while Rs. 500 for loan upto 10 lacs and Rs. 1000 for loan more than 10 lacs is applicable for securing admission in abroad.

Repayment tenure

Repayment commencement is usually 12 months post to the completion of course or 6 months after job and whichever of above is earlier is usually considered.
Maximum period of repayment is 10 years if the amount of loan is 7.5 lakhs or less
Maximum period of repayment is 15 years if the amount of loan is more than 7.5 lakhs

Security

No security for loan up to amount 4 lakhs and collateral security guarantee for loan of more than 4 lakhs and less than 7.5 lakhs.
For loans of more than 7.5 lakhs 100 % loan value collateral security is taken

Margin

Up to l lakhs –Nil
Above 4 lakhs
5 % in India
15 % for abroad

Required Documents

Application form
Proof of admission / studentship in the recognized course
Proof of birth
Proof of residence
Collateral security if required

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K.R. Mangalam University, Gurgaon