Education Loan in Central Bank of IndiaEducational Loan in Banks »
Education Loan in Central Bank of India
Purpose of Central Bank Loan : For pursuing higher studies, in India & Abroad.
Eligibility for Education Loan in Central Bank of India
Student should be an Indian National having secured admission to Professional / Technical courses through entrance test / selection process.
Nature of Facility : Term Education Loan.
Calculation of Eligible Loan Amount :
For payment of Hostel fee caution deposit, refundable deposit, admission, examination, library, laboratory, cost of books, equipments, uniforms, computer ( Hypothecated ). One – way air passage in case of studies abroad. Reimbursement of admission fee books airfare etc., if already incurred, within 1 month for studies in India / 6 weeks for abroad.
Central Bank Education loan Maximum Amount
- ₹ 10 lacs for studies in India.
- ₹ 20 lacs for studies Abroad.
Central Bank Education Loan Margin :
- Upto ₹ 4 lacs : Nil
- Above ₹ 4 lacs :
- In India – 5%
- Abroad – 15% Margin ( scholarship may be included in margin. )
Central Bank Education Loan Interest Rates
Please refer https://www.centralbankofindia.co.in/site/interest.aspx to view Interest Rates.
- 1% interest concession, if interest is serviced during study period when repayment holiday is specified for interest repayment. It should be given at the end of Financial Year i.e. 31st March.
Interest is calculated at simple basis during Repayment Holiday / Moratorium Period. Interest will be compounded on monthly rests from due date of first instalment.
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 of Education Loan in Central Bank of India
Repayment to commence 12 months after completion of studies or 6 months after securing jobs whichever is earlier. Maximum period 5 to 7 years. Repayment on EMI basis.
Collateral Security for Education Loan in Central Bank
- Upto ₹4 Lakhs : Co – obligation of parents / guardian / parent-in-law / spouse.
- Above ₹ 4 lakhs and up to ₹ 7.50 lakhs : Co – obligation of parents / guardian / parent-in-law / spouse together with collateral security in the form of suitable third party guarantee.
- Above ₹ 7.50 lakhs : Co – obligation of parents / guardian / parent – in – law / spouse together with tangible collateral security of suitable value, along with the assignment of future income of the student for payment of installments.
Processing Charges : No Processing Fees.
Application Form Submission 16 Dec 2020 to 16 Jan 2021.