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| COMPARE : EDUCATION LOANS |
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| Central Bank of India Education Loan |
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| Introduction |
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| Central bank of India under the scheme cent vidyarthi provides loan to poor and needy so that they can take up basic education and to the student/ employed persons to pursue higher education. Loan can be applied for studies in India and abroad for graduation, post graduation, diploma / degree courses, etc. |
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| Highlights |
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Study Abroad |
Study India |
| Course |
Graduation |
Graduation |
| Loan Type |
Term Loan |
Term Loan |
| Loan Purpose |
Fee payable to College/Hostel, Examination / Library / Laboratory, Purchase of books / equipments / instruments, Caution deposit / building fund, Purchase of computer, Travel expenses / passage of money |
Fee payable to College / Hostel, Examination / Library / Laboratory, Purchase of books / equipments / instruments, Caution deposit / building fund, Purchase of computer |
| Loan Amount |
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
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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.
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| Margin Money |
Upto Rs. 4 lacs : NIL
Above Rs. 4 lacs: 15%
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Upto Rs. 4 lacs : NIL
Above Rs. 4 lacs is 5%
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| Tenure |
Min. - 5 Yrs.
Max. - 15 Yrs.
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Min. - 1 Yrs.
Max. - 15 Yrs.
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| Interest Rate |
for boys - 12.25%
for girls, SC/ST - 11.75%
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for boys - 12.25%
for girls, SC/ST - 11.75%
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 Fees & charges
Fees & charges
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Study Abroad |
Study India |
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| Comment on Charges |
For studies abroad, Rs.500/- for loan upto Rs.10 lakh and Rs.1000/- for loan above Rs.10 lakh will be charged while considering the applications, but refunded when loan is availed by the student i.e. within 6 months from the date of sanction. |
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Security
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Security |
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For loans below Rs. 4 lac: Parent(s)/guardian to be joint borrower(s). Assignment of future income of the student for payment of loan instalments. No security.
For loans above Rs. 4 lac: Parent(s)/guardian to be joint borrower(s). Assignment of future income of the student for payment of loan installments.
Tangible collateral security of suitable value acceptable to bank, along with the assignment of future income of the student for payment of installments. |
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Terms & Conditions
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Terms & Conditions |
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Repayment to commence 12 months after completion of studies or 6 months after securing jobs whichever is earlier.
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. |
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