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Central Bank Of India: Education Loans

Central Bank Education Loan – Eligible Course

The applicant should be an Indian National.

  • Should be in the age group of 16 to 40 yrs.
  • Should have secured admission to Professional/ Technical courses through Entrance Test/ Selection Process
  • Should have secured admission to foreign University/ Institutions

Education Loan Eligibility Course

Study in India

  • Graduation courses – B.A., B.Com., B.Sc., etc
  • Post Graduation courses – Master & Ph.D.
  • Professional courses – – Engineeering, Medical, Agriculture, Veterinary , Law, Dental, Management, Computer etc
  • Computer Certificate course of reputed institutions accredited to Department of Electronics or Institutions affiliated to University.
  • Courses like ICWA, CA, CFA etc.
  • Courses conducted by IIM, IIT, IISc, XLRI, NIFT etc.
  • Courses offered in India by reputed Foreign Universities
  • Evening courses of approved institutions.
  • Evening courses of approved institutions.
  • Courses offered by National Institutes and other reputed private institution courses depending on future prospects/ recognition by user institutions deemed proper by the Bank.

Study Abroad

  • Graduation: For job oriented professional/ technical courses offered by reputed Universities.
  • Post Graduation: MCA, MBA, MS. Etc.
  • Courses conducted by Chartered Institute of Management Accounts (CIMA) – London, Chartered Public Accountants (CPA) –USA etc.

Expenses considered for Central Bank of India Education Loan

  • Fee payable to College/ School/ Hostel.
  • Examination/ Library/ Laboratory fee
  • Purchase of books/ equipment/ instruments/ uniforms.
  • Caution deposit/ building fund/ refundable deposit.
  • Travel expenses/ passage money for studies abroad
  • Purchase of computers – essential for completion of the course
  • Any other expenses required to complete the course- like study tours, projects work thesis etc.
  • To meet insurance premium for the policy on the life of the student.

Quantum of Finance/ loan

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

  • Study India = upto Rs. 7.50 lacs
  • Study Abroad – upto Rs 15.00 lacs

Margin

  • Upto Rs 4 lakhs – No margin
  • Above Rs 4 lakhs
  • In India 5%
  • In Abroad 15%
  • Scholarship assinstance to be included inmargin.
  • Margin may be brought-in on year to year basis as and when disbursements are made on a pro-rata basis

Security

  • Upto Rs. 4 lakhs : No security. Only to take co-obligation of either of both parents/ guardian.
  • Above Rs. 4 lakhs and upto 7.50 lakhs: Collateral in the form of satisfactory third party guarantee.
  • Above Rs. 7.50 lakhs : Collateral security of suitable value or co-obligationof parents/ guardians/ third party along with the assignment of future income of the student for payment of installments.

Central Bank of India

Chander mukhi, Narman Point, Mumbai – 40021 (Maharastra.)

Phone : 022- 66387777

Click here to download the form

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