Education Loan

Central Bank of India Education Loan Options

Central Bank of India Education Loan Options

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Read GyanDhan’s complete guide on Central Bank of India education loan schemes for India and abroad. Learn about schemes, eligibility criteria and documents required.

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Aman
Updated on:  18 Mar 2024  | Reviewed By: 
Ankit Mehra 
| 8.05K | 7  min read

The Central Bank of India is a leading public bank in India, set up on 21 December 1911. Central Bank of India, one of India's leading public sector banks, provides education loans to students seeking financial assistance for their higher education pursuits. These loans are designed to cover tuition fees, accommodation charges, exam fees, and other educational expenses, ensuring that deserving students can focus on their studies without financial stress.

Central Bank of India's education loans cover a wide array of educational courses, both in India and abroad. From undergraduate and postgraduate programs to vocational and professional courses, students can receive financial support for a variety of fields.

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Central Bank of India Education loan schemes for India and abroad

In today's competitive world, quality education is the cornerstone of personal and professional success. However, the rising costs of education can be a major hurdle for students and their families. To address this challenge and ensure that deserving students can pursue their educational aspirations, the Central Bank of India offers a range of comprehensive education loan schemes.

Check Your Education Loan Eligibility

1. Cent Vidyarthi education loan scheme

This scheme offers education loans for studies in India and abroad

Interest rate

9% - 10.30%

Margin money

For studies in India - 5%

For studies abroad - 15%

Moratorium period

Duration of course + 1 year

Repayment tenure

15 years

Collateral requirement

Up to INR 7.5 Lakh - no collateral required

Above INR 7.5 Lakh - collateral is required

Processing fees

For studies in India - nil

For studies abroad - 15 of the loan amount

Co-applicant requirement

Parents or gaurdian

Eligiblity criteria:

  • list items The student should be an Indian national.
  • list items The student should have secured admission to a higher education course in recognized institutions in India or abroad through an entrance test/ merit based selection process after completion of high school.
  • list items Where there is no entrance test/merit based selection process and admission is purely based on the marks students previous academic performance.   

 

 

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2. Central Bank education loan for MBA from premier institutions

Interest rate

8-10% - 8.20%

Margin money

For studies in India - 5%

For studies abroad - 15%

Moratorium period

Duration of course + 3 months

Repayment tenure

8 - 12 years

Collateral requirement

No collateral required

Processing fees

Nil

Eligibility criteria:

  • list items The student should be an Indian national with minimum work experience of 2 years in Government/ corporate/multinational concern.
  • list items The minimum age of the student should be 23 years.
  • list items Should have secured admission or intimation of final selection to Executive MBA programme of a reputed institution in India or abroad

3. Cent skill loan - education loan

Interest rate

11-10% - 11.20%

Margin money

5%

Repayment tenure

3 - 7 years

Collateral requirement

No collateral required

Processing fees

Nil

Eligibility criteria:

  • list items The student should be an Indian National 
  • list items The student should have secured admission in a course run or supported by a Ministry / Dept./ organization of the Govt. or a company / society / organization supported by National Skill Development Corporation or State Skill Missions / State Skill Corporations, preferably leading to a certificate / diploma / degree, etc. issued by a Govt. organization or an organization recognized / authorized by the Govt.
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Expenses covered under the Central Bank of India education loan for abroad and India

Education loans by the Central Bank of India cover a wide spectrum of expenses. This list of expenses include the following:

  • list items Tuition fee 
  • list items Examination/ Library/ Laboratory fee.
  • list items Travel expenses/ passage money for studies abroad.
  • list items Insurance premium for student borrowers, if applicable.
  • list items Caution deposit, Building fund/refundable deposit supported by Institution bills/receipts.
  • list items Purchase of books/ equipment/ instruments/ uniforms.
  • list items Purchase of computer/laptop 
  • list items Any other expense required to complete the course - like study tours, project work, thesis, etc.
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Documents required for Central Bank of India education loan for abroad and India

The list of documents depends on your profile, your co-applicant’s profile, and any property/asset you may offer as collateral.

Applicant’s documents

  • list items Identity proof: PAN/ Passport/ Driver’s License/ Voter ID card or government-issued identification document.
  • list items Education loan application form.
  • list items Address proof: recent copy of telephone bill/ electricity bill/water bill/ piped gas bill/ Driving License/ Aadhaar card.
  • list items Passport
  • list items Past academic record.
  • list items 10th standard mark sheet
  • list items 12th standard mark sheet
  • list items Under graduate result (semester-wise)
  • list items Entrance exam results (e.g. GMAT, GRE, TOEFL, etc.)
  • list items Proof of admission: admission letter (A conditional admission letter is also applicable).
  • list items Statement of expenses.


Co-applicant’s documents

  • list items Identity proof: PAN/ Passport/ Driver’s license/ Voter ID card or government-issued identification document.
  • list items Address: recent copy of telephone bill/ electricity bill/water bill/ piped gas bill or copy of Driving license/ Aadhaar card.
  • list items 2 passport-size photographs.
  • list items Bank account statement of the co-borrower/guarantor, for the last 6 months (in case of takeover of education loan).

Income proof for salaried co-applicant/guarantor

  • list items Salary slips for the last 3 months.
  • list items Copy of Form 16 of the last 2 years or copy.
  • list items Bank account statement for the last 6 months (Salary account).
  • list items Brief statement of assets & liabilities of parent/ guardian/ other co-borrower.


Income proof for self-employed co-applicant/guarantor

  • list items Business address proof.
  • list items Last 2 years IT returns ( If IT Payee).
  • list items TDS certificate (Form 16A, if applicable).
  • list items Certificate of qualification (for C.A./ doctor and other professionals).
  • list items Brief statement of assets & liabilities of parent/ guardian/ other co-borrower
  • list items Bank account statement for the last 6 months.  
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How to apply for a Central Bank of India education loan abroad and India?

Students who are interested in applying for an education loan via the Central Bank of India, must fulfil their set eligibility criteria. There are two ways through which you can apply for a loan. 

  • list items Online mode: 

Visit their official website and fill the application form.

  • list items Offline mode: 
  • list items Visit the nearby Central Bank of India branch.
  • list items Select the scheme that suits your needs.
  • list items Collect and submit the required documents.
  • list items Wait for the bank's approval or denial.

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If you fail to meet the eligibility requirements set by the Central Bank of India for an education loan, there are multiple options available through both prominent public and private banks, some of which offer loans with or without collateral. Additionally, Non-Banking Financial Companies (NBFCs) can also approve loans for studying abroad within a relatively short period, typically ranging from 7 to 10 days.

One viable solution to secure an abroad education loan without any hassle is through GyanDhan, a leading education loan financing platform. We have established partnerships with an extensive network of banks and NBFCs, providing you with a wider array of loan choices to select from. To start your journey with us, check your loan eligibility and leave the rest to us!

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Frequently asked questions

What is the maximum limit of education loans in the Central Bank of India?

The Central Bank of India offers up to INR 2 cr for secured abroad education loans. For unsecured education loans, the bank provides up tp INR 10 Lakh for studies in India and INR 20 Lakh for studies abroad.

What is the interest rate of the Central Bank of India international education loan?

The interest rate on education loans at Central Bank of India varies from 8.10% to 10.30%. 

What is the limit of education loans in India and abroad?

The Central Bank of India offers education loans to students who have gained admission to educational institutions. These loans come with a maximum repayment period of 15 years and a loan limit of up to 20 lakhs. There are no processing fees, and borrowers are not subjected to prepayment penalties.

Check Your Education Loan Eligibility


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