Central Bank of India Education Loan Options

Eligiblity criteria:

• The student should be an Indian national.
• 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.
• Where there is no entrance test/merit based selection process and admission is purely based on the marks students previous academic performance.   

2. Central Bank education loan for MBA from premier institutions

Eligibility criteria:

• The student should be an Indian national with minimum work experience of 2 years in Government/ corporate/multinational concern.
• The minimum age of the student should be 23 years.
• 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

Eligibility criteria:

• The student should be an Indian National 
• 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.

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:

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

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

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

Co-applicant’s documents

• Identity proof: PAN/ Passport/ Driver’s license/ Voter ID card or government-issued identification document.
• Address: recent copy of telephone bill/ electricity bill/water bill/ piped gas bill or copy of Driving license/ Aadhaar card.
• 2 passport-size photographs.
• 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

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

Income proof for self-employed co-applicant/guarantor

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

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. 

• Online mode: 

Visit their official website and fill the application form.

• Offline mode: 

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

Read also:

• Studying MBA in India or abroad
• Which is the Cheapest Education Loan in India?
• HDFC Credila Abroad Education Loan
• InCred Education Loan
• Education Loan for Abroad Studies
• How Your Education Loan Rate of Interest Can Change?

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!