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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.
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.
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
This scheme offers education loans for studies in India and abroad
Loan amount | Upto INR 10 Lakh - for studies in India Up to INR 20 Lakh - for studies abroad Up to INR 2 cr - for collateral based loans |
---|---|
Interest rate |
9% - 10.30% |
For studies in India - 5% For studies abroad - 15% |
|
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:
Loan amount | Upto INR 40 Lakh |
---|---|
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:
Loan amount | Upto INR 5000 - INR 1,50,000 |
---|---|
Interest rate |
11-10% - 11.20% |
Margin money |
5% |
Repayment tenure |
3 - 7 years |
Collateral requirement |
No collateral required |
Processing fees |
Nil |
Eligibility criteria:
Education loans by the Central Bank of India cover a wide spectrum of expenses. This list of expenses include the following:
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:
Co-applicant’s documents:
Income proof for salaried co-applicant/guarantor:
Income proof for self-employed co-applicant/guarantor:
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.
Visit their official website and fill the application form.
Read also:
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!
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.
The interest rate on education loans at Central Bank of India varies from 8.10% to 10.30%.
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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