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.
   

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