Central Bank of India

Central Bank of India Eduacational Loan - Cent Vidyarthi Laon

Objective of the Scheme :

Central Bank of India provides financial support to meritorious students for pursuing higher education in India and abroad. Meritorious Students under management Quota are eligible for Education Loan.

Eligibility of the Student  :

  • The student should be an Indian National.
  • Should have secured admission to a higher education course in recognized institutions in India or Abroad through Entrance Test / Merit Based Selection process after completion of HSC( 10 plus 2 or equivalent ).
  • Where there is no entrance test / merit based selection process and admission is purely based on the marks scored in qualifying examinations, the student should have scored minimum 50% marks in qualifying examination. ( 10% relaxation for SC / ST categories ).
  • However, entrance test or selection purely based on marks obtained in qualifying examination may not be the criterion for admission to some of the post graduate courses or research programmes. In such cases Branch should take into consideration the employability and reputation of the institution concerned.

Liability of Finance :

Expenses allotted for the Loan :

  • Fee payable to college++/ school/ hostel*
  • Examination / Library/ Laboratory fee
  • Travel expenses / passage money for studies abroad
  • Insurance premium for student borrower, if applicable
  • Caution deposit, Building fund / refundable deposit supported by Institution bills / receipts. **
  • Purchase of books / equipments / instruments / uniforms***
  • Purchase of computer at reasonable cost, if required for completion of the course***
  • Any other expense required to complete the course - like study tours, project work, thesis, etc.***
  • While computing loan required, scholarships, fee waiver etc., if any available to the student borrower may be taken into account.

Quantum of Finance:

  • Rs. 10 lakh for studies in India.
  • Rs. 20 lakh for studies Abroad.

The ceilings fixed for studies in India and Abroad correspond to the limits fixed by the RBI for treatment as priority sector lending. However Regional Managers can consider / sanction higher quantum of loan on course to course basis and on merits subject to condition that the loan amount should be backed by 100% liquid security / collateral security. It may also be noted that even loans in excess of Rs. 10 lakh qualify for interest subsidy under Central Sector Interest Subsidy Scheme for loans up to Rs.10 lakh.

Margin :

Upto Rs. 4 lacs : NIL, Above Rs. 4 lacs: In India - 5% ,Abroad - 15% Margin ( scholarship may be included in margin.)

Processing Fee / Mortgage Charges :

No processing / upfront charges may be levied on loans for studies in India sanctioned under the scheme.

For studies abroad, Rs.500/- for loan Upto Rs.10 lakh and Rs.1000/- for loan above Rs.10 lakh will be charged while considering the applications, but refunded when loan is availed by the student i.e. within 6 months from the date of sanction.

Rate of Interest:

Male Students - Base Rate+2.00%

Female SC,ST & IIM / IIT students - Base Rate+1.50%

Repayment Period of the Loan :

Repayment to commence 12 months after completion of studies or 6 months after securing job whichever is earlier.

  • Maximum repayment period Upto 10 years for loans Upto Rs.7.50 lakh
  • Maximum repayment period Upto 15 years for loans above Rs.7.50 lakh.  Repayment on EMI basis.

For more Details, Kindly refer the following link :

https://www.centralbankofindia.co.in/site/MainSite.aspx?status=2&menu_id=120#top

To Apply Online :

https://www.centralbankofindia.co.in/site/Submit_loan.aspx

Central Bank of India Scheme for financing Executive MBA

Objective of the Scheme :

Central Bank of India provides Education Loan to MBA Students.

Eligibility of the Student  :

  • 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 been issued NOC by the employer to pursue the MBA programme and avail loan from bank for that purpose. NOC not applicable if resigned from service.
  • The student should possess Income Tax PAN Number and self attested copy of the PAN card should be submitted to Bank.
  • Should have secured admission or intimation of final selection to Executive MBA programme of a reputed institution in India or abroad.
  • Students of the Institutes approved by Retail Banking Department, Central Office, are eligible for loan. List of institutes attached as Annexure I.
  • Staff of our Bank who fulfill the selection criteria of the institute subject to issue of NoC by HRD, C.O.

Liability of Finance :

Expenses allotted for the Loan :

  • Fee payable to the institute / hostel.
  • Examination / Library / Laboratory fee.
  • Purchase of books / equipments / instruments.
  • Caution deposit, Building fund / refundable deposit supported by Institution bills / receipts
  • Travel expenses / passage money for studies abroad.
  • Purchase of computer - essential for completion of the course.
  • Insurance premium for student borrower
  • Any other expense required to complete the course - like study tours, project work, thesis, etc. However, living expenses, personal / family maintenance expenses etc. will not be covered.

Quantum of finance : Maximum Rs.20.00 lakh.

Margin: NIL

Processing Fee / Mortgage Charges : NIL

Rate of interest :

For students pursuing Exe.MBA in IIMs and 4 other reputed institutes: ( Schedule A )

  • Male Students - Base Rate + 0.50%.
  • Female / SC / ST / Minority Community Students - Base Rate.
  • Interest to be compounded monthly.
  • No further concession in rate of interest for servicing of interest by the borrower during the study / moratorium period.

For students pursuing Exe.MBA in other institutes ( Schedule B )

  • Base Rate + 1.25%
  • Female / SC / ST / Minority Community Students - Base Rate+1.25% ( no concession )
  • Interest to be compounded monthly.
  • No concession in rate of interest for servicing of interest by the borrower during the study / moratorium period.
  • The revised rate of interest will be applicable to new accounts only.

Repayment Period of the Loan :

  • Repayment in EMIs to start 3 months after completion of course.
  • Loan is repayable in EMIs for a period Upto 8 years in case the loan amount Upto Rs.7.50 lakh and Upto 12 years in case the loan amount is more than Rs.7.50 lakh.
  • 10 Appraisal / Sanction / Disbursement
  • The loan to be sanctioned as per delegation of powers and disbursed preferably by the Branch nearest to the place of employment / residence of the student.
  • The loan to be disbursed in stages as per the requirement / demand directly to the Institutions / Vendors of books / equipments / instruments to the extent possible.

List of Institutes whose Students are Eligible for Finance under Executive MBA :

Schedule  -  A

  • Indian Institute of Management, Ahmedabad, Gujarat
  • Indian Institute of Management, Bangalore, Karnataka
  • Indian Institute of Management, Kolkata, West Bengal
  • Indian Institute of Management, Indore, Madhya Pradesh
  • Indian Institute of Management, Kashipur, Uttarakhand
  • Indian Institute of Management, Kozhikode, Kerala
  • Indian Institute of Management, Lucknow, Uttar Pradesh
  • Indian Institute of Management, Raipur, Chhatisgarh
  • Indian Institute of Management, Ranchi, Jharkhand
  • Indian Institute of Management, Rohtak, Haryana
  • Indian Institute of Management, Shillong, Meghalaya
  • Indian Institute of Management, Trichy, Tamil Nadu
  • Indian Institute of Management, Udaipur, Rajasthan
  • Xavier Labour Relations Institute ( XLRI ), Jamshedpur
  • Xavier Institute of Management, Bhubaneswar ( XIMB )
  • SP Jain Institute of Management and Research ( SPJMR ), Mumbai
  • Management Development Institute ( MDI ), Gurgaon  

Schedule - B

  • Symbiosis Institute of Management
  • Faculty of Management Studies ( FMS ) - University of Delhi
  • Jamnalal Bajaj Institute of Management Studies ( JBIMS )
  • Indian Institute of Foreign Trade - IIFT
  • Indian School of Business (I SB ) – Hyderabad

For more Details, Kindly refer the following link :

https://www.centralbankofindia.co.in/site/MainSite.aspx?status=3&menu_id=193

Central Bank of India Educational Loan Cent Vidyarthi for Vocational Education and Training

Objective of the Scheme :

"Cent Vidyarthi-Vocational Education and Training Scheme for Vocational Education and Training aims at providing financial support from the banking system to those who have the minimum educational qualification, as required by the institution / organization running the course eligible under the scheme.

Eligibility of the Student  :

  • The student should be an Indian National.
  • Have secured admission in a course run or supported by a Ministry / Dept./ Organisation 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. to do so.

Minimum Age :

There is no specific restriction with regard to the age of the student to be eligible for the loan. However, if the student was a minor, while the parent executes documents for the loan, the bank will obtain a letter of ratification from him / her upon attaining majority.

Liability of Finance :

Expenses allotted for the Loan :

  • Tuition / course fee .
  • Examination / Library / Laboratory fee
  • Caution deposit
  • Purchase of books, equipments and instruments
  • Any other reasonable expenditure found necessary for completion of the course. ( As such courses are localized boarding, lodging may not be necessary. However, wherever it has been found necessary, the same could be considered on merits )

Quantum of Finance :

  • For courses of duration Upto 3 months ? Rs. 20,000/-
  • For courses of duration 3 to 6 months ? Rs. 50,000/
  • For courses of duration 6 months to 1 year ? Rs. 75,000/-
  • For courses of duration above 1 year ? Rs. 1,50,000/-

Margin : NIL

Moratorium :

Upon completion of the course, repayment will start after a moratorium period as indicated below :

For courses of duration Upto 1 year

6 months from the completion of the course.

For courses of duration above 1 year-         

12 months from the completion of the course.

Processing Charges : NIL

Rate of Interest :

  • Type of Borrower         -           Rate of interest
  • Male Students              -           Base Rate+2.00%
  • Female SC,ST  students  -        Base Rate+1.50%

Repayment Period of the Loan :

The loan will be repaid after the moratorium period in Equated Monthly Installments ( EMIs ) as follows :

  • Loans upto Rs.50,000/  -   Upto 2 years
  • Loans between Rs.50,000/- to Rs. 1 lakh  -   2 to 5 years
  • Loans above Rs. 1 lakh  -  3 to 7 years.

For more Details, Kindly refer the following link :

https://www.centralbankofindia.co.in/site/MainSite.aspx?status=3&menu_id=191

Central Bank of India Special Education Loan Scheme to IIM Students

Objective of the Scheme :

Central Bank of India provides Education Loan to IIM Students and Concessions / relaxations permitted to students of IIMs and 4 Reputed Institutions

Eligibility of the Student  :

Students admitted to IIMs through the Common Admission Test ( CAT ) and pursuing two year full time management course. The scheme is also applicable to students pursuing full time regular management course ( through XAT / CAT ) in the four reputed institutes. The scheme is not applicable for any part time courses or one year courses.

Liability of Finance :

Expenses allotted for the Loan :

  • Fee payable to college / school/ hostel. Reasonable lodging and boarding charge will be considered in case the student chooses / is required to opt for outside accommodation.
  • Examination / Library / Laboratory fee.
  • Travel expenses
  • Insurance premium for student borrower, if applicable.
  • Caution deposit, Building fund / refundable deposit supported by Institution bills / receipts.
  • Purchase of books / equipments / instruments / uniforms.
  • Purchase of computer at reasonable cost, if required for completion of the course.
  • Any other expense required to complete the course - like study tours, project work, thesis, etc.
  • Visit to foreign universities in Exchange Programme.
  • Living Expenses Upto Rs.120000/- p.a. on declaration basis.

Quantum of Finance : Rs.20.00 lakh

Margin : Nil

Rate of Interest :

Male students without joint borrower

Base Rate + 0.50%

Male students with joint borrower

Base Rate

 

Female/SC/ST/Minority Community students

Base Rate

 

The list of IIMs and 4 other reputed institutions is mentioned hereunder:

IIMs

  1. Indian Institute of Management, Ahmedabad, Gujarat
  2. Indian Institute of Management, Bangalore, Karnataka
  3. Indian Institute of Management, Kolkata, West Bengal
  4. Indian Institute of Management, Indore, Madhya Pradesh
  5. Indian Institute of Management, Kasihpur, Uttarakhand
  6. Indian Institute of Management, Kozhikode, Kerala
  7. Indian Institute of Management, Lucknow, Uttar Pradesh
  8. Indian Institute of Management, Raipur, Chattisgarh
  9. Indian Institute of Management, Ranchi, Jharkhand
  10. Indian Institute of Management, Rohtak, Haryana
  11. Indian Institute of Management, Shillong, Megahlaya
  12. Indian Institute of Management, Trichy, Tamil Nadu
  13. Indian Institute of Management, Udaipur, Rajasthan

Other 4 Reputed Institutions

  1. Xavier Labour Relation Institute ( XLRI ), Jamshedpur
  2. Xavier Institute of Management, Bhubaneswar ( XIMB ).
  3. SP Jain Institute of Management and Research ( SPJMR ), Mumbai.
  4. Management Development Institute ( MDI ), Gurgaon.

For more Details, Kindly refer the following link :

https://www.centralbankofindia.co.in/site/MainSite.aspx?status=3&menu_id=192

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