Central Bank of India Education Loan

Central Bank of India offers education loans for students for studies in India and abroad with
concessional rates for female students.

Interest rates start from 6.85% p.a. with generous loan amounts that are beneficial to students to
cover a wide range of expenses related to the courses.

Central Bank of India Education Loan Interest Rates

Current Rate of Interest

• For loan above Rs.7.50 lakhs: 10.65% 
• For loan below Rs.7.50 lakhs: 11.25% 
• Concession of 0.50% to female candidates 
• Concession of 0.50% to SC/ST candidates 

How to Apply for a Central Bank of India Education Loan

You will need to visit the bank to avail an education loan from the Central Bank of India. Once the application form and the relevant documents are submitted, the bank will check if you meet the eligibility criteria before providing the loan.

Various factors such as the university you have secured admission to, the marks that you have scored, and the collateral that is provided will be considered before the loan is provided.

Central Bank of India Education Loan EMI Calculator

You can use BankBazaar’s education loan Equated Monthly Instalment (EMI) calculator to check the monthly instalments in case you wish to avail a loan from the Central Bank of India. The calculator is easy to use and correct results are given for the details that are entered.

When compared to manual calculations, you can save time. Once details such as the processing fee, rate of interest, tenure, and loan amount are entered, the total interest that is paid and the EMIs will be displayed immediately.

Documents Required

The following documents are required to avail Central Bank of India Education Loan:

Salaried

• Income Tax Returns (ITR) for the last two years.
• Form-16.
• Salary slips for the last three months.
• Bank statements for the previous six months.

Non-salaried

• ITR for two years.
• Audited balance sheet.
• Bank statements for the previous year.

Documents related to the Education Loan

• Admission proof.
• Certificates of Class X and Class XII.
• Graduation mark sheets.
• Fee structure.
• Receipt of payments made.
• Entrance exam scores.

Features and Benefits

The features and benefits of the different education loan schemes offered by the Central Bank of India are mentioned below:

Cent Vidyarthi

• Loans are provided for higher studies in India and abroad.
• 100% of the collateral security may be provided as a loan.
• The rate of interest starts from 8.55% p.a.
• Repayment will begin 6 months after you secure a job or 12 months after you finish the course.
• In the case of loans of up to Rs.7.50 lakh, the repayment tenure is up to 10 years.
• In the case of loans of more than Rs.7.50 lakh, the repayment tenure is up to 15 years.
• No security will be needed for loans of up to Rs.4 lakh.
• Collateral will be needed for loans of more than Rs.4 lakh.
• No processing fee is levied for higher studies in India.

Executive MBA

• You must be at least 23 years old to avail the loan.
• You must have secured admission for the Executive MBA programme at a recognised institute in India or abroad.
• A co-borrower is mandatory.
• No processing fee is levied.
• You must be an Indian citizen and must have worked for at least two years.
• The interest rates are lower if you have secured admission at one of the institutes that come under Schedule A or Schedule B.

Cent Vidyarthi – IIMs and Other Institutes

• The maximum loan that will be provided is Rs.40 lakh.
• No collateral or security needs to be provided.
• The loan will be sanctioned in the name of the student.
• The parents-in-law, spouse, guardian, or parents may be the co-borrower.
• No margin.

Cent Skill Loan

• You must be an Indian citizen.
• You must have secured admission for a course that is run by a government organisation.
• There is no minimum age requirement.
• The minimum and maximum loan that can be availed are Rs.50,000 and Rs.1,50,000, respectively.
• No processing fee is levied.
• No guarantee or collateral needs to be provided.
• Depending on the loan amount, the repayment tenure may be up to seven years.

FAQs on Central Bank of India Education Loan

1. Can I download the application form for Central Bank education loan online?
   Yes, you can download the application form from https://www.centralbankofindia.co.in/pdf/Cent_Vidyarthi.pdf.
2. How many times can I avail the interest subsidy scheme?
   The interest subsidy scheme can be availed only once.
3. How long will it take for the bank to process the education loan?
   The bank may take up to 14 working days to process the education loan.
4. How long is the moratorium period?
   The moratorium period is the duration of the course plus one year.
5. Can my parents be the co-borrowers?
   Yes, your parents can be co-borrowers.
6. Do female applicants get any concessional interest rates on Central Bank of India education loan?
   Yes, female applicants get a 0.50% concession on the Cent Vidyarthi education loan.
7. What is the interest rate offered to students who want to pursue MBA from IIMs and other institutes?
   Central Bank of India offers an interest rate of 6.95% to students who want to pursue MBA from IIMs and other institutes.