Candidates applying for the education loan need to satisfy certain eligibility criteria as specified by the bank.
- Applicants should be Indian Nationals and aged between 16-40 years.
- Students applying for the Central bank of India student loan are considered eligible if they get admission to various professional or technical courses through merit based selection process or entrance examination.
Courses Eligible for Central Bank Student Loans
There are plenty of professional and technical courses which are eligible for the Central Bank education loan in India.
Studies in India
- School education which includes +2 standard, graduation, post graduation and professional courses in the areas of Agriculture, Law, Engineering, Veterinary Science, Medicine, Management, Dental Science, Computer and others.
- The courses should be offered by reputed colleges or institutions approved by Department of Electronics or Institutions certified by the University.
- IIM, NIFT, XLRI, IIT offered courses, reputed regular diploma and degree courses, evening courses and courses that are conducted by foreign universities in India.
- Graduation, post graduation and courses conducted by reputed institutions like CIMA-London and CPA-USA.
Expenses Covered by Central Bank Student Loans
The loan amount covers hostel charges, examination fees, laboratory and library fee, building fund, caution deposit, refundable deposit and other expenses. The education loan also covers the travel expenses of the students traveling abroad for education.
Quantum of Finance
The maximum amount of loan offered is Rs.7.50 lacs and Rs.15 lacs for studies in India and abroad respectively.
There is no margin for education loans up to Rs.4 lacs. For loans above Rs. 4 lacs the margin is 5% and 15% respectively for India and abroad.
Various types of securities are charged for the students willing to take education loan of Central Bank of India.
Education loan up to Rs.4 lacs- co-obligation security.
Education loan more than Rs.4 lacs and up to Rs.7.50 lacs-Collateral security
Education loan more than Rs.7.50 lacs-collateral security or co-obligation of any of the following-parents, guardians and third party.