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| COMPARE : EDUCATION LOANS |
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| Central Bank of India Education Loan |
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| Introduction |
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| Central bank of India provides loan to poor and needy so that they can take up basic education and to the student/ employed persons to pursue higher education. Loan can be applied for studies in India and abroad for graduation, post graduation, diploma / degree courses, etc. |
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| Highlights |
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Study Abroad |
Study India |
| Course |
Graduation |
Graduation |
| Loan Type |
Term Loan |
Term Loan |
| Loan Purpose |
Fee payable to College/Hostel, Examination / Library / Laboratory, Purchase of books / equipments / instruments, Caution deposit / building fund, Purchase of computer, Travel expenses / passage of money |
Fee payable to College / Hostel, Examination / Library / Laboratory, Purchase of books / equipments / instruments, Caution deposit / building fund, Purchase of computer |
| Loan Amount |
Min. - Rs 50000
Max. - Rs 2000000
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Min. - Rs 50000
Max. - Rs 1000000
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| Margin Money |
Upto Rs. 4 lacs : NIL
Above Rs. 4 lacs: studies abroad 15% (scholarship may be included in margin.)
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Upto Rs. 4 lacs : NIL
Above Rs. 4 lacs:In India - 5%
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| Tenure |
Min. - 5 Yrs.
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| Interest Rate |
Male: 12.75%
Female: 12.25%
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Male: 12.75%
Female: 12.25%
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| Time to Process Loan |
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7 days |
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 Fees & charges
Fees & charges
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Study Abroad |
Study India |
| Processing Fee |
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1 % |
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Security
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Security |
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Upto Rs.4 Lakhs: Co-obligation of parents/ guardian/ parent-in-law/spouse.
Above Rs. 4 lakhs and up to Rs.7.50 lakhs:
Co-obligation of parents/ guardian/ parent-in–law/spouse together with collateral security in the form of suitable third party guarantee.
Above Rs.7.50 lakhs: Co-obligation of parents / guardian / parent-in–law / spouse together with tangible collateral security of suitable value, along with the assignment of future income of the student for payment of installments. |
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Terms & Conditions
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Terms & Conditions |
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Repayment to commence 12 months after completion of studies or 6 months after securing jobs whichever is earlier. Maximum period 5 to 7 years. Repayment on EMI basis.
1% interest concession, if interest is serviced during study period when repayment holiday is specified for interest repayment. It should be given at the end of Financial Year i.e. 31st March. |
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