Nature of Facility : Term Loan
Maximum loan amount:
Rs. 20 lacs for studies Abroad.
Margin:
Upto Rs. 4 lacs : NIL, Above Rs. 4 lacs:In India - 5%, Abroad - 15% Margin (scholarship may be included in margin.)
Rate of Interest:
|
Normal Student |
IIT/ IIM Students |
Male |
BPLR - 2.00% |
BPLR - 2.50% |
Female |
BPLR - 2.50% |
BPLR - 3.00% |
SC, ST, & Minority Community Student (Female & Male) |
BPLR - 2.50% |
BPLR - 3.00% |
(Irrespective of Amount of Loan and Place of study i.e. India or Abroad)
Incentive : 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.
Disbursement : Payment directly to college / hostel / mess / airlines etc. In appropriate cases disbursement to be made to borrowers subject to satisfactory evidence. Original receipts to be submitted.
Repayment : 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.
Security :
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-inlaw/spouse together with collateral security in the form of suitable third party guarantee.
To Apply Online: www.centralbankofindia.co.in>http://www.centralbankofindia.co.in/education_loan/default.asp