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Central
Bank
Centvidyarthi Finance for
Education
Eligibility
- Students who have secured admission to any of
the general/ professional courses including computer and job oriented courses recognised
by the Government/Universities, are eligible for education loan to study in India or
abroad.
- This scheme does not cover correspondence courses.
- The student should be between 16 and 28 years. However, the
age is relaxable for SC/ST students by two years.
- The student should have a good and consistent academic record
in previous examinations. In the case of SC/ST, a second class would be sufficient
The scheme covers studies in India and studies
abroad.
Studies in India
Those pursuing undergraduate/postgraduate studies, management courses in recognised
universities/reputed institutions and other professional courses including computer
courses and other job-oriented courses recognised by the Government/Universities are
eligible.
Studies Abroad
Students taking postgraduate courses in Science, Technology, Medicine, Engineering
Architecture and full-time Management Course in M.B.A. and M.M.S. at recognised
universities abroad, including law and accountancy are eligible. The course should lead to
a Masters Degree or a postgraduate diploma.
Loan amount
- Upto Rs. 3 lakhs for higher studies in India, for the entire
duration of the study.
- Upto Rs. 5.00 lakhs for higher studies abroad.
The financial assistance will cover admission and tuition
fees, books and stationery, equipment/ instruments, examination fees, hostel/mess charges
and travel expenses in case of overseas courses.
Margin
- Upto Rs. 1.00 lakhs - 15%.
- Upto Rs. 5.00 lakhs - 25%.
- In case of SC/ST this margin can be relaxed on loans upto Rs.
50,000.
Rate of interest
- Upto Rs. 25,000 - 12.50%.
- Between Rs. 25,000 and Rs. 2.00 lakhs - 14.00%.
- Above Rs. 2.00 lakhs @ PLR (those whose family income does not
exceed Rs. 12,000 p.a. and fall under the DRI scheme, the interest rate is 4.00%.)
- 1% rebate is granted in the rate of interest for regular
repayment of interest and installment and payment of insurance premiums.
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