NU Videos

Central Bank of India

central bank Central Bank of India

About the Scheme – Cent Vidyarthi

Collateral security of suitable value along with the assignment of future income of the student for payment of installments

1. Purpose of Loan For pursuing higher studies, in India & Abroad
2. Eligibility Student should be an Indian National having secured admission to Professional / Technical courses through entrance test / selection process. Teachers training, Nursing course, B Ed course are also eligible.
3. Nature of Facility Term Loan
4. Calculation of Eligible Loan Amount For payment of Hostel fee caution deposit, refundable deposit, admission, examination, library, laboratory, cost of books, equipments, uniforms, computer (Hypothecated). One-way air passage in case of studies abroad. Reimbursement of admission fee books airfare etc., if already incurred, within 1 month for studies in India / 6 weeks for abroad.
5. Maximum loan amount Rs. 10 lacs for studies in India.
Rs. 20 lacs for studies Abroad.
6. Margin Upto Rs. 4 lacs: NIL, Above Rs. 4 lacs: In India – 5% ,Abroad – 15% Margin (scholarship may be included in margin.)
7. Rate of Interest
Type of Borrower Rate of interest Special concession for IIT/IIM students
Male Students BPLR-2.0% BPLR-2.5%
Female Students BPLR-2.5% BPLR-3.0%
Special Concession to SC/ST & Minority Community BPLR-2.5% BPLR-3.0%
8. 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.
Interest is calculated at simple basis during Repayment Holiday / Moratorium Period. Interest will be compounded on monthly rests from due date of first installment.
9. 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.
10. 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.
11. Security Up to Rs. 4 lakhs No security
Above Rs. 4 lakhs and up to Rs.7.5 lakhs
Collaterals in the form of a satisfactory third party Guarantee
Above Rs. 7.5 lakhs
12. Processing Fees No Processing Fees