A Quick Look at Central Bank of India Education Loans
Central Bank of India offers four education loans. These are:
- Cent Vidyarthi Education Loan Scheme for Pursuing Higher Studies in India and Abroad
- Cent Vidyarthi for Executive MBA
- Cent Vidyarthi – IIMs and 4 Reputed Institutes
- Cent Skill Loan Scheme for Technical Education
Let’s quickly look at each one:
Cent Vidyarthi Education Loan Scheme for Pursuing Higher Studies in India and Abroad
This loan is meant for students who want to pursue higher studies in India or abroad. Students can avail of loans of up to Rs. 10 lakh for India or Rs. 20 lakh for abroad studies.
Note: This loan is based on the IBA model loan scheme where there are lower caps on the maximum loan amount a bank can offer. If you are planning to study abroad, then this loan is not likely going to cover your academic expenses.
For your information, the loan can be availed for all institution fees as well as related expenses including purchase of books, laptops, hostel fees, lab fees, examination fees, etc. In short, all expenses required to complete the course undertaken.
Cent Vidyarthi for Executive MBA
This loan is for students who have gained admission into the Executive MBA programme at a premier institute. The maximum loan amount is capped at Rs. 20 lakh for unsecured loans whereas a borrower can get a higher loan amount by providing 100% liquid collateral of equal value.
Being an Executive MBA loan, it is offered to working professionals and not students who have not had any work experience.
Cent Vidyarthi – IIMs and 4 Reputed Institutes
As the name suggests, this loan is for students who have gained admission into one of the chosen IIMs or other premier institutes to pay for their course fees. The maximum loan amount that you can apply for is Rs. 30 lakh.
The institutes’ list includes the 17 IIMs and the four other premier institutes are XLRI, Jamshedpur, XLRI, Bhubaneswar, SP Jain Institute, Mumbai and MDI, Gurgaon.
Cent Skill Loan Scheme for Technical Education
This loan helps students who have gained admission into technical courses offered by ITIs, polytechnics, etc. to pay their course fees. The loan amount starts from as low as Rs. 5,000 and can go up to Rs. 1.5 lakh depending on the duration of the course.
For more information on education loans from other banks, please visit this page: Education Loans from Top Banks in India.
To wind up, a small message:
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