Loan scheme by Central Bank for Student Loans

Candidate's Eligibility


Candidates applying for the education loan need to satisfy certain eligibility criteria as specified by the bank.

    * Applicants should be Indian Nationals and aged between 16-40 years.
    * Students applying for the Central bank of India student loan are considered eligible if they get admission to various professional or technical courses through merit based selection process or entrance examination.

Courses Eligible for Central Bank Student Loans


There are plenty of professional and technical courses which are eligible for the Central Bank education loan in India.

Studies in India

    * School education which includes +2 standard, graduation, post graduation and professional courses in the areas of Agriculture, Law, Engineering, Veterinary Science, Medicine, Management, Dental Science, Computer and others.
    * The courses should be offered by reputed colleges or institutions approved by Department of Electronics or Institutions certified by the University.
    * IIM, NIFT, XLRI, IIT offered courses, reputed regular diploma and degree courses, evening courses and courses that are conducted by foreign universities in India.

Studies Abroad

    * Graduation, post graduation and courses conducted by reputed institutions like CIMA-London and CPA-USA.

Expenses Covered by Central Bank Student Loans


The loan amount covers hostel charges, examination fees, laboratory and library fee, building fund, caution deposit, refundable deposit and other expenses. The education loan also covers the travel expenses of the students traveling abroad for education.

Quantum of Finance


The maximum amount of loan offered is Rs.7.50 lacs and Rs.15 lacs for studies in India and abroad respectively.

Margin


There is no margin for education loans up to Rs.4 lacs. For loans above Rs. 4 lacs the margin is 5% and 15% respectively for India and abroad.

Security


Various types of securities are charged for the students willing to take education loan of Central Bank of India.
Education loan up to Rs.4 lacs- co-obligation security.
Education loan more than Rs.4 lacs and up to Rs.7.50 lacs-Collateral security
Education loan more than Rs.7.50 lacs-collateral security or co-obligation of any of the following-parents, guardians and third party.

In order to collect more information about cent vidyarthi education loan scheme browse through http://www.centralbankofindia.co.in/

Bank of India Education Loan

Courses:


Bank of India Education Loan is offered for studying several kinds of programs.

    * You can apply for an educational loan from Bank of India if you want to pursue a graduate, postgraduate and doctoral program.
    * A student can also obtain this loan if he plans to study a professional program including Engineering, Law and Medical programs.
    * Even students willing to study computer certificate courses of recognized institutes or specialized programs like CFA, ICWA and CA can apply for the loan.
    * An applicant, planning to pursue programs from institutes recognized by government, UGC, AICTE, a national body or a recognized foreign university in Indian, is also considered eligible for the loan.
    * For pursuing PG programs such as MS or MBA, employment-oriented programs from recognized universities or courses by CPA in the US and CIMA-London in abroad, you can also apply for the educational loan.

Eligibility:


Education Loans of Bank of India are offered to Indian nationals, who have no outstanding loan taken for education from any other body.The parent of the student should also act as a co-borrower.


A student will be considered eligible for the loan if he has good academic record and gets admitted to a professional or technical course in India or abroad through a selection procedure based on merit or entrance test.

Expenses taken into account:


The educational loan covers college, school or hostel fee as well as that of exam, laboratory or library. Even the expenses of books, instruments and uniforms are also taken into account. The caution deposit, refundable deposit or building fund is also considered. The student's travel expenses as well as other necessary costs related with the program are covered by the loan.

Amount of Loan, Margin & Security:


For studying in India, you can apply for a maximum loan of Rs 10 lacs and Rs 20 lacs for studying abroad.

    * There is also a margin of 5% and 15% for studying in India and abroad respectively and it is applicable for a loan amount above Rs 4 lacs.
    * The borrower needs to keep a guarantee of a 3rd party if a loan amount is above Rs 4 lacs. If the amount exceeds Rs 7.5 lacs, then a collateral security or a third party (if allowed by the bank) should be kept as a guarantee.
    * In addition, the student should assign his future income for paying the installments.

Repayment procedure:


The loan can be repaid in 5 to 7 years after the repayment is commenced. The moratorium period is considered till 6 months after employment or the period of study plus 1 year, whichever is earlier.

For more information on Star Educational Loans of Bank of India, you can click on http://www.bankofindia.com/

Education Loan by SBI

Courses Eligible for Education Loans:


A candidate, who applies for a program with prospects of employment, can apply for the loan. Whether you apply for a graduate, professional or postgraduate program or any other course sanctioned by UGC, AICTE or the government, you will be considered eligible for the loan.
Expenses taken into account:

    * The student loan covers school, college or hostel fees as well as cost for buying books and other necessary items.
    * Apart from the library, exam or library fees, even caution deposit, refundable deposit and building fund are considered for the loan.
    * Other expenses, which are mandatory for completing the course, travel expense as well as a maximum cost of Rd 50,000 for buying a 2 wheeler, are taken into account.

Quantum of Loan & Security:


An applicant is sanctioned a loan of maximum Rs 10 lacs for studying in India and Rs 20 lacs for studying in abroad. On a loan above Rs 4 lacs, there is a margin of 5% and 15% for studying in India and abroad respectively.

    * No security is required for loan amount upto Rs 4 lacs.
    * A borrower should present a 3rd party as guarantee for a loan amount above Rs 4 lacs. However, on SBI discretion, this clause of 3rd party guarantee may be waived off in certain cases.
    * If you borrow a loan amount above Rs 7.5 lacs, you need to offer a material collateral security and assign the future income of the student for paying installments.
    * The guardians or parents of a borrowing student should secure an education loan.
    * If the borrower is married, his or her spouse, parents-in-law or parents can act as the co-obligator.


Repayment of Education Loan:


The borrower can begin repaying 6 months after getting job or one year after the course is completed, whichever happens earlier. The loan can be repaid in a period of 5 to 7 years.

Education Loan for ISM students:


Education loans are also offered to the students of ISB. An ISB student can borrow upto 95% of costs. There is also a margin of 5% on the loan amount, which needs to be repaid in 7 years. For detailed information on this loan scheme for ISB students, you can contact the branch at Hyderabad University Campus Branch.

If you want to know about the interest rates or other details of the Study Loan scheme of SBI, you can click on http://www.sbi.co.in/