1 / 7

Central Bank Education Loan

Money Maya is a Personal Finance Blog. You can find Complete information about “How To” of Banking, Loans, Provident Funds, Credit Card and Credit Score on MoneyMaya.in. It is also give information about how to get Important Indian Government Documents such as PAN, Passport, AADHAAR? Their retrieval, and how to update these IDs online and offline.<br>For more information visit the site http://www.moneymaya.in/ OR Call 7982367598

moneymaya
Download Presentation

Central Bank Education Loan

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1.   Moneymaya.in - Money Management Process  A/3, J1/14, KHIRKI EXTN,   MALVIYA NAGAR, NEW DELHI  110017   -7982367598  http://www.moneymaya.in/  Product Brochure  May 27, 2017  Education Loan from Central Bank of India  “Cent Vidyarthi” is Education Loan offered by               Central Bank of India. They want to offer an                   opportunity to the students in India so that they                   can pursue higher studies in India and Abroad.  Cent Vidyarthi is a ​Term Loan. ​​It means you will                           have to repay the loan amount in a specific time period. Repayment period is upto 10 years for                               Loan upto Rs.7.50 Lakhs and 15 years for loan above Rs.7.50 Lakh. And, repayment period                               excludes Course Period and Repayment Holiday or Moratorium Period.  Under Cent Vidyarthi Scheme, you need to start repaying your loan once your Repayment                             Holiday or ​​Moratorium Period expires. ​​this holiday period is ​​12 months after completion of studies or 6 months after securing job, whichever is earlier.                              Eligibility for Education Loan i.e.Cent Vidyarthi:  You should be an Indian National.  ●  

  2.   Also, you should have secured admission to a higher education course in recognized                           ● institutions in India or Abroad through Entrance Test or Merit Based Selection process                           after completion of HSC i.e. 10 plus 2 or equivalent.  And, where there is no entrance test or merit based selection process; and admission is                               ● purely based on the marks scored in qualifying examinations; in such cases, the student                             should have scored minimum 50% marks in qualifying examination. In addition, 10%                         relaxation for SC or ST categories.  ● Expenses considered for Education loan:  Fee payable to college, school and hostel  ○ Examination/ Library/ Laboratory fee  ○ Travel expenses/ passage money for studies abroad  ○ Insurance premium for student borrower, if applicable  ○ Caution deposit, Building fund/refundable deposit supported by Institution                 ○ bills/receipts.  Purchase of books/ equipment’s/ instruments/ uniforms  ○ Purchase of computer at reasonable cost, if required for completion of the                         ○ course  Any other expense required to complete the course – like study tours, project                           ○ work, thesis, etc.  While computing loan required, scholarships, fee waiver etc., if any available to                         ○ the student borrower may be taken into account  For more information visit the site ​http://www.moneymaya.in/​ OR Call 7982367598 

  3.     Maximum loan amount:  Rs. 10 lakh for studies in India.  ● Rs. 20 lakh for studies abroad.  ● The ceilings fixed for studies in India and abroad correspond to the limits fixed by the                                 ● RBI for treatment as priority sector lending.  And, most of all, there is no maximum ceiling if loan amount secured by 100% collateral                                 ● security.  Margin:  Upto Rs. 4 lakhs: NIL,  ● In India Above Rs. 4 lakhs: – 5% Margin  ● In Abroad Above Rs. 4 lakhs: – 15% Margin  ● (Scholarship may be included in margin.)  ● Rate of Interest:  For more information visit the site ​http://www.moneymaya.in/​ OR Call 7982367598 

  4.   While, for male students, rate of interest is MCLR + 2.00%; for female students, it’s MCLR +                                   1.50%. For latest rate of interest, please contact bank.    Incentive:  Bank may provide 1% concession on interest during the study period, if you have                             ● serviced the interest during your study period; and subsequent moratorium period before                         the repayment starts.  During your Repayment Holiday / ​Moratorium Period​, Simple Interest is applied. From the due date of first installment, Compound Interest will be applicable.                            ● Disbursement:  Fees goes direct to your college / hostel / mess / airlines etc. In appropriate cases                                 disbursement of fees can be made to borrowers subject to satisfactory evidence. You need to                               submit the original receipts in the bank once you pay the fees to your institution.  Security for Education Loan:  For more information visit the site ​http://www.moneymaya.in/​ OR Call 7982367598 

  5.   Upto Rs 4 lakhs : ​​Parent(s)/guardian must have to be the joint borrower(s). You will have to Assign your future income for payment of loan installments; and, since the loan                                             ●                 amount is upto 4 lakh, so you don’t have to give any security.  Above Rs.4 lakhs and upto Rs7.5 lakhs : ​​Here, the Parent(s)/guardian must have to be the joint borrower(s); and you also need to provide a collateral security in the form of                                             ●                   suitable third party guarantee. In addition, you will have to assign your future income for                               payment of installments.  Above Rs.7.5 lakhs : ​​Parent(s)/guardian must have to be the joint borrower(s). Tangible collateral security of minimum value equivalent to the loan amount and acceptable to                                     ●                 bank needs to be provide, along with the assignment of your future income for payment                               of installments.    Insurance:  You will have to get a Comprehensive life insurance policy. Policy should be equivalent to loan                                 amount, for a minimum period of loan term. Loan term is total of course period, ​moratorium period​ and repayment period. Also, you will have to assigned the policy in favor of the Bank.                                  For more information visit the site ​http://www.moneymaya.in/​ OR Call 7982367598 

  6.   Central sector interest subsidy scheme:  The Central Sector Interest Subsidy Scheme of MoHRD is based on ‘IBA Model                           ● Educational Loan Scheme’, is applicable only for loans which are sanctioned for                         Professional and Technical courses (after 12th standard) in India.  Loans up to Rs.10 lakh also qualify for interest subsidy under Central Sector Interest                             ● Subsidy Scheme of MoHRD.  Processing Fees for Education Loan:  Most of all, there are No processing or upfront charges applicable on loans for studies in                                 ● India; sanctioned under this scheme.  For studies abroad, Rs.500/- for loan up to Rs.10 lakh and Rs.1000/- for loan above                               ● Rs.10 lakh will be charged while considering the applications but refunded when loan is                             availed by the student i.e. within 6 months from the date of sanction.  Repayment of Education Loan:  Repayment will start after 12 months after completion of studies or 6 months after                             ● securing job whichever is earlier.  Maximum repayment period is upto 10 years for loans upto Rs.7.50 lakh  ● And, maximum repayment period is upto 15 years for loans above Rs.7.50 lakh.                           ● Repayment on EMI basis.  I have tried to cover all the essential points, do comment below, if you want to add                 something to it or if you have any queries.                    For more information visit the site ​http://www.moneymaya.in/​ OR Call 7982367598 

  7.     Money Maya is a Personal Finance Blog. You can find Complete information about “How To” of                                 Banking, Loans, Provident Funds, Credit Card and Credit Score on MoneyMaya.in. It is also give                               information about how to get Important Indian Government Documents such as PAN, Passport,                           AADHAAR? Their retrieval, and how to update these IDs online and offline.  For more information visit the site http://www.moneymaya.in/ OR Call 7982367598        For more information visit the site ​http://www.moneymaya.in/​ OR Call 7982367598 

More Related