Moneymaya.

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A/3,J1/14,KHIRKIEXTN,
MALVIYANAGAR,NEWDELHI110017
-7982367598
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ProductBrochure
May27,2017

EducationLoanfromCentralBankofIndia
Cent Vidyarthi is Education Loan offered by
Central Bank of India. They want to offer an
opportunity to the students inIndiasothatthey
canpursuehigherstudiesinIndiaandAbroad.

Cent VidyarthiisaTermLoan.Itmeansyouwill
have to repay the loan amount in a specific time period. Repaymentperiodisupto10years for
Loan upto Rs.7.50 Lakhs and 15 years for loan above Rs.7.50 Lakh. And, repayment period
excludesCoursePeriodandRepaymentHolidayorMoratoriumPeriod.

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
studiesor6monthsaftersecuringjob,whicheverisearlier.

EligibilityforEducationLoani.e.CentVidyarthi:
YoushouldbeanIndianNational.


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
aftercompletionofHSCi.e.10plus2orequivalent.
And, where there is no entrance test or merit basedselectionprocess;andadmissionis
purely based on the marks scored inqualifyingexaminations;insuchcases,thestudent
should have scored minimum 50% marks in qualifying examination. In addition, 10%
relaxationforSCorSTcategories.

ExpensesconsideredforEducationloan:
Feepayabletocollege,schoolandhostel
Examination/Library/Laboratoryfee
Travelexpenses/passagemoneyforstudiesabroad
Insurancepremiumforstudentborrower,ifapplicable
Caution deposit, Building fund/refundable deposit supported by Institution
bills/receipts.
Purchaseofbooks/equipments/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
thestudentborrowermaybetakenintoaccount

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Maximumloanamount:
Rs.10lakhforstudiesinIndia.
Rs.20lakhforstudiesabroad.
The ceilings fixed for studies in India and abroad correspond to the limits fixed by the
RBIfortreatmentasprioritysectorlending.
And, most of all, there is no maximum ceiling ifloanamountsecuredby100%collateral
security.

Margin:
UptoRs.4lakhs:NIL,
InIndiaAboveRs.4lakhs:5%Margin
InAbroadAboveRs.4lakhs:15%Margin
(Scholarshipmaybeincludedinmargin.)

RateofInterest:

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While, for male students, rate of interest is MCLR + 2.00%; for female students, its MCLR +
1.50%.Forlatestrateofinterest,pleasecontactbank.

Incentive:
Bank may provide 1% concession on interest during the study period, if you have
serviced theinterestduringyourstudyperiod;andsubsequentmoratoriumperiodbefore
therepaymentstarts.
During your Repayment Holiday / Moratorium Period, Simple Interest is applied. From
theduedateoffirstinstallment,CompoundInterestwillbeapplicable.

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
submittheoriginalreceiptsinthebankonceyoupaythefeestoyourinstitution.

SecurityforEducationLoan:

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Upto Rs4lakhs:Parent(s)/guardianmusthavetobethejointborrower(s).Youwillhave
to Assign your future income for payment of loan installments; and, since the loan
amountisupto4lakh,soyoudonthavetogiveanysecurity.
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 havetoassignyourfutureincomefor
paymentofinstallments.
Above Rs.7.5 lakhs : Parent(s)/guardian must havetobethejointborrower(s).Tangible
collateral security of minimum value equivalent to the loan amount and acceptable to
bank needs to be provide, along with the assignment ofyourfutureincomeforpayment
ofinstallments.

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
periodandrepaymentperiod.Also,youwillhavetoassignedthepolicyinfavoroftheBank.

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Centralsectorinterestsubsidyscheme:
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
ProfessionalandTechnicalcourses(after12thstandard)inIndia.
Loans up to Rs.10 lakh also qualify for interest subsidy under Central Sector Interest
SubsidySchemeofMoHRD.

ProcessingFeesforEducationLoan:
Most of all,thereareNoprocessingorupfrontchargesapplicableonloansforstudiesin
India;sanctionedunderthisscheme.
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 refundedwhenloanis
availedbythestudenti.e.within6monthsfromthedateofsanction.

RepaymentofEducationLoan:
Repayment will start after 12 months after completion of studies or 6 months after
securingjobwhicheverisearlier.
Maximumrepaymentperiodisupto10yearsforloansuptoRs.7.50lakh
And, maximum repayment period is upto 15 years for loans above Rs.7.50 lakh.
RepaymentonEMIbasis.

I have tried to cover all the essential points, do comment below, if you want to add
somethingtoitorifyouhaveanyqueries.

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