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Tuesday, October 26, 2021


    

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Centvidyarthi Finance for Education

Central Bank
Centvidyarthi Finance for Education

Eligibility

  • Students who have secured admission to any of the general/ professional courses including computer and job oriented courses recognised by the Government/Universities, are eligible for education loan to study in India or abroad.
  • This scheme does not cover correspondence courses.
  • The student should be between 16 and 28 years. However, the age is relaxable for SC/ST students by two years.
  • The student should have a good and consistent academic record in previous examinations. In the case of SC/ST, a second class would be sufficient

The scheme covers studies in India and studies abroad.

Studies in India
        

Those pursuing undergraduate/postgraduate studies, management courses in recognised universities/reputed institutions and other professional courses including computer courses and other job-oriented courses recognised by the Government/Universities are eligible.

Studies Abroad
     

Students taking postgraduate courses in Science, Technology, Medicine, Engineering Architecture and full-time Management Course in M.B.A. and M.M.S. at recognised universities abroad, including law and accountancy are eligible. The course should lead to a Masters Degree or a postgraduate diploma.

Loan amount

  • Upto Rs. 3 lakhs for higher studies in India, for the entire duration of the study.
  • Upto Rs. 5.00 lakhs for higher studies abroad.

The financial assistance will cover admission and tuition fees, books and stationery, equipment/ instruments, examination fees, hostel/mess charges and travel expenses in case of overseas courses.

Margin

  • Upto Rs. 1.00 lakhs - 15%.
  • Upto Rs. 5.00 lakhs - 25%.
  • In case of SC/ST this margin can be relaxed on loans upto Rs. 50,000.

Rate of interest

  • Upto Rs. 25,000 - 12.50%.
  • Between Rs. 25,000 and Rs. 2.00 lakhs - 14.00%.
  • Above Rs. 2.00 lakhs @ PLR (those whose family income does not exceed Rs. 12,000 p.a. and fall under the DRI scheme, the interest rate is 4.00%.)
  • 1% rebate is granted in the rate of interest for regular repayment of interest and installment and payment of insurance premiums.

 
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