The education loan offered by Central Bank of India is also known as Corp Vidya Loan. It is offered to meritorious students willing to pursue their higher education in India or abroad.

Eligibility

• Student should be an Indian National.
• Should have completed previous qualifying examination.
• Secured admission to professional/ technical courses in India or Abroad through Entrance Test/Merit Based Selection process.
• Person already in gainful employment are not eligible for loan under the scheme except for pursuing evening course covered under the scheme of approved institute.

Courses Eligible

a). Studies abroad

• Graduation : For job oriented professional/ technical courses offered by reputed universities
• Post Graduation : MCA, MBA, MS etc
• Courses conducted by CIMA - London, CPA in USA etc

b). Studies in India

• Graduation Courses : BA, B.Com, B.Sc., etc
• Post Graduation Courses : Masters & Phd.
• Professional Courses : Engineering, Medical, Agriculture, Veterinary, Law, Dental, Management, Computer etc.
• Courses like ICWA, CA, CFA etc
• Courses conducted by IIM, IIT, IISc, XLRI, NIFT etc
• Regular Degree/Diploma courses like Aeronautical pilot training, shipping etc., approved by Director General of Civil Aviation/Shipping, if the Course is pursued in India. In case the course is pursued abroad, the Institute should be recognized by the competent local aviation/shipping authority.
• Courses offered in India by reputed foreign universities
• Evening courses of approved institutes.
• Nursing/Teachers training courses for periods of one year & above from recognized colleges/institutes leading to Diploma/Degree.
• Other Courses leading to diploma/degree etc. conducted by Colleges/universities approved by UGC/Govt /AICTE /AIBMS/ ICMR etc
• Courses offered by National Institutes and other reputed private institutions.
• Vocational Training and skill development study courses will not be covered under the model educational loan scheme, as the scheme is framed to provide Bank loans for higher studies

Maximum Loan Amount

• Studies in Abroad - Maximum upto Rs.20 lakhs
• Studies in India - Maximum upto Rs.10 lakhs

Expenses considered for loan

• Fee payable to college/school/hostel
• Examination/Library/Laboratory fee
• Purchase of books/equipments/instruments/ Uniforms
• Caution deposit
• Travel expenses/ passage money for studies abroad
• Purchase of computers - essential for completion of the course
• Insurance premium for student borrower
• Any other expense required to complete the course - like study tours, project work, thesis etc.

Security

• Upto Rs.4 lakhs : Co-obligation of parent/s. No other collateral Security
• Above Rs.4 lakhs and upto Rs.7.50 lakhs : Co-obligation of parents together with collateral security in the form of suitable third party guarantee.
• Above Rs.7.5 lacs : Co-obligation of parents together with tangible collateral security along with the assignment of future income of the student for payment of installments

Rate of Interest

• Upto Rs.4.00 Lakh - 11.50%
• Above Rs. 4 Lakh & Upto Rs.7.50 Lakh -13.00%
• Above Rs.7.50 Lakh
  a). Secured: 11.50%
  b). Unsecured: 13.00%

Repayment
Repayment holiday commences 12 months after completion of studies or 6 months after securing jobs, whichever is earlier. The loan has to be repaid within a maximum period of 10 years after the completion of repayment holiday period.