Overseas education comes with the excitement and curiosity of moving to a different country. However, the main concern in pursuing higher education abroad is the arrangement of finances. To live the dream of quality education and a high standard of living, most people choose the option of an Education Loan. The government of India is helping students to live their dream of studying abroad with the help of the Vidya Lakshmi Portal. The portal in association with over 40 registered banks grants financial assistance to the students. In this blog, we will discuss the financial assistance granted by the Central Bank of India in association with Vidya Lakshmi Portal.
Table of contents
Also Read: Vidya Lakshmi Education Loan Interest Rate
Highlights of the Loan
The students who are planning to study abroad can avail up to 20 lakhs loan to pursue either undergraduate or postgraduate studies.
| Scheme | Cent Vidyarthi Scheme |
| Lender | Central Bank of India |
| Loan repayment | 1 year after course completion or 6 months after the job |
| Amount of the Loan | Up to INR 20 lakhs to INR 2 crore in certain cases. |
| Age | Minimum 18 years maximum 45 years |
| Rate of Interest | Male: 09.95 % + 2.00%Female: 09.95 + 1.50% |
Vidya Lakshmi portal Central Bank of India Education Loan Eligibility criteria
The eligibility criteria to avail an education loan in the Central Bank of India include
- The Student should be 18 years of age.
- The student should be an Indian national.
- The student should have secured admission to a recognized university or institution.
Expenses Covered
The amount of the loan and the expenses covered depends on the amount of loan you are availing. Be mindful that the Central Bank of India grants an education loan of up to 20 lakhs only. Below is the list of basic expenses covered under the cent vidyarthi loan program.
- Tuition fee
- Hostel fee
- Lodging and boarding charges
- Travel expenses
- Passage money and living expenses
- Insurance premiums for students
- Caution deposit
- Any deposit or refundable funds
- Books and uniforms
- Laptop, if required for completion of the course
- Study tours and project work
- Academic & maintenance fee, if required
- While computing loan required, scholarships, fee waivers, etc., if any available to the student borrower may be taken into account
Also Read: Vidya Lakshmi Education Loan Documents Required
Disbursement of the Loan Amount
The process of disbursement of the loan may vary from bank to bank. The central bank has its own way of disbursement of the amount of the loan.
- The amount of the loan is directly paid to the university/hostel/mess/airlines, etc.
- Satisfactory evidence is required for disbursement to borrowers.
- Original receipts have to be submitted for disbursement.
Repayment of Loan
The repayment of a loan also varies from bank to bank. Generally, all the registered banks on the Vidya Lakshmi portal offer a moratorium period which means the repayment period starts after the completion of the course. The repayment
- For the loan amount up to Rs.7.50 lac, a maximum of 120 instalments.
- For the loan amount above Rs.7.50 lac, a maximum of 180 instalments
- Simple interest is charged during the study period.
- Repayment of the loan is done in equated monthly instalments.
- EMIs of over a maximum period of 15 years after the moratorium period.
Also Read: Vidya Lakshmi Education Loan From SBI
How to Apply Online for Vidya Lakshmi portal Central Bank of India Education Loan
The student can apply for the Cent Vidyarthi scheme in both modes, online as well as offline. The steps to apply for an online loan process are as follows
- Navigate to the home page of the portal.
- Create a username and password.
- Confirm the email address with the help of the registration email received on your email ID.
- Enter your required details and log in.
- Select the ‘student login’ option on the login screen.
- The login session will be for a duration of 10 minutes only.
- Navigate to the ‘search and apply for loan scheme’ tab and apply a filter for the Central Bank of India.
- Choose the loan program offered by the Central Bank of India.
- Click on the ‘Apply Now’ tab.
- Fill Common Educational Loan Application Form.
- Check the status and track the application you submitted.
- Be sure to select the correct branch, as it can’t be changed after submitting an application.
- That’s all, you can track your application now.
How to Apply Offline?
To apply offline for the Cent Vidhyarthi scheme. Follow the steps
- Visit the nearest branch of the Central Bank of India
- Obtain the application form from the nearest branch.
- Fill out the application form.
- Gather all the necessary documents.
- Submit the application.
FAQs
The maximum amount of loan is up to 20 lakhs from the Central Bank of India.
You can apply for a maximum of three loan applications on the Vidya Lakshmi Portal.
The Central Bank of India offers only one loan under Vidya Lakshmi Portal.
The details mentioned above are based on the data provided by the website of the Central Bank of India and the Vidya Lakshmi portal. To avail education loan from the Central Bank of India, make sure to check all the related details with the bank as it may vary with the changing times.
To know more about an education loan, the best bank accounts for students, forex and banking experience for global students, or international money transfers, reach out to our experts at 1800572126 to help ease your study abroad experience. Follow our social media handles on Twitter, LinkedIn and Instagram.
