Vidya Lakshmi Portal Central Bank of India: A Comprehensive Guide

Vidya Lakshmi Portal Central Bank of India

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.

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.

SchemeCent Vidyarthi Scheme
LenderCentral Bank of India
Loan repayment1 year after course completion or 6 months after the job
Amount of the LoanUp to INR 20 lakhs to INR 2 crore in certain cases.
Age Minimum 18 years maximum 45 years
Rate of InterestMale: 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.


What is the maximum amount of loan I can avail from the Central Bank of India?

The maximum amount of loan is up to 20 lakhs from the Central Bank of India.

How many loans can I apply on the Vidya Lakshmi Portal?

You can apply for a maximum of three loan applications on the Vidya Lakshmi Portal.

How many loans are offered by the Central Bank of India with 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

About Farina Khan

Farina Khan is a journalist by profession and a writer by passion. She carries over a decade of experience in Journalism and Mass Communication and worked with some renowned media organisations like Doordarshan and Zee Media. She performed numerous roles during her work tenure including reporting, anchoring, and heading output as well. Her passion for writing, combined with dedication in delivering high-quality content, drives her to excel in the dynamic field of content writing. From thought-provoking articles to SEO-friendly blog posts, or engaging website content, She is here to bring the ideas to life through words.

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