Central Bank of India Education Loan Options

The Central Bank of India is a leading public bank in India, set up on 21 December 1911. Central Bank of India, one of India's leading public sector banks, provides education loans to students seeking financial assistance for their higher education pursuits. These loans are designed to cover tuition fees, accommodation charges, exam fees, and other educational expenses, ensuring that deserving students can focus on their studies without financial stress.

Education loan Central Bank of India covers a wide array of educational courses, both in India and abroad. From undergraduate and postgraduate programs to vocational and professional courses, students can receive financial support for a variety of fields.

Central Bank of India Education Loan Schemes for India and Abroad

In today's competitive world, quality education is the cornerstone of personal and professional success. However, the rising costs of education can be a major hurdle for students and their families. To address this challenge and ensure that deserving students can pursue their educational aspirations, the Central Bank of India offers a range of comprehensive education loan schemes.

Cent Vidyarthi Education Loan Scheme:

This education loan Central Bank of India scheme offers education loans for studies in India and abroad.

Eligibility Criteria:

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  The student should be an Indian national.
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  The student should have secured admission to a higher education course in recognized institutions in India or abroad through an entrance test/merit-based selection process after completion of high school.
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  Where there is no entrance test/merit-based selection process and admission is purely based on the marks student's previous academic performance.

Central Bank Education Loan for MBA from Premier Institutions:

Central Bank of India education loan for studying MBA in India or abroad.

Eligibility Criteria:

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  The student should be an Indian national with a minimum work experience of 2 years in Government/ corporate/multinational concern.
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  The minimum age of the student should be 23 years.
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  Should have secured admission or intimation of final selection to Executive MBA program of a reputed institution in India or abroad

Cent Skill Loan - Central Bank Education Loan:

Eligibility Criteria:

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  The student should be an Indian National 
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  The student should have secured admission in a course run or supported by a Ministry / Dept./ organization of the Govt. or a company/society/organization supported by National Skill Development Corporation or State Skill Missions / State Skill Corporations, preferably leading to a certificate/diploma/degree, etc. issued by a Govt. organization or an organization recognized/authorized by the Govt.

Expenses Covered Under Education Loan in Central Bank of India

Central Bank of India education loan cover a wide spectrum of expenses. This list of expenses include the following:

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  Tuition fee 
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  Examination/ Library/ Laboratory fee.
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  Travel expenses/ passage money for studies abroad.
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  Insurance premium for student borrowers, if applicable.
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  Caution deposit, Building fund/refundable deposit supported by Institution bills/receipts.
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  Purchase of books/ equipment/ instruments/ uniforms.
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  Purchase of computer/laptop 
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  Any other expense required to complete the course - like study tours, project work, thesis, etc.

Documents Required for Education Loan in Central Bank of India

The documents required for education loan in Central Bank of India depend on your profile, your co-applicant’s profile, and any property/asset you may offer as collateral.

Applicant’s documents:

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  Identity proof: PAN/ Passport/ Driver’s License/ Voter ID card or government-issued identification document.
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  Education loan application form.
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  Address proof: recent copy of telephone bill/ electricity bill/water bill/ piped gas bill/ Driving License/ Aadhaar card.
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  Passport
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  Past academic record.
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  10th standard mark sheet
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  12th standard mark sheet
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  Undergraduate result (semester-wise)
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  Entrance exam results (e.g. GMAT, GRE, TOEFL, etc.)
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  Proof of admission: admission letter (A conditional admission letter is also applicable).
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  Statement of expenses.

Co-applicant’s documents:

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  Identity proof: PAN/ Passport/ Driver’s license/ Voter ID card or government-issued identification document.
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  Address: recent copy of telephone bill/ electricity bill/water bill/ piped gas bill or copy of Driving license/ Aadhaar card.
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  2 passport-size photographs.
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  Bank account statement of the co-borrower/guarantor, for the last 6 months (in case of takeover of education loan).

Income proof for salaried co-applicant/guarantor:

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  Salary slips for the last 3 months.
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  Copy of Form 16 of the last 2 years or copy.
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  Bank account statement for the last 6 months (Salary account).
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  Brief statement of assets & liabilities of parent/ guardian/ other co-borrower.

Income proof for self-employed co-applicant/guarantor:

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  Business address proof.
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  Last 2 years IT returns ( If IT Payee).
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  TDS certificate (Form 16A, if applicable).
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  Certificate of qualification (for C.A./ doctor and other professionals).
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  Brief statement of assets & liabilities of parent/ guardian/ other co-borrower
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  Bank account statement for the last 6 months.

How to Apply for a Central Bank of India Education Loan Abroad and India?

Students who are interested in applying for an education loan Central Bank of India must fulfill their set eligibility criteria. There are two ways through which you can apply for a central bank education loan.

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  Online mode: Visit their official website and fill out the application form. This method allows applicants to apply at Central Bank of India education loan online.

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  Offline mode: 

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    Visit the nearby Central Bank of India branch.
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    Select the scheme that suits your needs.
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    Collect and submit the required documents.
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    Wait for the bank's approval or denial.

If you fail to meet the eligibility requirements set by the Central Bank of India for an education loan, there are multiple options available through both prominent public and private banks, some of which offer loans with or without collateral. Additionally, Non-Banking Financial Companies (NBFCs) can also approve loans for studying abroad within a relatively short period, typically ranging from 7 to 10 days.

One viable solution to secure an abroad education loan without any hassle is through GyanDhan, a leading education loan financing platform. We have established partnerships with an extensive network of banks and NBFCs, providing you with a wider array of loan choices to select from. To start your journey with us, check your loan eligibility and leave the rest to us!

Frequently Asked Questions