Cent Vidyarthi-Vocational Education and Training - Central Bank of India Education loan

Cent Vidyarthi-Vocational Education and Training

Purpose Cent Vidyarthi-Vocational Education and Training Scheme for Vocational Education and Training aims at providing financial support from the banking system to those who have the minimum educational qualification, as required by the institution / organization running the course eligible under the scheme. Eligibility The student should be an Indian National. Have secured admission in a course run or supported by a Ministry / Dept./ Organisation 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. to do so. Minimum Age There is no specific restriction with regard to the age of the student to be eligible for the loan. However, if the student was a minor, while the parent executes documents for the loan, the bank will obtain a letter of ratification from him / her upon attaining majority. Quantum of Finance For courses of duration upto 3 months Rs. 20,000/- For courses of duration 3 to 6 months Rs. 50,000/ For courses of duration 6 months to 1 year Rs. 75,000/- For courses of duration above 1 year Rs. 1,50,000/- Margin NIL. Expenses considered for loan Tuition / course fee . Examination / Library / Laboratory fee Caution deposit Purchase of books, equipment and instruments Any other reasonable expenditure found necessary for completion of the course. (As such courses are localized boarding, lodging may not be necessary. However, wherever it has been found necessary, the same could be considered on merits) Rate of Interest Type of Borrower Rate of interest Male Students Base Rate+2.00% Female SC,ST students Base Rate+1.50% Incentive 1% interest concession may be provided by the bank during the moratorium period, if interest is serviced during the study period and subsequent moratorium period prior to commencement of repayment. Interest is calculated at simple basis during Repayment Holiday / Moratorium Period. Interest will be compounded on monthly rests from due date of first installment. Disbursement Payment directly to college / hostel / mess / airlines etc. In appropriate cases disbursement to be made to borrowers subject to satisfactory evidence. Original receipts to be submitted. Moratorium Period Upon completion of the course, repayment will start after a moratorium period as indicated below : For courses of duration upto 1 year- 6 months from the completion of the course. For courses of duration above 1 year- 12 months from the completion of the course. For more information and apply online visit: https://www.centralbankofindia.co.in Repayment The loan will be repaid after the moratorium period in Equated Monthly Installments (EMIs) as follows: Loans upto Rs.50,000/- - Up to 2 years Loans between Rs.50,000/- to Rs. 1 lakh - 2 to 5 years Loans above Rs. 1 lakh - 3 to 7 years.