Central Bank of India Education Loan: Application, Eligibility, Interest Rate, Documents & Much More.

The Central Bank of India is one of the oldest commercial banks in the Indian subcontinent which also provides the facility of Central Bank of India Educational Loan. It is based in Mumbai which is the financial capital of India and the capital city of the state of Maharashtra. Central Bank of India has a joint venture with Bank of India, Bank of Baroda, and the Zambian government. The Zambian government holds 40 per cent stake and each of the banks has 20 per cent. If you want Education Loan to pursue higher studies from Abroad or India, You are at the right place to collect every aspect of information related to Education Loan in India.

Read this full post on Central Bank of India Education Loan for information Like Eligibility, How to apply, Interest Rates, Documents Needed, Different aspects of Education Loan, Interest Rates, Return Policy, General Instructions etc. Throughout the article, we will share information regarding Central Bank of India Educational Loan it’s Process to Apply and full detailed Information.

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Central Bank of India Education Loan

The major aim of the bank is to ensure anywhere and any time banking for the customer with the latest state-of-the-art technology. The Bank is very serious about its Education Loan Facility and by developing an effective customer-centric relationship it promises to emerge as a world-class education Loan provider. Before we share further, let us first have a brief review of the Bank.

Brief Review

Name of Bank Central Bank of India
Founded on21 December 1911
HeadquarterMumbai, Maharashtra, India
Type of Bank National Bank
Number of Employees37,162 (2016)
CEO NamePallav Mahapatra
Maximum Loan Amount • Studies in India:- Rs 10.0 Lacs
• Studies in Abroad:- Rs 30.0 Lacs
Timeline for Loan DisposalMaximum 15 Working days
Annual Revenue₹2,526.68 crore (US $ 350 million) (2018)
Processing FeesNo Processing Fee will be charged
Other SubsidiariesCent Bank Home Finance Ltd. Central Bank of India, Asset Management Arm Centbank Financial Services Ltd.
Category Education Loan in India

Types of Central Bank of India Education Loan

S.no.Types of LoanDescription
1.Cent VidhyarthiThis Scheme is students who have secured admission to a higher education course in recognized institutions in India or Abroad through Entrance Test/ Merit Based Selection process after completion of HSC (10 plus 2 or equivalent). The maximum amount of  Loan sanctioned can be  Rs. 10 Lakhs for studies in India and Rs. 20 Lakh for Studies in Abroad.
2.Cent Vidhyarthi for Executive MBAThis Scheme is for Students who have secured admission or intimation of final selection to Executive MBA programme of a reputed institution in India or abroad. One can avail a loan till Rs. 20 Lakhs.
3.Cent Skill LoanThe scheme is for students who have secured admission in a course run Govt Organization or supported by National Skill Development Corporation or State Skill Missions / State Skill Corporations, preferably leading to a certificate/diploma /degree, etc. One can avail a loan from Rs. 50000 to 1.5 Lakhs
4.Cent Vidhyarthi-IIHMsThis Scheme is for students who have secured admission in IIMs and 4 Reputed Institutes. The loan can be sanctioned of Rs. 30 lakhs
To Check List Click Here

How to Apply


  • Visit official Web Site of Central Bank of India (Click Here)
  • Find the Educational Loan Section Apply now Button
  • Fill the Online Application Form and submit it.


  • Visit the nearest branch of Central bank of India to get offline Education Loan form.
  • You may also download the form from official web handle.
  • Submit the Application Form to Nearest Branch along with document needed.


  • The applicant should be an Indian national.
  • Applicant must have secured admission in a recognized educational institution.
  • Applicant should have obtained admission in a government certified training institute.

Documents Needed

  • Mark sheet of last qualifying examination for school and graduate studies in India
  • Academic Records: 10th Result, 12th Result, Graduation result-semester Wise (if Possible) Entrance Exam Result through which admission is being taken
  • Proof of admission: Offer Letter or Admission Letter from the Institution.
  • Schedule of expenses for the course
  • Copies of the letter confirming scholarship, etc.
  • Copies of foreign exchange permit, if applicable.
  • Passport size photographs

Expenses Considered

  • Tuition and course fee
  • Examination, library and laboratory fees
  • Caution deposit
  • Cost of books, Uniforms, Equipment and other instruments.
  • Travel Expenses

Return Policy and Repayment Period

  • In the case of Central Bank of India Education loan, repayment will start after the completion of course period + 1 Year (Moratorium Period) or 6 months after securing job whichever is earlier.
  • Maximum repayment period up to 10 years for loans up to Rs.7.50 lakh
  • Maximum repayment period up to 15 years for loans above Rs.7.50 lakh. Repayment on EMI basis.

Central Bank of India Education Loan EMI Calculator

EMI Calculator is used for calculating the periodic payment amount due on a loan. For calculating EMI one must input data like Amount, Interest Rate, tenure, Processing Fee etc.

  • If you want to calculate EMI for Central Bank of India Educational Loan: Click Here

Central Bank of India Education Loan Security

  •  Up to Rs. 4 Lacs
    • Co-obligation of parents
    • No security
  •  Above Rs. 4 lacs and up to Rs.7.50 Lacs
    • Besides the Parent(s)/guardian executing the documents as joint borrower(s), collateral security in the form of suitable third party guarantee will be taken along with the assignment of future income of the student for payment of instalments.
  • Above Rs.7.5 lakhs
    • Parent(s)/guardian to be joint borrower(s). Tangible collateral security of minimum value equivalent to the loan amount.

Contact Details

Head office Central Bank of India Chander Mukhi, Nariman Point
Mumbai – 400 021
Official websitewww.centralbankofindia.co.in
Apply for Loan Click Here
Contact Number1800-22-1911, Tel.: 022 – 6638 7777

Educational Loans FAQs

Q1. Who can be my co-borrowers?

Ans. Your parents/guardian can be a co-borrower as well as the spouse in case of a married applicant. The co-borrower should have a steady source of income and a good credit history in order to improve the applicant’s chances of a successful loan application.

Q2. How long does it take to process Educational Loan?

Ans. Generally, the time taken for the education loan to process is somewhat between 7-10 working days. Often, the whole process can be easily completed within 3 to 5  Working days, once the student fulfils all documentation.

Q3. What all expenses will be covered by education loans?

Ans. Apart from the tuition fees, other aspects of expenses such as hostel charges, equipment purchases and other course-related expenses may also be covered by the education loan.

Q4. What are the courses for which an education loan can be availed?

Ans. An education loan can be availed for all courses recognized by the UGC in case of India and all regular courses abroad. Each lender has its own list of educational institutions and courses that they would provide a loan for whether overseas or within India.

Q5. Can a student avail another loan for further studies?

Ans. Yes, this is possible. You can borrow a loan for a bachelor’s degree followed by one for master’s without repaying the first loan. This loan can be taken as a top-up loan against the already existing loan; however, it is subject to the lending bank’s discretion and the internal rules and regulations of the lender.

Q6. Do education loans have any Income Tax benefits?

Ans. Loan borrowers can avail tax benefits on interest paid on education loan under Sec 80E of the Income Tax Act. This benefit is available over and above the Rs. 150,000 deduction allowed under Section 80C. Tax benefits can be availed once the borrower starts paying the interest on the education loan. Further, the deduction is available until the borrower pays off the full interest amount on the loan or for a maximum period of 8 years, whichever is earlier.

Q7. Why do banks require an insurance policy?

Ans. Banks usually prefer that students avail a life insurance policy equivalent to, or more than, the loan amount. The policy acts as a security feature and forms a part of the collateral. In case of the untimely demise of the borrower, the bank recovers the outstanding loan amount from the student’s life insurance policy and the remaining amount, if any, is paid out to the beneficiary of the policy.

Q8. Is any incentive available for a girl student applying for education loan?

Ans. Banks generally provide a 0.5% concession on the applicable education loan interest rate to girl students pursuing higher education in India and abroad.

Q9. Are there any special privileges for students of SC/ST category who avail education loans?

Ans. Yes, eligibility criteria and loan margins on education loan are relaxed for Scheduled Caste/Scheduled Tribe students availing education loans in India. The eligibility criteria are lowered from first/second class to pass class for SC/ST category students seeking education loan for graduate and postgraduate studies, while, margin money is sometimes lowered than the regular percentage or nil.

Q10. Where can I avail on Central Bank of India education loan?

Ans. The loan is available from all branches in metro/urban areas as well as those having personal banking divisions.

Best of Luck!

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