Central Bank of India Cent Vidyarthi for Executive MBA

Central Bank of India Cent Vidyarthi for Executive MBA Education Loan Scheme

The Cent Vidyarthi for Executive MBA is designed to help students who have gained admission into the Executive MBA programme at a premier institute finance their education. The maximum loan amount is capped at Rs. 20 lakh for unsecured loans whereas a borrower can get a higher loan amount by providing 100% liquid collateral of equal value.

Features of Cent Vidyarthi for Executive MBA Education Loan Scheme

Why this Loan?

• The loan is meant for you if you have gained admission into an Executive MBA program from a premier institute in India
• Central Bank of India is offering a higher loan amount as compared to other banks
• The bank disburses the Central Bank of India Cent Vidyarthi –Executive MBA Education Loan as a series of payments over the required number of terms or years to pay the fees or other approved charges

Cent Vidyarthi for Executive MBA – Loan Amount

• The maximum loan amount is Rs. 20 lakh for an unsecured loan
• The bank also offers the option to increase the loan amount if the borrower can provide a 100% liquid collateral of equal value as the quantum of loan. This is decided by the bank on a case-to-case basis

Cent Vidyarthi for Executive MBA – Interest

• As of October 2020, the interest rate applicable to this loan ranges from 6.85% to 8.25%, depending on the category of the institute as defined by Central Bank.
• Central Bank of India has categorised premier institutes into Schedule A, B and C. Category A institutes have an interest rate range of 6.85% to 7%, Category B institutes get 7.35% to 7.5% while Category C institutes get 8% interest rate
• Girl students and students from SC or ST categories get a 0.5% concession

Cent Vidyarthi for Executive MBA – Repayment

• The repayment moratorium is for the course duration and an additional grace period of 3 months after the completion of the course
• Loans up to Rs. 7.5 lakh: The loan needs to be repaid in 8 years in equated monthly instalments (EMIs) after the moratorium ends
• Loans up to Rs. 7.5 lakh: The loan needs to be repaid in 12 years in EMIs after the moratorium ends

Cent Vidyarthi for Executive MBA – Security Needed

• No collateral security is required
• Assignment of present and future income of the student
• The student must avail a comprehensive life insurance policy matching the loan amount and loan repayment period assigned in favour of the bank. The borrower is required to pay the premium of this life insurance cover regularly
• Parent/guardian must be a co-borrower for this loan for an unmarried student. For a married student, the spouse or in-laws can act as co-borrowers

Cent Vidyarthi for Executive MBA – Eligibility

• The borrower should be an Indian national above 23 years of age
• The student must have at least 2 years of work experience in a government, corporate or multi-national organisation
• The student must have secured admission into an Executive MBA program at a premier institute in India

Eligible Courses

• You can apply for this loan to pursue higher education courses offered by institutes specified by Central Bank of India

Borrower Contribution to Total Cost (Margin Money)

• No margin money is needed to avail this loan

Note: Margin money refers to the amount the borrower contributes to the overall amount required.

Processing and Other Charges

• There are no processing charges for this loan

Cent Vidyarthi for Executive MBA – Uses of the Loan

• The loan amount can be used to pay any fees or other charges that are a part of the standard tuition, hostel or any other institution-approved cost that are necessary to complete the course
• The loan can also be met to cover any travel expenses, study tours and so on

Other Features to Know

• The loan is disbursed directly to the premier institute book seller or publisher, computer seller, and so on and not to the applicant
• The bank may ask for the submission of the student’s progress report at regular intervals during the course

Documents Needed

• Application Form duly filled and signed by applicant and/or guarantor along with details of applicant and/or guarantor and family
• Two Passport Size Photographs of student, applicant and/or guarantor
• Photocopy of PAN Card of the student that needs to be submitted at the time of application or during the course period
• Personal Identification Proofs (Any One): Electoral I-Card, Passport, Driving License, PAN Card or Aadhaar Card
• Residential Address Proof (Any One): Electricity Bill, Landline Telephone Bill, Electoral or Voter ID Card or Passport
• Admission Letter, Course Details and Prospectus
• Fee Details with Demand of Fee by the Institution
• All Proofs of Past Academic Record including Mark Sheets and Certificates
• Copy of Passport since loan is for overseas study
• Relevant documents to avail the interest subsidy schemes, if eligible
• Property or other security documents wherever applicable
• Cheque for processing charges that is refunded on first disbursal of loan

Reference Facts

• Central Bank of India Website: www.centralbankofindia.co.in and www.centralbank.net.in (net banking)
• Headquarters: Mumbai, Maharashtra
• Call Centre Toll-Free Number: 1800 22 1911, 1800 110 001, 1800 180 1111