Central Bank Loan

Central Bank Education Loan

Disclaimer:

Since the rules, regulations, eligibility conditions, repayments and interests rates etc are revised by the banks from time to time. students and parents are advised to check thoroughly the terms and conditions of educational loan scheme of respective bank on offer at the time of application.

Special Education Loan Scheme to IIM Students

Purpose of Loan:

Concessions/relaxations permitted to students of IIMs and 4 Reputed Institutions.

Eligibility:

Students admitted to IIMs through the Common Admission Test (CAT) and pursuing two year full time management course. The scheme is also applicable to students pursuing full time regular management course (through XAT/CAT) in the four reputed institutes.
The scheme is not applicable for any part time courses or one year courses

Quantum of finance:

Rs.20.00 lakh. More than 20 lacs is allowed provided 100% liquid collateral equal to loan amount given.

Margin: Nil

Security:

No collateral Security.
No third party guarantee.
Assignment of future income of the student. Salary to be routed through account maintained with our branch.

Insurance:

Comprehensive life insurance policy for the student availing Educational Loan to the minimum of loan amount for a minimum period of loan term (i.e., course period + moratorium period + repayment period) assigned in favour of the Bank. Premium to be paid regularly by the borrower.

Rate of Interest:

Male students without joint borrower: Base Rate + 0.50%
Male students with joint borrower: Base Rate
Female/SC/ST/Minority Community students: Base Rate

Expenses considered for loan:

Fee payable to college/ school/ hostel.
Examination/ Library/ Laboratory fee.
Travel expenses
Insurance premium for student borrower, if applicable.
Caution deposit, Building fund/refundable deposit supported by Institution bills/receipts.
Purchase of books/ equipments/ instruments/ uniforms.
Purchase of computer at reasonable cost, if required for completion of the course.
Any other expense required to complete the course - like study tours, project work, thesis, etc.
Visit to foreign universities in Exchange Programme.
Living Expenses upto Rs.120000/- p.a. on declaration basis.

The list of IIMs and 4 other reputed institution:

Sl No.	IIMs
1	Indian Institute of Management, Ahmedabad, Gujarat
2	Indian Institute of Management, Bangalore, Karnataka
3	Indian Institute of Management, Kolkata, West Bengal
4	Indian Institute of Management, Indore, Madhya Pradesh
5	Indian Institute of Management, Kashipur, Uttarakhand
6	Indian Institute of Management, Kozhikhode, Kerala
7	Indian Institute of Management, Lucknow, Utter Pradesh
8	Indian Institute of Management, Raipur, Chattisgarh
9	Indian Institute of Management, Ranchi, Jarkhand.
10	Indian Institute of Management, Rohtak, Haryana.
11	Indian Institute of Management, Shillong, Meghalaya
12	Indian Institute of Management, Trichhy, Tamil Nadu
13	Indian Institute of Management, Udaipur, Rajasthan
	Other 4 Reputed Institutions
1	Xavier Labour Relation Institute (XLRI), Jamshedpur.
2	Xavier Institute of Management, Bhubaneswar (XIMB).
3	SP Jain Institute of Management and Research (SPJMR), Mumbai.
4	Management Development Institute (MDI), Gurgaon.

Additional Institutions:

The above scheme is also applicable to the following Institutions with conditions as under

RAS AL KHAIMAH (RAK), UAE.(Two Year Post Graduate Programme in Management (PGP) through IIM, Indore - studies abroad)
Indian Institute of Management, Indore (for their Branch at Mumbai)
S.P. Jain School of Global Management (Campus at Dubai, Singapore & Sydney - studies abroad)

Conditions:

Co-borrower condition is compulsory.
Tangible Collateral security equal to minimum 100% of loan amount if the loan sanctioned is more than Rs.7.50 lakh.