Central Bank of India Education Loan

Studying soon? The Central Bank of India offers education loans at 7%. Just a few documents and you’re on your way to approval.

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To kickstart your education loan process, you need to share your documents with your bank. We recently published an article listing all the documents you'll required for education loan . Take a look to get a clear idea. Here's a rundown of basic documents required for a Bank of Maharashtra education loan: Proof of identity (Aadhaar Card, Voter ID, Passport, Driving License, etc.) Proof of address (Aadhaar Card, Voter ID, Passport, Driving License, etc.) Proof of admission (Admission letter from the institution) Academic records (Mark sheets of 10th, 12th, and graduation, result of the entrance exam through which admission is being taken e.g. CAT, GRE , TOEFL , IELTS , etc.) Last three months' pay stubs or a salary certificate on company letterhead Last two years' Form 16 from your employer Income Tax Return (ITR) filed for the last 2 years Balance sheet and profit and loss account for the last three years (if the co-applicant is self-employed) Affidavit of the property collateral owner (on Rs. 20 or 100 stamp paper) Additional cheque for the attorney and evaluator charges (if done by the bank) Letter outlining the gap sample on stamp paper costing Rs. 100 By creating a personalized document list that considers your individual profile and requirements, we can assist you in saving time and avoiding enrollment issues or delays. Read More

Central Bank of India offers an EMI calculator on its website, yet we highly recommend utilizing the Subraxo Education loan EMI calculator . This tool provides a comprehensive breakdown of your repayment statistics, encompassing: EMI amount. Interest component in the EMI. The principal amount was repaid towards the loan. Outstanding loan amount. For instance, to calculate the EMI for a Central Bank of India : Imagine you've availed a Rs. 8 lakhs loan for a 36-month course duration. At an 8% annual interest rate, with a 15-month moratorium, where payments aren't required during study and moratorium periods, follow these steps: Compute the total amount due after the moratorium period: Total due = Loan amount + (Loan amount * Interest rate * Moratorium period / 12) Total due = 8,00,000 + (8,00,000 * 8 * 15 / 100) Total due = Rs. 9,60,000 Calculate the EMI using this formula: EMI = [P x R x (1+R)^N]/[(1+R)^N-1] Where, P = Principal amount (loan) R = Monthly interest rate N = Tenure (in months) Monthly interest rate = Annual interest rate / 12 Monthly interest rate = 8 / 12 = 0.6667% Tenure = Course period + Moratorium period Tenure = 36 + 15 = 51 months EMI = [8,00,000 x 0.6667% x (1+0.6667%)^51]/[(1+0.6667%)^51-1] EMI = Rs. 19,869 Thus, your EMI for the Central Bank of India education loan would be Rs. 19,869. Central Bank of India extends a 15-year repayment period, starting immediately after the moratorium ends. Students receive an education loan sanction letter containing the prevailing effective interest rate, repayment terms, EMI amounts, outstanding loan balance, and other essential parameters. While monthly instalments cover the repayment period, students can expedite loan cl

To Apply Online: Go to the Central Bank of India's website, select the "Cent Vidyarthi" section, or you can apply directly on the Subraxo official portal and click "Apply Now". Fill in your info, contact details, academic records, course & loan details. Upload necessary documents: ID, address proof, income proof, academic records, admission letter, and fee structure. Submit the form online, and keep a printout for your records upon receiving an acknowledgement. For Offline Application: Visit the nearest Central Bank of India branch using the bank's branch locator on its website. Collect the education loan application from the bank's staff and fill in all required details. Attach clear copies of documents (ID, educational records, admission letter, etc.) with the form. Submit the completed form to the bank's staff for processing. They'll assess your eligibility based on provided info and additional factors like your university, grades, and collateral if applicable. Our goal at Subraxo is to empower students with the resources and support they need to achieve their educational goals, and reducing the loan margin is just one of the many ways in which we are working towards this mission.