University of Manchester
United Kingdom
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| Interest Rate | Starts at 9.45% |
| Loan Amount (Collateral) | Upto ₹200 Lac |
| Loan Amount (Without Collateral) | Upto ₹7.5 Lac |
| Processing Fees | starts 1% |
| Processing Time | 25 working days |
| Loan Tenure | up to 15 years |
| Margin | 85% Funding |
| Prepayment Charges | Zero |
| Moratorium Period | Course + 1 year |
| Admit Letter | Required |
| Tax Benefits | Yes |
| Type | Bank |
The Education Loan by the Central Bank of India primarily has four schemes, which cater to the maximum requirements of students aiming to Study in India or Abroad. Here are the following schemes.
| Scheme | Applicable For |
|---|---|
| Cent Vidyarthi | Abroad & India |
| Education Loans to students for pursuing MBA from IIMs & other premier management institutes |
India |
| Cent Skill | India |
The Central Bank of India has launched a dedicated scheme for Study Abroad aspirants and named it the 'Cent Vidyarthi' scheme. Under this scheme, they provide a Secured Education Loan of up to Rs 2 Crore and an Unsecured Loan of up to Rs 7.5 lakhs for Study in Top Universities Worldwide. The floating interest rate for the Bank of India Education Loan starts at 9.45% and increases to 9.75%. Likewise, other Banks and NBFCs are providing a Moratorium period of the course duration plus one year's grace period and a Loan tenure of 15 years.
Currently, the Central Bank of India offers a maximum of ₹7.5 lakhs for an unsecured education loan and requires collateral for higher amounts exceeding this limit.
| Secured Loan Amount | ₹2 Crore |
|---|---|
| Unsecured Amount | ₹7.5 Lacs |
| Interest Rate | 9.45% - 9.75% |
| Insurance | Life Insurance of the Student in favour of Bank for the complete tenure of Loan |
| Moratorium Period | Course Duration + 1 year |
| Tenure | 15 years + Course Duration + 1 year |
Here is the list of expenses covered by Central Bank of India for an Education Loan
Here is the basic Eligiblity Criteria for Study Abroad Education Loan by Central Bank of India.
Here is the list of basic charges involved in Central Bank of India Study Abroad Education Loan
| Description | Charges |
|---|---|
| Processing Fees | 1% (Max ₹15,000) |
| Life Insurance | Varies |
| Collateral Valuation | Varies |
The Central Bank of India charges a processing fee of 1% of the Sanctioned Loan amount up to a maximum of Rs 15,000. Regarless of disbursment status, the processing fees are Non-Refundable.
| Scheme | Charges |
|---|---|
| Study Abroad Education Loan - Cent Vidyarthi | 1% upto ₹15,000 |
The Central Bank of India has a margin policy of 15% for Study Abroad Education Loans under the Cent Vidyarthi Scheme for Loans above ₹7.5 Lacs. So, you have to pay 15% of the total cost of Education. If the student has a Scholarship awarded by the University or any organisation, it will be counted in the margin from the student's side. The margin needs to be brought on a year-on-year basis or at the time of disbursement on a pro-rata basis.
For Example, the total cost of Education, including Tuition Fees, Living, and Travelling Expenses, is Rs 60 Lacs. The bank will approve a maximum of Rs 51 Lacs, with the student or co-borrower covering the remaining Rs 9 Lacs.
| Loan Amount | Margin Money |
|---|---|
| up to ₹4 Lacs | NIL |
| more than ₹4 Lacs | 15% |
The Central Bank of India has an Interest Rate of 9.45% for Top Rated Management / Engineering / Medical Institutions Abroad under D category with Collateral Security.
| Loan Amount | |
|---|---|
| Up to ₹7.5 Lacs | 9.45% |
| Above ₹7.5 Lacs | 9.75% |
*(As of 1st July 2025)
Concession for Female Students
Female students are eligible for a 0.50% concession in the Interest Rate for Loans up to ₹7.5 Lacs.
Concession for Servicing Simple Interest
As a basic objective of the Education Loan, the student is given a Moratorium period of the Course Duration and a grace period of 1 year in Central Bank. If the student or co-borrower chooses to pay the accrued Simple Interest during that period, then they are eligible for 1% discount on the Interest Rate as a concession.
Connect with our Education Loan Expert and get your application processed within 3-4 working days*
Check Eligibility For FreeWhen applying for an education loan through Abroad Cube, you can expect higher chances of approval as our expert will verify the documents before submission and suggest better alternatives for higher approval.
Using the latest technology and years of experience, we expedite the application process by 65%, reducing overall processing time. Applying using the exact required documents with the eligible lender is the key to getting an application processed in record processing time.
Our Education Loan Expert will send you a Personalized Document Checklist, removing all unnecessary documents, easing the process and giving you peace of mind.
We will help you get Comparable, Negotiated and best-suited Education Loan deals, saving you up to Rs 3 Lakhs. The major negotiable components are Interest Rate and Processing Fees.
We are not charging any service fees for helping with the Study Abroad Education Loan. Also, there are no hidden fees involved, which is guaranteed. For each approval, we get paid a referral fee by Central Bank of India without any additional charge to students.
Here is the standard document checklist for getting an education loan from Central Bank of India or other lenders. The bank or NBFC might ask for additional documents or information based on the application to ease the process.
The Education Loan documents may vary based on individual applications. If you are missing any required documents, please contact our Loan Expert for help!
Start by checking your eligibility on Abroad Cube's website or reach out to us via WhatsApp or phone. The Eligibility criteria include Country acceptance, University and course ranking, Academics, Credit Score and history, co-applicant and Collateral requirements, etc.
Once you pass the basic Eligibility Criteria, the next step will be Documentation. Our Education Loan Expert will send you a personalized Document Checklist of Central Bank of India and help you arrange, sort and suggest alternatives, if any. Before sending documents to the Central Bank of India, we ensure that all documents are in order according to the required Checklist to expedite the application login process.
Our Education Loan Expert will choose the best lenders from the pool of 12+ options to get you the best-suited deal. They will follow up with concerned Lender Relationship Managers for Application Login and further processing. The lender process will include getting consent, address verification, and a small telephonic interview with the Credit Manager before the final decision.
The sanction letter will be released within 24 hours once you pay the processing fee to the Bank via acceptable payment methods. Afterwards, you may proceed with the Study Visa process or request Pre-Visa disbursement. You can also ask for reimbursement if you have already paid the Tuition Fees or Living Expenses via other means. Once you complete the banking formalities, the loan amount will be disbursed into the Bank Account
You may apply for Central Bank of India Education Loan by visiting their local bank branch or contacting their customer support team. But Abroad Cube will help you get a hassle-free Education Loan from your comfort at the best Interest Rate and record processing time at Zero Service Charges.
Abroad Cube is an Online Study Abroad Marketplace that has onboarded 12+ Banks and NBFCs to ease the process of getting the best deal for an Education Loan in minimal processing time. To get started, Check your Eligibility and share your Documents by Email or WhatsApp to expedite your application process.
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