Re: IIM Education Loan
Central Bank of India is a government-owned bank, is one of the oldest and largest commercial banks in India. It is based in Mumbai, Maharashtra. It is one of 18 Public Sector banks in India. The bank has 4600 branches, 5000 ATM's and 4 extension counters across 27 Indian states and three Union Territories.
Special Education Loan Scheme to IIM Students
Purpose of Loan
Concessions/relaxations permitted to students of IIMs and 4 Reputed Institutions.
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-
More than 20 lacs is allowed provided 100% liquid collateral equal to loan amount given.
No collateral Security.
No third party guarantee.
Assignment of future income of the student.
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
Visit to foreign universities in Exchange Programme.
Living Expenses upto Rs.120000/- p.a. on declaration basis
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.
The list of IIMs and 4 other reputed institution
Indian Institute of Management, Ahmedabad, Gujarat
Indian Institute of Management, Bangalore, Karnataka
Indian Institute of Management, Kolkata, West Bengal
Indian Institute of Management, Indore, Madhya Pradesh
Indian Institute of Management, Kashipur, Uttarakhand
Indian Institute of Management, Kozhikhode, Kerala
Indian Institute of Management, Lucknow, Utter Pradesh
Indian Institute of Management, Raipur, Chattisgarh
Indian Institute of Management, Ranchi, Jarkhand.
Indian Institute of Management, Rohtak, Haryana.
Indian Institute of Management, Shillong, Meghalaya
Indian Institute of Management, Trichhy, Tamil Nadu
Indian Institute of Management, Udaipur, Rajasthan
Other 4 Reputed Institutions
Xavier Labour Relation Institute (XLRI), Jamshedpur.
Xavier Institute of Management, Bhubaneswar (XIMB).
SP Jain Institute of Management and Research (SPJMR), Mumbai.
Management Development Institute (MDI), Gurgaon.
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