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Old 7th January 2016, 04:12 PM
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Default IIM Education Loan

I want to get the details regarding Special Education Loan Scheme offered by Central Bank of India to IIM Students?
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Old 7th January 2016, 04:52 PM
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Default 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.

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

Margin Nil

Quantum of finance-

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

Security:

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
Travel expenses
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

IIMs


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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