Cent Vidyarthi Scheme Launched By Central Bank of India for 2024

Cent Vidyarthi Scheme:- The Central Bank of India has launched the Cent Vidyarthi education loan scheme. Through this scheme, the government is going to provide education loans to the students so that all the students will be able to get access to a good education. Today through this article we are going to provide you with complete information regarding the Cent Vidyarthi scheme launch by the Central Bank of India. Cent Vidyarthi Scheme will cover the procedure to apply under the scheme. Other than that you will also get to know about other important aspects of this scheme like its objective, benefits, features, eligibility, application procedure, etc. So if you are interested in getting the benefit of this scheme then you are requested to go through this article very carefully till the end

Importance of Cent Vidyarthi Scheme

Cent Vidyarthi scheme has been launched in order to provide education loans to students. Under the scheme, the government is going to provide education loans for MBA, medical, and engineering courses. The government is going to provide a loan of up to Rs 10 lakh for studies in India and up to Rs 20 lakh for studies abroad in exceptional cases. The government is going to provide loans up to Rs 200 lakh. The loan amount should be backed by 100% liquid security. Collateral security refers to an asset that can be easily converted into cash or physical assets. The loan amount will be paid directly to the educational institution, bookseller, computer seller other organisation involved in the education process. If the borrower provides satisfactory evidence then the bank will give the loan money directly into the borrower’s account. The maximum rate of interest under the scheme is 11.50%

also read:- Inspire Scholarship 

The objective of the CBI Cent Vidyarthi Scheme

• The main objective of the Cent Vidyarthi scheme is to provide financial assistance for education
• Under the scheme, The Central Bank of India will provide educational loans up to Rs 200 lakh
• The loan should be backed by collateral security
• Now students will not be required to depend on anyone in order to finance their education
• Easy loans will be provided under the scheme
• This scheme will improve the standard of education
• Other than that the literacy ratio will also be improved

Key Highlights of Cent Vidyarthi Scheme

Name of the scheme	Cent Vidyarthi Scheme
Launched by	Central Bank of India
Beneficiaries	To provide an education loan
Objective	To provide an education loan
Official website	Cent Vidyarthi Site
Year	2024

Eligibility Criteria

• Applicant must be a permanent resident of India
• Candidate must have secured admission to a higher education course in a recognized institution in India or abroad
• The student should have secured the minimum 50% marks in the qualified examination
• In case there is no entrance test or merit-based selection process admission will be based on qualifying examination marks
• Admission should be based on the entrance test of a merit-based selection process after completing class 12 or an equivalent qualification

also read:- PFMS Scholarship 

What is an Education Loan?

An education loan is an amount that is borrowed for pursuing education by the student. A lot of bands and financial institutions of education loans to the aspirants at a very competitive price in order to provide them with quality education. These education rules are provided on or without collateral security by different banks. Generally, the time period of an education loan is 5 to 7 years. The interest rate of education loans varies as per the bank. The amount of the education loan is directly paid to the university at the start of the semester by the bank. Education loan also covers all other expenses such as library fees, cost of books laboratory fees, etc. Generally, a smaller amount of education role does not require any collateral security.

Type of Education Loan Covered Under Cent Vidyarthi Scheme

• Education loan for pursuing management courses
• Education loan for pursuing medical courses
• Education loan for pursuing engineering courses
• Education loan for other courses

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Expenses Covered under Cent Vidyarthi Education Loan

• Fee payable to college/school/hostel
• Examination/Library/Laboratory fee
• Travel expenses/passage money for studies abroad
• Insurance premium for students/borrowers, if applicable
• Caution deposit, building fund/refundable deposit supported by Institution bills/receipts
• Purchase of books/equipment/instruments/uniforms
• Purchase of computer at reasonable cost, if required for the completion of the course
• Any other expense required to complete the course like study tours, project work, thesis, etc.

Cent Vidyarthi Scheme Rate of Interest

Categories	ROI*
	REPO*/ RBLR* + Spread	Effective ROI*
Cent Vidyarthi Loan for education in  Top Rated Management/ Engineering/Medical Institutions Abroad under the D category with Collateral Security	Repo + 1.60%	8.10%
Education loans to Students Pursuing MBA/Engineering courses  (Under Cent Tech Vidyarthi)  from IIMs/IITs & other  Premier Management Institutes &  under AA category	Repo + 1.70%	8.20%
Education loans to Students Pursuing MBA/Medical/Engineering courses  from Reputed Institutes under A category with collateral Security	RBLR-0.35%	9.00%
Education loans to Students Pursuing MBA/Medical/Engineering courses  from renowned Institutes under B category with Collateral Security	RBLR+1.25%	10.60%
Education loans to Students Pursuing MBA/Medical/Engineering courses  from other popular Institutes under the C category with Collateral Security	RBLR+2.15%	11.50%
Cent Vidyarthi Loan for education in  Top Rated Management/ Engineering/Medical Institutions Abroad under D category with Collateral Security	RBLR+1.25%	10.60%

Required Documents

For salaried Individuals

• Income tax return for the previous two years
• Form 16
• Salary slip of past 3 months
• Bank statement for the last 6 months

For non-salaries individuals

• Income tax return for the previous two years
• Audited balance sheet
• Bank statement of the previous year

Other documents required

• Admission proof
• Certificate of class 10th and 12th
• Fee structure details
• Receipt of payment made
• Entrance exam score

Processing Fees Of Cent Vidyarthi Scheme

• The students who are studying in India are not required to pay any processing fees
• Those students who want to study abroad will have to pay one percent of the total loan amount as processing fees
• This processing fee will be calculated to be a maximum of 15000
• The processing fees will be nonrefundable in nature

Margin Amount Of Cent Vidyarthi Scheme

• Up to INR 4 lakh- 0% margin money to study in India and abroad
• Above INR 4 lakh- 5% margin money to study in India
• Above INR 4 lakh- 15% margin money to study abroad

Cent Vidyarthi Scheme Online Application Process

• First of all, you have to go to the official Cent Vidyarthi website of the Cent Vidyarthi scheme

• The home page will appear on your screen
• On the homepage, you are required to click on register
• Now you will be redirected to a registration page
• You have to enter all the required details in order to register
• After that, you have to log on to the portal
• Now you have to click on the Cent Vidyarthi scheme application
• The application form will appear on your screen
• In this application form, you have to enter all the required details
• Now you have to upload all the required documents
• After that, you have to click on submit
• By following this procedure you can apply under the Cent Vidyarthi scheme

Offline Application Process

• First of all, go to the nearest bank branch of the Central Bank of India
• Now ask for the Application form from there
• Fill in all the required details in this application form
• Now you have to attach all the required documents
• After that, you have to submit this form to the same bank branch
• By following this procedure you can apply under the Cent Vidyarthi Scheme

FAQs