Cent Tech Vidyarthi

“Cent Tech Vidyarthi” Educational Loan Scheme for financing students of IITs/ NITs.

Student Eligibility

The student should be an Indian National.

Should have secured admission to a higher education at IITs/NITs through Entrance Test/Merit Based Selection process after completion of HSC (10 Plus 2 or equivalent).

Purpose

To provide Educational Loan for students of IITs/ NITs with an opportunity to pursue education with the financial support from the banking system with affordable terms and conditions.

Nature of Facility

Term Loan                              

Quantum of loan

Maximum up to Rs.15 lakh

Co-borrower

Parent or guardian or spouse or parent-in-law.

Security

1. Assignment of Future income of student.

2. Assignment of Life Insurance Policy of student.

Insurance

Policy on life of student to be assigned to Bank. Insurance Premium as a component of loan.

Guarantee

Waived

Institute/ Colleges

13 IITs- Concession in ROI and Margin

Other 10 IITs- No concession In ROI and Margin

AAA Category

  1. IIT, Madras
  2. IIT, Delhi
  3. IIT, Bombay
  4. IIT, Kanpur
  5. IIT, Roorkee
  6. IIT, Kharagpur
  7. IIT, Hyderabad
  8. IIT, Ropar
  9. IIT, Bhubaneswar
  10. IIT, Jodhpur
  11. IIT, Jammu
  12. IIT, Bhilai
  13. IIT, Goa

AA Category

  1. IIT, Guwahati
  2. IIT, Indore
  3. IIT, BHU Varanasi
  4. IIT, ISM, Dhanbad
  5. IIT, Gandhinagar
  6. IIT MAndi
  7. IIT, Patna
  8. IIT, Tirupti
  9. IIT, Palakkad
  10. IIT, Dharwad

B Category

  1. NIT, Tiruchirapalli
  2. NIT, Surathkal (Karnataka)

C Category

  1. NIT, Rourkela
  2. NIT, Warangal
  3. NIT, Calicut

Rate of Interest & Margin

A. Norms for 13 IITs 

ROI- (Repo+1.60%=8.10%)

B. Other 10 IITs 

ROI- (Repo +1.70%= 8.20%)

C. NITs under B Category

ROI- (RBLR+0.95%=10.30%)

D. NITs under C Category

ROI- (RBLR+1.25%=10.60%)

Margin -Nil

Processing Fee
  • No Processing Charges
  • API Integration Charges of Rs.81 +GST to be recovered
  • VLP charges @ Rs 100 + GST are to be recovered from the successful application of the student borrower

Moratorium

Course period plus one year

Repayment

Repayment of the loan will be in equated monthly instalments for a period of Maximum 15 years for all categories after the moratorium period.

Course Expenses

All expenses related to education and lodging to be covered.