Cent Tech Vidyarthi

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

Student Eligibility

The student should be an Indian National.

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

Target Group

Education loan for students of IITs.

Nature of Facility

Term Loan                              

Purpose

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

Quantum of  loan

Maximum up to Rs.15 lakh

Margin
  1. Up to Rs.4.00 lakh     -  NIL
  2. Above Rs.4.00 lakh   -  5%

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

Rate of Interest
  • Repo Rate+2.05=7.95% Presently
  • Simple interest during moratorium period, and compounded thereafter.

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 installments 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.

Documents required  for educational loan under Cent Tech Vidyarthi Scheme

 

 

  1. Documents (Borrower) required for compliance of KYC norms i.e. identity and address proof, which may be any or more of the following;
  1. PAN Card
  2. Voter ID
  3. Pass Port
  4. Aadhaar Card
  5. Identity Card issued by any Government Department/Government Agency.
  6. Identity Card issued by the College/Educational Institution.
  7. For address proof: Telephone Bill/Electricity Bill/Ration Card/Property Card.

 

  1. Copy of Education Qualification Certificates of the student including Mark Sheets.
  2. Copy of admission/selection in IIT College.
  3. Estimates of expenses from the IITs with year wise and item wise break up.
  4. Assets and Liabilities Statement of parent/s (wherever required)