Cent Vidyarthi Scheme – Central Bank Offers up to INR 20 Lakh Education Loan

The Cent Vidyarthi Education Loan Scheme is an initiative by the Central Bank of India. This scheme offers undergraduate and postgraduate students education loans of up to INR 20 lakh to pursue higher studies in India and abroad at a maximum interest rate of 11.50%.

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Under the Cent Vidyarthi scheme, eligible students who wish to pursue MBA, medical, and engineering courses can borrow up to INR 10 lakh for studies in India, and up to INR 20 lakh for studies abroad. However, in exceptional cases, a loan of up to INR 200 lakh (INR 2 Crore) may be considered or approved on a case-by-case basis by delegated authority, based on merit, provided that the loan amount is backed by 100% liquidity or collateral security. Here, liquidity/collateral security refers to assets that can be easily converted into cash or physical assets used as a guarantee for a loan.

Under this scheme, the loan amount is paid directly to the educational institution, booksellers, computer sellers, or other organizations involved in the education process. Nevertheless, if the borrower can provide satisfactory evidence, such as original receipts, banks may give the loan money directly to the borrower’s account.

Students can start repaying their loans one year after they finish their courses. But if a student gets a job right after they finish school, they can start repaying their loans six months after they start working.

This article covers everything you need to know about the Cent Vidyarthi education loan, including eligibility criteria, participating universities, required documents, and other important details.

Cent Vidyarthi Education Loan – Highlights

Name of the Scheme Cent Vidyarthi Scheme
Provider Central Bank of India
Official Website centralbankofindia.co.in
Beneficiaries Indian citizens with confirmed admission to recognized institutions for professional/technical courses are eligible. This includes both newly admitted students and those who intend to pursue higher qualifications while being employed.
Benefits Educational loans up to INR 2 crore
Maximum rate of interest 11.50%
Application Mode Online/offline
Loan Repayment Period 1 year after course completion/6 months after the job

Cent Vidyarthi Education Loan – Participating Institutions

The Cent Vidyarthi education loan scheme partners with prestigious management, medical, pharmacy, and engineering colleges, which include: 

Management Institutions

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  • Indian Institute of Management, Gujarat
  • Indian Institute of Management, Karnataka
  • Indian Institute of Management, West Bengal
  • Indian Institute of Management, Madhya Pradesh (including Mumbai campus)
  • Indian Institute of Management, Uttarakhand
  • Indian Institute of Management, Kerala
  • Indian Institute of Management, Uttar Pradesh
  • Indian Institute of Management, Chhattisgarh
  • Indian Institute of Management, Jharkhand
  • Indian Institute of Management, Haryana
  • Indian Institute of Management, Meghalaya
  • Indian Institute of Management, Tamil Nadu
  • Indian Institute of Management, Rajasthan
  • Indian Institute of Management, Maharashtra
  • Xavier Labour Relations Institute Jamshedpur
  • Xavier University, Bhubaneswar, Odisha
  • SP Jain Institute of Management and Research, Mumbai
  • Management Development Institute, Gurgaon
  • Post Graduate Program in Management/MBA at IIT Delhi
  • Post Graduate Program in Management/MBA at IIT Bombay
  • Post Graduate Program in Management/MBA at IIT Roorkee
  • Post Graduate Program in Management/MBA at IIT Madras
  • Post Graduate Program in Management/MBA at IIT Kanpur
  • Indian Institute of Management, Amritsar, Punjab
  • Indian Institute of Management, Bodhgaya, Bihar
  • Indian Institute of Management, Sirmour
  • Indian Institute of Management, Visakhapatnam

Medical Institutions

  • AIIMS and other Government Medical Colleges
  • Grant Medical College, Mumbai
  • Madras Medical College, Chennai
  • SRM Medical College Hospital and Research Centre, Kattankulathur
  • KGMU (King George’s Medical University), Lucknow
  • Christian Medical College, Vellore
  • National Institute of Mental Health and Neurosciences, Bengaluru
  • Banaras Hindu University, Varanasi
  • Jawaharlal Institute of Postgraduate Medical Education & Research, Pondicherry
  • Post Graduate Institute of Medical Education & Research, Chandigarh
  • Amrita Centre for Nano Science and Molecular Medicine, Kerala
  • Kasturba Medical College, Manipal and Kasturba Medical College, Mangaluru
  • Sanjay Gandhi Postgraduate Institute of Medical Sciences, Lucknow
  • Sree Chitra Tirunal Institute for Medical Sciences and Technology, Thiruvananthapuram
  • Institute of Liver and Biliary Sciences, New Delhi
  • St. John’s Medical College, Bengaluru

Engineering and Other Institutions

  • Birla Institute of Technology & Sciences (BITS), Rajasthan
  • BITS (Pilani), Goa
  • BITS (Pilani), Hyderabad
  • Indian Institute of Corporate Affairs, Haryana
  • Indian Institute of Foreign Trade, Delhi
  • Indian Institute of Foreign Trade, West Bengal
  • Indian School Of Mining, Jharkhand
  • Kasturba Medical College, Karnataka
  • Kasturba Medical College, Karnataka
  • Manipal Institute of Technology, Karnataka

Global Management Institutions

  • Stanford Graduate School of Business, U.S.A.
  • Harvard Business School, U.S.A.
  • Wharton School, University of Pennsylvania, U.S.A.
  • HEC, France
  • London Business School, U.K.
  • MIT Sloan School of Management, U.S.A.
  • IE Business School, Spain
  • Columbia Business School, U.S.A.
  • INSEAD – Paris, France/Singapore
  • IESE Business School, Spain
  • UC Berkeley Haas School of Business, U.S.A.
  • Cambridge Judge Business School, U.K.
  • Chicago Booth School of Business – Chicago, IL, U.S.A.
  • Northwestern Kellogg School of Management – Evanston, IL, U.S.A.
  • UCLA Anderson School of Management – Los Angeles, CA, U.S.A.

Global Medical Institutions

  • Harvard University, U.S.
  • University of Oxford, U.K.
  • Stanford University, U.S.
  • University of Cambridge, U.K.
  • Johns Hopkins University, U.S.
  • University of California, U.S.
  • University College London, U.K.
  • Imperial College London, U.K.
  • Yale University, U.S.
  • University of Toronto, Canada
  • Massachusetts Institute of Technology, U.S.
  • Karolinska Institute, Sweden
  • University of California, U.S.
  • Columbia University, U.S.
  • University of Pennsylvania, U.S.

Global Engineering Institutions

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  • Massachusetts Institute of Technology, U.S.
  • University of Cambridge, U.K.
  • University of Oxford, U.K.
  • Nanyang Technological University, Singapore
  • Stanford University, U.S.
  • ETH Zurich, Switzerland
  • National University of Singapore, Singapore
  • Imperial College London, U.K.
  • University of California, U.S.
  • Delft University of Technology, Netherlands
  • EPFL Lausanne, Switzerland
  • Harvard University, U.S.
  • Polytechnic University of Milan, Italy
  • Tsinghua University, China
  • California Institute of Technology, U.S.

Please note – To read other information about Cent Vidyarthi education loan for IIM students, please refer to the official document released by the Central Bank of India’s regional office.

Cent Vidyarthi Education Loan – Eligibility Criteria

To be eligible for the scheme, students must meet the below-mentioned criteria:

  • The applicants must be Indian nationals.
  • Candidates should have secured admission to a higher education course in recognized institutions in India or abroad.
  • Admission should be based on an entrance test or a merit-based selection process after completing Class 12 or an equivalent qualification.
  • In cases where there is no entrance test or merit-based selection process, admission will be based on qualifying examination marks.
  • The student should have scored a minimum of 50% marks in the qualifying examination.

Note – Candidates who come under the Schedule Caste (SC) or Scheduled Tribe (ST) categories are eligible for a 10% relaxation in the minimum qualifying marks.

Cent Vidyarthi Education Loan – Benefits

  • INR 10 lakh for students pursuing higher education in India
  • INR 20 lakh for students pursuing higher education abroad

Note: Loan amount of up to INR 20 lakh can be considered/sanctioned on a case-to-case basis by the concerned authority on merits, subject to the condition that the loan amount is backed by 100% collateral security.

Additional Expenses Covered under Cent Vidyarthi Education Loan

The loan amount includes the following expenses:

  • Fee payable to college/school/hostel
  • Examination/Library/Laboratory fee
  • Travel expenses/passage money for studies abroad
  • Insurance premium for student/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.

Margin Amount

The margin amount is the amount that the borrower needs to contribute from their own funds. Candidates must fulfil the following margin as per the percentages mentioned below:

  • 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 Education Loan – Interest Rate

The interest rate for the Cent Vidyarthi scheme is determined on the basis of the Repo-Based Lending Rate (RBLR) of the bank which varies from course to course.

Cent Vidyarthi Education Loan - Interest Rate

 Interest rates for different categories of Cent Vidyarthi Education Loan Scheme

In the above graph, each category is shown along with its corresponding interest rate, including the repo rate (Repo) or the repo-based lending rate (RBLR), and the effective interest rate. 

As per the bank guidelines, the rate of interest offered by this scheme are:

Categories  ROI*
REPO*/ RBLR* + Spread Effective ROI*
Education loans to Students Pursuing MBA from IIM Institutes under AAA category  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%

*[Rate of Interest (ROI) = REPO (Repurchase Agreement)/ RBLR (Revised Repo Based Lending Rate or Base rate) + Spread]


  1. The bank may provide a 1% interest reduction on education loans if the interest is paid during the entire study period, including the moratorium period before repayment begins.
  2. Throughout the repayment holiday or moratorium duration, interest will be calculated using the method of simple interest. However, the interest will be calculated using the compound interest method once a month, which will begin from the due date of the first instalment.

Please note – As per the present rate of interest, female students and students belonging to SC/ST categories are eligible for a concession of 0.50% in the rate of interest. This concession is applicable for loans up to INR 7,50,000. It means that these eligible students will receive a reduced interest rate compared to other borrowers.

Cent Vidyarthi Education Loan – Documents Required

While applying for the Cent Vidyarthi education loan scheme, certain documents are required to complete the application process. These documents include:

For Salaried Individuals:

  • Income Tax Returns (ITR) – The applicant must submit their filed income tax returns for the previous two financial years.
  • Form-16 – A certificate issued by the employer that provides details of the employee’s salary, deductions, and taxes paid.
  • Salary Slips – The applicant should provide their payslips from the past three months, which indicate the monthly salary and deductions.
  • Bank Statements – The applicant needs to provide their bank statements for the last six months, which reflect income credits and other financial transactions.

For Non-salaried Individuals

  • Income Tax Returns (ITR) – Non-salaried individuals must submit their filed income tax returns for the previous two financial years.
  • Audited Balance Sheet – A financial statement that presents the assets, liabilities, and equity of the business or profession, audited by a chartered accountant.
  • Bank Statements – The applicant should provide their bank statements for the previous year, showing financial transactions and income sources.

Other Documents Required

  • Admission Proof – A copy of the admission letter or offer letter from the educational institution where the applicant has secured admission.
  • Certificates of Class 10 and 12 – Educational certificates of the applicant’s Class 10 and 12.
  • Fee Structure – A document stating the detailed fee structure of the course or program for which the loan is being applied.
  • Receipt of Payments Made – Any receipts or evidence of payments made towards admission fees, tuition fees, or other course-related expenses.
  • Entrance Exam Scores – If admission to the course is based on an entrance examination, the applicant needs to provide the scores or rank obtained in the exam.

Cent Vidyarthi Education Loan – Application Process

Interested and eligible students can apply for the scheme by following the below-mentioned application process:

Step 1) Visit the Vidya Lakshmi portal – vidyalakshmi.co.in – to fill out the online application form for the Cent Vidyarthi education loan scheme.

Cent Vidyarthi Education Loan - Application Process

Step 2) Click on the ‘Register’ tab and fill out the required details to create an account.

Cent Vidyarthi Education Loan - Create an account

Step 3) After submitting the details, click the ‘Student Login’ tab and enter the registered email ID, password, and captcha code.

Cent Vidyarthi Education Loan - Student Login

Step 4) After successful registration, navigate to the ‘Login’ tab and fill out the application form which includes name, email ID, phone number, and other important documents.

Step 5) After submitting, download the application form for future reference.

Application Process to Apply Offline

To apply for the Cent Vidyarthi education loan offline, applicants can follow the application process outlined below:

  • Obtain the Loan Application Form – Visit the nearest branch of the Central Bank of India and request the application form for an education loan.
  • Fill in the Application Form – Provide accurate and complete information in the application form.
  • Gather Supporting Documents – Collect all the necessary documents as per the document checklist provided by the bank. This may include income proof, academic certificates, admission letters, fee structures, and other relevant documents.
  • Visit the Bank Branch – Take the duly filled application form along with the supporting documents to the nearest branch of the Central Bank of India. Approach the designated loan officer or staff to apply for an education loan.
  • Submit the Application – Hand over the completed application form and supporting documents to the bank representative.
  • Loan Disbursal – If the application meets the bank’s criteria and is approved, candidates will receive an offer letter specifying the approved loan amount, interest rate, repayment terms, and other relevant details. Once the candidate accepts the offer, the loan amount will be disbursed directly to the educational institution or as per the agreed disbursement process.

Please note – To apply offline for the Cent Vidyarthi education loan scheme, please fill out the offline application form released by the Central Bank of India.

Cent Vidyarthi Education Loan – Important Features

  • The loan is in the form of a term loan, which means that you will receive the entire loan amount upfront and pay it back in equal monthly payments.
  • The repayment period for the loan is a maximum of 15 years, which can be paid in equal monthly instalments (EMI) after the moratorium period. The moratorium period is a grace period of one year after the course period. 
  • The payment/reimbursement of fees is limited to the fee structure approved by the state government or government-approved regulatory body. It is important for the student to have the financial resources to meet the funding gap.
  • Payments to the students will be made directly to their college, hostel, mess, or airlines (if required). In appropriate cases, the education loan amount will be directly disbursed to the students (borrowers), subject to satisfactory evidence. Additionally, it is mandatory to submit original receipts.
  • To study in India, applicants are not required to pay any processing fee. However, applicants who wish to study abroad will have to pay 1% of the total loan amount (applied for), which on calculation stands to be a maximum of INR 15,000 (non-refundable).
  • Students who are enrolled in any online courses or vocational training programs that are recognized and offer valid certification are eligible for this education loan scheme.
  • Under management quota, branches of Central Bank may grant educational loans for management quota seats if there is a good chance of employment, but only if the following conditions are met
    • Parents or guardians must be joint borrowers for all loans.
    • NCGTC cover is required for loans up to INR 7.50 lakh.
    • Regardless of the loan amount, the bank requires 100% tangible collateral security of at least the same value as the loan, as well as an assignment of the student’s future income to cover the instalments.
    • Students can only be paid or reimbursed for fees that are approved by the state government or a government-approved regulatory body for payment seats.
    • They must also have the financial resources to cover any funding gaps.

Detailed Information on Cent Vidyarthi Education Loan

Cent Vidyarthi Education Loan – FAQs

What is the repayment period for the Cent Vidyarthi education loan?

The repayment period for the loan is a maximum of 15 years, including the moratorium period. The moratorium period is the course period plus one year.

Does the Cent Vidyarthi loan cover expenses for a unique study program that combines multiple disciplines?

Yes, the Cent Vidyarthi education loan can cover expenses for innovative study programs that combine multiple disciplines, as long as the course is recognized by a reputable institution.

Are there any provisions to apply for the Cent Vidyarthi education loan for pursuing vocational training programs?

Yes, students who are enrolled in any online courses or vocational training programs that are recognized and offer valid certification are eligible for this education loan scheme.

Is there any provision for scholarships under the Cent Vidyarthi loan scheme?

Yes, scholarships and fee waivers available to the student borrower can be considered when determining the loan amount.

Are there any requirements for language proficiency tests under the Cent Vidyarthi education loan for studying abroad?

As per the Cent Vidyarthi loan scheme, the requirements of language proficiency depend upon the chosen institution.


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