Education loans now made easier

The Central Bank of India on Wednesday signed a Memorandum of Understanding (MoU) with the Surya Group of Colleges here for providing education loans to students.

The Central Bank of India on Wednesday signed a Memorandum of Understanding (MoU) with the Surya Group of Colleges here for providing education loans to students. Loans will be provided as part of the banks Centvidyarthi Scheme.

Such initiatives will pave way for hassle free education to students, R Mishra,zonal manager of the bank said.

Rs 10 lakh will be provided for higher studies in India and Rs 20 lakh for higher studies abroad,he added.

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The rate of interest for boys will be 10 per cent while girls would be given a concession of 0.5 per cent. A concession of 0.5 per cent will also be given to students studying in IIT and IIM.

The bank will provide 1 per cent more concession to all students if the interest of loan is serviced during the study period,he further added.

The period of loan is five to seven years on equated monthly instalments.

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