Education and Career Forum

I was searching for an education loan scheme. After searching I thought that applying an education loan from Central Bank of India is fine for me as I have an account in this bank. But I am unable to understand the prepayment fine. Can I know about this particular term?

Central Bank of India does not changes any Prepayment fine under Education Loan scheme. There is no processing fees for studies in India sanctioned under the Education Loan scheme. For studies abroad, for loan up to Rs. 10 lakh and loan above Rs. 10 lakh, Rs. 500/- and Rs. 1000/- will be charged respectively while considering the applications, but refunded when loan is availed by the student.

For more details you can visit the below mentioned website link.
https://www.centralbankofindia.co.in...vidyarthi.aspx

No prepayment fine will be imposed under Central Bank of India Education Loan Scheme. You can repay the education loan without any prepayment fine/ charges.

The maximum repayment tenure under Central Bank of India Education Loan Scheme is 10 years for loans upto Rs. 7.5 lakhs and for loans above Rs. 7.5 lakhs, it is 15 years.