Citibank Student Loans

Citibank Student Loans are sanctioned to meritorious students, who aspire to pursue their higher education in India or abroad. Apart from its education loan scheme, this bank offers diverse types of loans for personal advances.

Citibank Student Loans are offered for several kinds of academic programs in India and abroad.

• Education loan can be sanctioned for pursuing school education in India.
• A student can also apply for this loan if he plans to study graduate, postgraduate and doctoral programs in India.
• Professional Courses like Engineering and Medical programs, specialized courses like ICWA, CFA or CA, programs by nationally reputed institutes like IIM and IISc or computer certificate programs of recognized institutes in India can be considered for this loan.
• Even courses by recognized foreign universities, diploma programs sanctioned by the likes of UGC, AICTE and the government in India, can be taken into consideration for sanctioning this loan.
• If you plan to study employment-oriented graduate courses, postgraduate programs like MS or MBA, or courses by CPA in the US or CIMA-London in abroad, you can apply too.

Eligibility:

Students from India and abroad can apply for an education loan from Citibank. The student also should have been admitted to a vocational or professional course on the basis of a selection procedure or entrance test. You will also be considered eligible if you get admission to a foreign institute.

Amount of Loan, Margin & Security:

The amount of loan is decided on the basis of a person’s requirement as well as the repaying capability of the student borrower or his parents.

A maximum amount of Rs 10 lacs is sanctioned for studying in India. The amount for studying in abroad is Rs 20 lacs. The bank also has guidelines in regard to the margin and security of its Educational Loan Scheme.

• No amount of margin and security is there for loan amount upto Rs 4 lacs.
• However, for a loan amount above Rs 4 lacs, there is a margin of 5% and 15% if you pursue studies in India and abroad respectively.
• A borrower needs to present guarantee of a 3rd party for a loan amount above Rs 4 lacs.
• When the loan amount exceeds Rs 7.5 lacs, a collateral security of considerable value should be submitted. Or there should a co-obligation of guardian, parents or a 3rd party. Even the future income of the student needs to be assigned for paying the installments.

Repayment:

The student loan obtained from Citibank can be repaid in a time period of 5 to 7 years after repayment is begun.