Canara Bank Education Loan

Education loan is offered to the students with Indian nationality in order to promote higher education in India. Continue reading if you want to know more about the loan and the scheme.

Bank Name Amount of Loan Repayment Tenure Interest Rate

10 - 30 lacs

10 - 15 years

10 - 11.50 %

Eligible Courses

Studies in India:

  • Various graduation / posy-graduation courses.
  • Professional / technical courses that have a potential of providing appropriate and suitable job to the students and which are conducted only under the college recognized by the govt. / electronics department / AICTE / UGC / IMC
  • The courses run by the autonomous institutes like IIM, IIT, NIFT and other like this.


Studies abroad:

  • For studying abroad only the job oriented courses are considered for education loan. The course may be providing either graduation or post-graduation degree.


Expenses that can be considered for granting loan

Below is given the list of expenses for which the loan is generally granted.

  • Payment of fee required for the course completion
  • For purchasing books / instruments / equipment and uniform etc.
  • Paying the fee of hostel / library fee / examination fee etc.
  • For tours of study
  • For the expense of passes abroad only in case if the applicants want to study in abroad.


Amount of loan granted

  • The finance to the students is generally based fully on the need of the applicant. It means first of all each and every condition of the applicant is needed to be verified before he/she is granted the loan. The maximum amount of loan that can be granted to the students is given below as per the category whether the applicant want to study in India or abroad.
  • 10 lakhs for India20
  • lakhs for abroad


Interest rates

  • Interest rate may subject to change so you can visit the website of the bank in order to know the current rates.
  • Presenty the inerest rate varies from 10-11.50 % in two different scheme of education i.e. Vidya Sahay and Vidya Turant


Processing fee

No processing fee in form of service charge is taken from the applicant for the loan studying in India. A reasonable amount of processing charge might be taken for abroad loans for further details you can visit the nearest branch.


Repayment tenure

The commencement of the repayment year is usually either one year after the course or 6 months after the job and whichever of them is earlier. Repayable time in years along with the respective loan amount is as follows

  • 10 years for the loan of 7.5 lakhs or less
  • 15 years for the loan of more than 7.5 lakhs


Security

  • Loan is granted on the name of student and parent jointly.
  • No security for loan of amount 4 lakh is taken
  • Above 4 lakh and less than 7.5 lakhs collateral security with guarantee is needed
  • For loan of above 7.5 lakhs collateral security with 100 % of loan amount is needed to be provided which can be non-moving property assets fixed deposit etc.


Margin

  • No margin for 4 lakhs
  • Margin of 5 % for above 4 lakhs.

Application form which should be duly filled, studentship proof, last qualified exam mark sheet and proof of residence are needed.

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