Canara Bank education loan - Student Loan in India
Canara Bank education loan Scheme
Nature of Course / Study
Graduation, post graduation, including technical/professional courses with employment potentials conducted by colleges/universities approved by UGC/Government, AICTE/Department of Electronics/IMC, autonomous institutions like IIM, IIT, etc.
Canara Bank education loan Purpose of loan
Payment of course fees, purchase of books, equipments, instruments, uniform, payment of hostel fees, examination fees, study tools, passage expenses, (for study abroad)
Canara Bank education loan Eligibility Conditions
- Need based finance is permitted within a maximum of Rs.10 lakh for study in India and Rs.20 lakh for study abroad.
- Institutions offering courses should have approval of Central Govt. & State Govt./University affiliation/Autonomous Institutes/AICTE/DOEACC.
Canara Bank education loan Margin
Upto Rs.4.00 Lakhs - Nil
Above Rs.4.00 Lakhs - for studies in India - 5%
Studies abroad - 15%
Canara Bank education loan Rate of Interest
Please visit the Canara bank official website for Rate of Interest on Educaiton Loan
Directly to University/College/Hostel/book supplier/ etc.
Canara Bank education loan Security
Loan is given jointly to the student and parent/guardian
Assignment of future income of the student
Upto Rs.4.00 Lakhs - No Security
Above Rs.4.00 Lakhs upto Rs.7.50 Lakhs - Satisfactory third party guarantee
Above Rs.7.50 Lakhs: Collateral security equal to 100% of the loan amount.
Â· Commences one year after completion of the course or six months after getting employment, whichever is earlier.
Â· Loan with interest is repayable in equated monthly installments as follows.
Canara Bank education loan Repayment Conditions
- Upto Rs.7.5 Lakhs - 10 years
- Above Rs.7.5 Lakhs - 15 years
Loan can be availed from the branch nearest to the place of permanent residence of the parent/guardian.
Canara Bank education loan Credit Delivery
The loan can be availed from the branch nearest to the place of permanent domicile