All About Canara Bank Education Loan
The Canara Bank Education Loan is a Scheme launched by Canara Bank for financial assistance to the meritorious and needy students to pursue their higher studies including Graduation, Technical and Professional Courses. The bank also provides Loan to the students to study Abroad in Job-Oriented Degree-courses. The various features of the Model including the Eligibility, Interest Rates, Documents Required, the courses on which the Loan is granted, etc. of the Education Loan in Canara Bank can be considered as follows:
Payment of course expenses. Purchase of study material, instruments, uniform, payment of hostel fees, examination fees, study trips, passage expenses (for studies overseas).
Eligible Courses for Canara Bank Education Loan:
- Studies in India: Graduation, Post-graduation involving technical / professional courses with employment potential directed by colleges / Universities approved by UGC / Govt./AICTE/Department of Electronics / IMC, self-governing institutions like IIT,IIM etc.
- Studies abroad: Job-oriented, technical / professional courses- (graduation / post graduation)
Interest Rate: 10.25% to 12.25%
Amount of Finance:
- Need based finance
- For studies in India: Max. Rs.10.00 lacs
- For studies abroad: Max. Rs.20.00 lacs
- Up to Rs.4.00 lacs – Nil
- Above Rs.4.00 lacs
- for pursuing studies in India : 5%
- Studies abroad : 15%
- Loan is given jointly to the student and parent /guardian
- Assignment of future income of the student
- Up to Rs.4.00 lacs- No security
- Above Rs.4.00 lacs up to Rs. 7.50 Lacs –Satisfactory third party guarantee
(Note: If the proposed borrower prefers to offer collateral security of tangible assets (moveable or immoveable) instead of bringing collateral securities in the form of third party guarantee, the same may be accepted, at his request, provided the securities with stipulated margin covers 100% of the loan amount).
- Above Rs. 7.50 Lakhs: Collateral security equal to 100% of the borrowed amount.
- Commences One year after completion of the course or Six months after getting employment, whichever is earlier.
- Loan with interest is repayable in equated monthly installments as follows :
- Up to Rs.7.5 lakhs – 10 years
- Above Rs.7.5 lakhs – 15 years
- Application form complete in all respects with Signature and Date.
- Passport Size Photographs of Applicant, Co-obligate/Guarantor.
- Two sets of Certified (By Bank Branch) Xerox – Papers/Documents (File).
- Opening of Savings Bank a/c of Applicant, Co-obligate/Guarantor.
- Sanction /Disbursement as per Bank’s Education Loan Scheme.
Eligibility Conditions for Canara Bank Education Loan
- Need based finance is permitted within a maximum of Rs.7.50 lakhs for inland study and Rs.15 lakhs for study abroad.
- Institutions offering courses should have approval of Central Govt. & State Govt./University affiliation/Autonomous Institutes/AICTE/DOEACC.
Student Eligibility Criteria:
- The student must be an Indian National & must have passed the required course with essential grades.
- The applicant must have received admission in a course in any recognized institute, approved by the State or Central Government.
The Documents required for Canara Bank Education Loan are:
- Know Your Customer
- Age Proof
- Signature Proof
- Identity Proof
- Residence Proof
- Other Documents
- 2 Passport size photographs of the borrower, co-applicant(if any) or guarantor
- Marksheet of the most recent qualification
- Acceptance offer letter from the institute the borrower has applied
- List of expense to be done for the education (usually given by the institute to the borrower)
- 6 Month of bank statement, 2 month slary slip, if the person is a salaried employee, 2 year of ITR if the borrower’s guarantor/co-applicant is self emplyed,Last 2 Yrs Audited Balance Sheet / P& L if the guarantor/co-applicant is a self-employed professional.
Leading Education Loan Providers (Click to Apply)
- HDFC Bank Education Loan
- BOI Star Education Loan
- ICICI Bank Education Loan
- IDBI Education Loan
- Punjab National Bank Education Loan
- Other Banks
Canara Bank Education Loan EMI Calculator Canara Bank Education Loan Interest Rates
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