Canara Bank

Canara Bank’s Educational Loan

Objective of the Scheme :

Canara Bank provides financial support to meritorious students for pursuing higher education in India and abroad. Meritorious Students under management Quota are eligible for Education Loan.

Eligibility of the Student  :

• The student should be an Indian National
• The student  should have secured admission to a higher education course in recognized institutions in India or Abroad through Entrance Test / Merit Based Selection process after completion of HSC (10 plus 2 or equivalent).

Studies in India :       

Graduation, Post-graduation including technical / professional courses with employment potential conducted by colleges / Universities approved by UGC / Govt./AICTE / Department of Electronics / IMC, autonomous institutions like IIT,IIM etc.

Studies over a Wide Area :

Job oriented, technical / professional courses- ( graduation / post graduation )

Liability of Finance:

Expenses allotted for the Loan :

• Payment of Course Fee
• Books Fee
• Equipments Fee
• Instruments Fee
• Uniform Fee
• Payment Of Hostel Fees
• Examination Fees
• Study Tours
• Passage Expenses (For Studies Abroad)

Quantum of Finance :           

• For studies in India : Max. Rs.10.00 lacs
• For studies abroad : Max. Rs.20.00 lacs

Margin :

• Upto to Rs.4.00 lacs – Nil
• Above Rs.4.00 lacs – for studies in India – 5%
• studies abroad : 15%

Processing Fee / Mortgage Charges : NIL

Repayment Period of the Loan :

• 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 :

• Upto Rs.7.5 lakhs - 10 years
• Above Rs.7.5 lakhs - 15 years

For more Details, Kindly refer the following link :

http://www.canarabank.com/English/scripts/OtherPrioritySectorLoans.aspx