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Education loans - Canara Bank
Kapil G.
Purpose
Payment of course fees.Purchase of books, equipments, instruments, uniform, payment of hostel fees, examination fees, study tours, passage expenses (for studies abroad)Â
Eligible Courses
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.Â
Studies abroad:Â Â Job oriented, technical / professional courses- (graduation / post graduation)
Quantum of Finance
Need based finance
Â
- For studies in India : Max. Rs.10.00 lacs
- For studies abroad : Max. Rs.20.00 lacs
Read:Â Education loans in India
Margin
- Upto to Rs.4.00 lacs – Nil
- Above Rs.4.00 lacs – for studies in India – 5% studies abroad : 15%Â
Security
- Loan is given jointly to the student and parent /guardian
- Assignment of future income of the student
- Upto Rs.4.00 lacs- No security
- Above Rs.4.00 lacs upto Rs. 7.50 lacs –Satisfactory third party guarantee
- (Note: If the proposed borrower prefers to offer collateral security of tangible assets (movable or immovable) 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 loan amount.
Repayment
- Repayment commences two years after completion of the course or six months after getting employment, whichever is earlier.
- Loan with interest is repayable in equated monthly instalments within 5 to 7 years.
- Credit Delivery
Loan can be availed from the branch nearest to the place of permanent residence of the parent / guardian.Â
For details on Education Loans of Canara Bank, click here
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