Education loan from Canara Bank
Canara Bank offers various educational loan schemes for students doing higher studies in India and abroad. The bank provides up to Rs. 20 lakh loan to students who go abroad for higher studies.
Eligibility to apply for education loan from Canara Bank
- The candidate must be a citizen of India
- The candidate must have obtained admission in a reputed university/ institute abroad
- The candidates must be going abroad to study:
a) Job oriented professional courses
b) Job oriented technical courses
c) Post graduation courses such as MBA and MCA
d) Courses conducted by CIMA- London and CPA in USA
e) Diploma and degree courses such as pilot training, shipping, aeronautical etc.
The processing charge for the loans to study abroad is 1% of the loan amount. In case the sanctioned loan amount is taken by the candidate, the amount will be reimbursed.
The education loan amount will be directly disbursed to the university/ institute. There is no margin for the candidates who take education loan for upto Rs. 4 lakh. The margin for the candidates who take loan for above Rs. 4 lakh is 15%.
Documents checklist for education loan from Canara Bank
- Completed application form
- Mark sheets of all qualifying exams
- Letter from the university confirming the admission
- Expenses for studies, including tuition fee and living expenses
- Proof of age
- Proof of residence
- Passport size photograph
- Last six months bank statement of the candidate
Documents to be submitted by the co-applicants
- Proof of residence of the co-applicant- passport, voter’s ID card, Aadhar card, telephone or electricity bill
- ID proof- passport, voter’s ID card, Aadhar card, pan card
- Last six months bank statement
Security for education loan from Canara Bank
There is no security needed to take education loan up to Rs. 4 lakh. For the loan amount between Rs. 4 lakh and Rs. 7.5 lakh, a satisfactory third party security is needed. For the loans above Rs. 7.5 lakh, 100% collateral security equal to the loan amount must be given.
Repayment of education loan from Canara Bank
The candidates must repay the education loan amount one year after completing the course or six months after getting the job, whichever happens first. The repayment period for the education loan up to Rs. 7.5 lakh is ten years and above Rs. 7.5 lakh is 15 years.
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