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 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
Documents to be submitted by the co-applicants
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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