Student Education loans in India

Here know the complete information about Student Education Loans offered by Canara Bank India.

Canara Bank

Studies in India

Eligibility for Education Loan
  • Must be an Indian National.
  • Secured admission to Professional/ Technical courses through Entrance Test/ Selection Process.
Eligible Courses for Education Loan
  • 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.
Expenses considered for Education Loan
  • Fee payable to college/school/hostel
  • Payment of course fees
  • Purchase of books/equipments/instruments/uniforms
  • Examination/Library/Laboratory fee
  • Any other expense required to complete the course - like study tours, project work, thesis, etc.
Quantum of Finance
Need based finance upto Rs. 10.00 lacs.
Margin
  • Upto Rs.4,00,000/- -- NIL
  • Above Rs.4,00,000/- -- 5%
Security
  • Upto Rs.4.00 lacs – NIL
  • Above Rs. 4.00 Lacs and up to Rs. 7.5 lacs: Satisfactory third party guarantee.
  • Above Rs. 7.5 lacs : Collateral security equal to 100% of the loan amount.
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.

Studies in Abroad

Eligibility
  • Must be an Indian National.
  • Must provide a valid passport and visa
Eligible Courses for Education Loan
  • Graduate/ Post Graduate studies in Arts/Science/Commerce/Business Administration/Pharmacy and job oriented Professional and Technical courses offered by reputed universities.
Quantum of Finance
Need based up to a maximum of Rs. 20.00 lacs
Margin
  • Upto Rs.4,00,000/- -- NIL
  • Above Rs.4,00,000/- -- 15%
For more details visit Canara Bank official website: canarabank.in

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