• Loan to pursue Master’s Degree in Abroad
  • Minimum Processing Charges
  • High Quantum of Loan
  • Lower Rate of Interest
  • Reducing Balance Interest Rate
  • No Prepayment penalty
  • Quick processing and disbursement
Purpose Educational loan scheme for abroad studies from select top ranking Universities.
Loan Quantum
  • Minimum loan amount is above Rs 7.50 lakhs.
  • M aximum quantum depends on the collateral coverage as follows :
Collateral Coverage Eligible loan quantum
100% and above Minimum Rs7.50 lakh, Maximum no cap (as per project cost)
Less than 100% Maximum Rs 100 lakh
Eligible Courses Master Degree under STEM (Science, Technical, Engineering and Management) courses.
Margin 10% of Loan amount. (Margin may be brought in year on year basis as and when disbursements are made on a pro rata basis)
Processing Charges
Collateral Security Coverage Applicable processing charges
100% and above 0.50% of sanctioned limit with Maximum of Rs.10,000
Less than 100% 0.50% of sanctioned limit with Maximum of Rs.20,000
  • Assignment of future income of the student.
  • Parent/guardian has to join as Co-borrower.
  • Collateral security from Max 100% to Min 50%* *-Terms &Conditions apply
Repayment tenure
  • Repayment of the loan will be in equated monthly Installments up to a maximum of 15 years excluding the moratorium period ( i.e., course period plus one year).
  • For skill development loan, 3 to 7 years depending upon the loan quantum.
Expenses Considered
  • 100% finance on Tuition fees
  • Travel expenses/passage money for studies abroad
  • Living expenses for studies abroad
  • Medical Insurance premium for student borrower, if applicable
  • Student of Indian National holding valid passport
  • Student should have secured admission from the select institution
  • Student with *minimum score in SAT,ACT,GMAT & GRE.
  • *The minimum competitive exam scores are stipulated as below,

    SAT – 1250 & above

    ACT – 26 & above

    GRE – 300 & above

    GMAT – 650 & above

  • Stipulated Loan Application with 2 passport size photos of applicant / Co-applicants or guarantor
  • KYC documents of applicant/ Co-applicants or guarantor
  • Proof of Identity

    PAN CARD/Driver’s License/Voter ID /Passport/ Aadhar Card etc.,

  • Proof of Residence

    Driver’s License/Voter Id/Passport / Aadhar Card / Electricity Bill/Telephone Bill etc., /Business Proof related GST and others.

  • Age proof of the applicant/ Co-applicants.
  • PAN card (photo copy)
  • Proof of admission to the course
  • Schedule of expenses for the course
  • Mark sheet of last qualifying examination
  • Proof of income/assets (if any)
  • Income Proof for Co-applicant/guarantor (if any)
  • Any other documents as required by Bank.
© 2024, Canara Bank, All rights reserved

Last updated on 05-10-2023 03:09 PM

Powered By PECS

Visitor Count 20