Loading...
Model.Banners.EnglishBanner
  • No Collateral for loan upto Rs 7.50 Lakhs.
  • Lower Rate of Interest.
  • Reducing Balance Interest Rate.
  • No Prepayment penalty.
  • Quick processing and Disbursement.
  • Loan Quantum
    • Need-based finance
    • Students may submit their loan applications either at the bank branches near to the residence of parents or bank branches near to the educational institution where they are studying.
  • Eligible Courses
    • INLAND STUDIES : Graduation, post graduation, including technical/professional courses from reputed colleges/universities approved by UGC/Government, AICTE/Department of Electronics/IMC, autonomous institutions like IIM, IIT, etc. Any courses leading to degree/diploma from reputed Institutes/Colleges/Universities for studies in India.
    • ABROAD STUDIES: Course which lead to undergraduate, Post Graduation/PHD, Post Graduate Diploma etc are eligible.
  • Margin
    • Upto Rs.4.00 Lakhs – Nil
    • Above Rs.4.00 Lakhs -
      • Studies in India - 5%
      • Studies abroad - 15%
      • Studies abroad - 15%
  • Security
    • Assignment of future income of the student.
    • Merit Quota :
    Loan amount Security
    Upto Rs 7.50 Lakhs
    • No collateral Security, loan will be covered under Credit Guarantee Fund Scheme for Education loans(CGFSEL) scheme subject to the conditions
    • Loan is granted jointly with the parent/Guardians of the student.
    Above Rs 7.50 Lakhs
    • Tangible Collateral security to cover at least 100% of the loan amount.
    • Loan is granted jointly with the parent/Guardians of the student.
  • Management Quota :
    Loan amount Security
    Upto Rs 4.00 Lakhs
    • No collateral Security
    • Loan is granted jointly with the parent/Guardians of the student
    Above Rs 4.00 Lakhs
    • Tangible Collateral security to cover at least 100% of the loan amount.
    • Loan is granted jointly with the parent/Guardians of the student.
  • 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).
    • No prepayment penalty will be levied for prepayment of loan any time during the repayment period.
  • Expenses considered for loan:
    • Course Fee payable to college/school/hostel.
    • Examination/Library/Laboratory fee.
    • Travel expenses/passage money for studies abroad.
    • Insurance premium for student borrower, if applicable.
    • Caution deposit, building fund/refundable deposit supported by Institution bills/receipts.
    • Purchase of books/equipments/instruments/uniforms.
    • Purchase of computer at reasonable cost, if required for completion of the course.
    • Any other expense required to complete the course subject to ceiling.
  • Student should be an Indian National.
  • NRI Students holding valid Indian passport.
  • 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).
  • Copy of land records.
  • Any other documents as required by Bank.
© 2024, Canara Bank, All rights reserved

Last updated on 11-08-2023 03:33 PM

Powered By PECS