Canara Bank Vidya Turant | Financial Support for Education

Loan to pursue higher studies.
NIL Processing Charges.
High Quantum of Loan.
No Collateral Security.
Lower Rate of Interest.
Reducing Balance Interest Rate.
No Prepayment penalty

Purpose

To provide hassle free education loan to meritorious students who are pursuing their higher studies in select institutions viz., Selected IIMs/IITs/NITs/IISc /ISB (Hyderabad & Mohali) and other reputed institutes.

Loan Quantum

Category	Institutions	Maximum Eligible Limit
A	Students of ISB, Hyderabad & Mohali	Limit upto Rs 50.00 lacs
B	Students of IIMS (20 nos), IITs (22 nos), Symbiosis Groups(9 nos), BITS(4 nos), IIFT(2 nos), IMI(1 nos), IRMA(1 nos), ISM(1 nos), IMT(1 nos), KJSIMSR(1 nos), MDI(1 nos), SPJINMR(1 nos), NMIMS(1 nos), RGIIM(1 nos), XIM(1 nos), XLRI (1 nos)	Limit upto Rs 40.00 lacs
C	All other institutions other than A and B(146 nos)	Limit upto Rs 30.00 lacs

Margin

NIL
(Scholarship/assistantship if any to be included in margin.)

Processing Charges

NIL

Security

Assignment of future income of the student.
No security upto specified limits for institutions as per the Maximum limit specified as below :
- For limit upto Rs.50.00 Lakhs (Group "A" Institutes- e.g. Indian School of Business)
- For limit upto Rs.40.00 Lakhs (Group "B" Institutes-e.g. IIMs & Other Premier Institutes)
- For limit upto Rs.30.00 Lakhs (Group "C" Institutes-e.g. IIITs & Other Premier Institutes)

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

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 – like study tours, project work, thesis etc
Reasonable lodging and boarding charges will be considered in case the student chooses/is required to opt for outside accomodation

Eligibility under CSIS Scheme

All Education loans under Vidya Turant can be covered under CSIS scheme (Central Scheme of Interest Subsidy on Education Loans), subject to eligibility, as per income & other norms.

Student should be an Indian National.
Students should have cleared the previous qualifying exam and selected through Entrance Test conducted by Competent Authorities

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..

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