Canara Bank IBA Skill Loan Scheme

Purpose	Skill Loan Scheme has been developed to support the national initiatives for skill development.
Loan Quantum	Need-based finance in the range of Rs. 5,000/- to Rs. 7,50,000/-
Eligible Courses	Courses run by Training Institutes aligned to National Skill Qualification Framework (NSQF) shall be covered by the Skill Loan. There is no minimum course duration.
Margin	NIL
Processing Charges	NIL
Security	Assignment of future income of the student. Loan is granted jointly with the parent/Guardian of the student. The loan will be covered under the Credit Guarantee Fund scheme for Skill Development (CGFSSD). No collateral or third-party guarantee is required.
Moratorium	Moratorium period from 6 months to 1 year depending upon course period. Course Period: Upto 1 year, Moratorium Period: 6 months from the date of completion of course Course Period: Above 1 year, Moratorium Period: 12 months from the date of completion of course
Repayment tenure	Repayment period from 3 years to 7 years depending upon the loan quantum. Loan Quantum: Upto Rs 50000/-, Repayment Tenure: Upto 3 years Loan Quantum: Above Rs 50000/- and upto Rs 1,00,000/-, Repayment Tenure: Upto 5 years Loan Quantum: Above Rs 1,00,000/-, Repayment Tenure: Upto 7 years

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.
Income Proof for Co-applicant/guarantor (if any).
Any other documents as required by Bank.

IBA Model Education Loan Scheme