Canara Bank IBA Skill Loan Scheme

No Collateral Security.
NIL Margin.
Lower Rate of Interest.
Reducing Balance Interest Rate.
No Prepayment penalty.
Quick processing and Disbursement.

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 depening upon course period.

Course Period	Moratorium Period
Upto 1 year	6 months from the date of completion of course
Above 1 year	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	Repayment Tenure
Upto Rs 50000/-	Upto 3 years
Above Rs 50000/- and upto Rs 1,00,000/-	Upto 5 years
Above Rs 1,00,000/-	Upto 7 years

Student should be an Indian National.

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.

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