Education Loan in Canara Bank

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Canara Bank Education Loan

Education Loan in Canara Bank

Nature of Study : Loans for both basic and higher education.

Financial assistance to needy and meritorious students is provided for pursuing all types of studies from High School onwards including graduation, technical education and professional courses.

Canara Bank Educational Loans are also provided for study abroad for post graduation and higher courses. Computer studies which are of full time in nature leading to degree or diploma are also covered.

Purpose of Canara Bank Education Loans : For payment of fees to School / college and for purchase of books, hostel fees, examination fees, etc.

Canara Bank Education Loan Eligibility Conditions : Need based finance is permitted within a maximum of ₹ 7.50 lakhs for inland study and ₹ 15 lakhs for study abroad.

Institutions offering courses should have approval of Central Government & State Government / University affiliation / Autonomous Institutes / AICTE / DOEACC.

Canara Bank Education Loan Margin

  • Upto ₹ 4.00 Lacs : Nil for both inland and Foreign Studies.
  • Above ₹ 4.00 Lacs : 5% for inland studies 15% for studies abroad.

Collateral Security for Education Loan in Canara Bank

  • Upto ₹ 4.00 lacs : Joint documentation with parents / guardian.
  • Above ₹ 4.00 lacs : Collateral security of suitable value or Co – obligation of Third Party having required net worth with Assignment of future income of the student.

Rate of Interest in Canara Bank : Subject to changes as advised by Bank/RBI from time to time.

Disbursement : Directly to University / College / Hostel / book supplier etc.

Credit Delivery : The loan can be availed from the branch nearest to the place of permanent domicile.

Rate of Interest in Canara Bank : Subject to changes as advised by Bank / RBI from time to time.

Top 10 Distance Learning University for M.Sc
Rank Name of the Institution
1. IGNOU
2. University of Madras
3. Alagappa University
4.Annalmalai University, DDE
5. Punjab Technical University
6. Sikkim Manipal University
7.Kuvempu University
8. Birla Institute of Technology & Science- Pilani
9. Madurai Kamaraj University
10.Bharathiar University

Canara Bank Processing Charges :

0.1% on the loan amount subject to a minimum of ₹ 100/- and maximum of ₹ 250/-.

The education loan will be recovered in easy installments over a comfortable period up to 3 years. No prepayment charges.

Minimum documents, simple procedures

All you have to do is :

  • Decide what you want to buy and choose your dealer.
  • Walk into your Canara Bank branch with your salary certificate, proof of income and dealer’s invoice.
  • Collect the pay order.

Repayment of Education Loan in Canara Bank

  • To be repaid in 5 to 7 years.
  • Initial repayment holiday of One year both for principal & interest from the date of completion of course or six months of getting a job whichever is earlier.
  • Interest will be debited quarterly on simple basis during the repayment holiday / moratorium period. After commencement of repayment,the accrued interest is added to the principal amount and EMIs fixed on total outstanding amount.
  • Penal Interest @ 2% will be charged for above 2.00 Lacs for the overdue amount and overdue period.

JEE Main

Application Form Submission 16 Dec 2020 to 16 Jan 2021.