Canara Bank Model Education Loan Scheme for Vocational Education And Training

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Canara Bank Offers Model Education Loan scheme for pursuing Vocational Education and Training in India.

Eligibility :

The student should be an Indian National and should have completed 10th standard.
Secured admission in a course run/supported by Ministry/ Department of Central/ State or an Organization recognized / authorized by Government to do so.

Loan can be availed from the branch nearest to the place of permanent residence of the parent/guardian.

Courses :

Development Courses of duration from 2 months to 3 years preferably leading to a Certificate /Diploma/Degree, etc. issued by a Government Organization or an Organization recognized/authorized by the Government to do so.

Loan Details

Coverage of expenses

Tuition/course fee, Examination/ Library/ Laboratory Fee, Caution Deposit.
Purchase of Books, Equipments and Instruments
Any other reasonable expenditure found necessary for completion of the course

Quantum
Need-based finance will be considered subject to the following ceilings :

For courses of duration upto 3 months - Rs.20,000/-
For courses of duration 3-6 months - Rs.50,000/-
For courses of duration 6 months to 1 year - Rs.75,000/-
For courses of duration above 1 year - Rs.1,50,000/-

Margin : Nil

Security :

No security.
No collateral or third party guarantee will be taken.
However, the parent will execute loan document along with the student borrower as joint borrower.

Rate of Interest

As per bank rules

Repayment

Upon completion of the course, repayment will start after a moratorium period as indicated below:

For courses of duration upto 1 year = 6 months from the completion of the course.
For courses of duration above 1 year = 12 months from the completion of the course.

The repayment periodicity is given as under:
- Courses upto 3 months - In 2 to 5 years
- Courses upto 3 to 6 months - In 2 to 5 years
- Courses 6 months to 1 year - In 2 to 5 years
- Courses above 1 year - In 3 to 7 years.

Contact Details
Head Office - Canara Bank
P.O. Box No. 6648, 112, Jayacharamarajendra Road, Bangalore-560002
Phone : 080 - 2222 1581
Fax : 080 - 2222 2704
E-mail : Contact Now
Website : visit

Click here for the nearest bank branches

Note : Since the rules, regulations, eligibility conditions, repayments and interests rates etc. are revised by the banks from time to time in keeping pace with the changing capital market conditions, students and parents are advised to thoroughly check the terms and conditions of educational loan scheme on offer at the time of application.

Tags

Canara Bank Education Loans , Loan for vocational course

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