Canara Bank Vidya Turant

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Canara Bank Offers Vidya Turant Loan scheme to assist the needy and meritorious students who are in need of education loans who are pursuing their higher studies in reputed institutions viz., select IIMs/ IITs/ NITs/ IISc/ ISB (Hyderabad & Mohali) and other reputed Institutions.

Eligibility :

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

Loan Details

Coverage of expenses

Fee payable to college/ school/ hostel.
Examination/ Library/ Laboratory fee
Travel expenses/ passage money for studies abroad iv. 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 accommodation.

Quantum

Students of IIMs/IITs/NITs & IISc & other Institutions - Upto Rs 20.00 Lacs
B. Students of ISB - Upto Rs 30.00 Lacs

Margin :
As per extant guidelines under EL scheme

- Upto Rs.4 Lacs Nil
- Above Rs. 4 Lacs 5%

Scholarship/ assistantship to be included in margin.
Margin to be brought-in on year-to-year basis as and when disbursements are made on a pro-rata basis

Security :

Students of IIMs/IITs/NITs & IISc & other Institutes - Upto Rs 20.00 Lacs
- No Security. However, parent/guardian has to join as Co-borrower.
- Assignment of future income of the student.
Students of ISB Upto Rs 25.00 Lacs
- No Security. However, parent/guardian has to join as Co-borrower.
- Assignment of future income of the student

Upfront / Processing Fee: Nil

Rate of Interest

As per bank rules i.e., 10.00% presently
However further concession of 0.5% to Girl Students will not be available under Vidya Turant Scheme.

Repayment

For loans upto Rs.7.5 lakhs - upto 10 years
For loans above Rs.7.5 lakhs - upto 15 years

Note: No prepayment penalty will be levied for prepayment of loan any time during the repayment period.

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 , Premier Education Institute Loan

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