Canara Bank IBA Model Education Loan Scheme

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Canara Bank Offers IBA Model Education Loan scheme for pursuing higher studies in India and abroad.

Eligibility :

Courses

a) Studies in India

Graduation
Post-graduation including technical / professional courses with employment potential conducted by colleges / Universities approved by UGC / Government, AICTE/ Department of Electronics / IMC, autonomous institutions like IIT,IIM etc.

b) Studies abroad:

Job oriented, technical / professional courses- (graduation / post graduation)

Loan Details

Coverage of expenses

Payment of course fees
Purchase of books, equipments, instruments, uniform
Payment of hostel fees, examination fees, study tours
Passage expenses (for studies abroad)

Quantum
Need based finance

For studies in India : Max. Rs.10.00 lacs
For studies abroad : Max Rs.20.00 lacs

Margin :

Upto to Rs.4.00 lacs - Nil
Above Rs.4.00 lacs
for studies in India : 5%
studies abroad : 15%

Security :
Loan is given jointly to the student and parent /guardian
Assignment of future income of the student

Upto Rs.4.00 lacs - No security
Above Rs.4.00 lacs upto Rs. 7.50 lacs - Satisfactory third party guarantee
Above Rs. 7.50 lakhs: Collateral security equal to 100% of the loan amount.

(Note: If the proposed borrower prefers to offer collateral security of tangible assets (moveable or immoveable) instead of bringing collateral securities in the form of third party guarantee, the same may be accepted, at his request, provided the securities with stipulated margin covers 100% of the loan amount).

Rate of Interest

As per bank rules

Repayment

Commences one year after completion of the course or six months after getting employment, whichever is earlier.
Loan with interest is repayable in equated monthly installments as follows :
- Upto Rs.7.5 Lakhs - 10 years
- Above Rs.7.5 Lakhs - 15 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 , Study Abroad Loan

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