Canara Bank Student Loans
Incorporated in 1906 in Karnataka by Ammembal Subba Rao Pai, a renowned philanthropist, Canara Bank has kept serving its customers since then with its wide range of services offered, which were devised looking at an individual's day to day demand. As a part of these services, canara bank also offers educational loan, known as Vidyasagar Loan, to students who wish to pursue higher studies in India or abroad.
Students taking up employment-oriented technical or professional course, be it at graduate or post-graduate level which are offered by colleges or universities approved by UGC, AICTE, IMC and government or other reputed institutes in India are eligible to get the loan amount.
Employment-oriented, technical or professional program at graduate or post-graduate level in abroad, are also considered eligible for Vidya Sagar Loan.
Expenses taken into Account
Educational Loan of Canara Bank covers expenses of equipment, uniform and instruments as well as that of travel and study. It also includes fees of courses, hostel and examination fees.
Amount of Loan, Margin & Security
Educational Loan of Canara Bank is sanctioned on the basis of an individual's requirements. You can get a maximum loan of Rs. 10 lacs and Rs. 20 lacs for studying in India and abroad respectively.
Loan amount upto Rs. 4 lacs is available with zero margin.
Amount above Rs. 4 lacs is charged a margin of 5% for Indian students and 15% margin for students studying abroad.
Canara Bank education loan is given to both the student and his guardian jointly and the future income of the student is pledged for paying the installments.
Guarantee of a 3rd party is required for loan amount exceeding Rs. 4 lacs.
Collateral security of the amount of loan has to be submitted when the loan amount exceeds Rs. 7.5 lacs.
The repayment has to be made within 5 to 7 years after the commencement of repayment period. The period starts 1 year after completing the course or 6 months after getting a job.
For knowing the rate of interest and other details of Canara Bank Student Loans, you can visit Canara Bank