Canara Bank offers a diverse range of personal banking services as well as priority credit schemes suiting the customized needs of an individual. It also has education loan known as Vidyasagar Loan, on offer for meritorious students willing to pursue higher studies in India or abroad. Canara Bank was established by Ammembal Subba Rao Pai, a renowned philanthropist at a port in Mangalore, Karnataka in 1906 and nationalized in 1969.
Courses:
A graduate course or postgraduate program including employment-oriented technical or professional course in India is eligible for the student loan of Canara Bank. All these courses should be offered by colleges or universities approved by UGC, AICTE, IMC and government or other reputed institutes in India.
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 exam.
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.
- For loan amount upto Rs 4 lacs, no margin is charged.
- However, there is a margin of 5% and 15% for studying in India and abroad respectively. This is applicable for a loan amount above Rs 4 lacs.
- 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.
- If you take a loan above Rs 4 lacs, you need to pledge guarantee of a 3rd party.
- When the loan amount exceeds Rs 7.5 lacs, you can submit a collateral security equal to the full amount of the loan.
Repayment:
The borrower can begin repaying one year after completing the course or 6 months after getting the job, whichever happens earlier.
The loan amount as well as the interest is to be repaid in 5 to 7 years of time.Related Web Links:
http://www.canarabank.com |