Education loan in Canara Bank


Canara Bank
Education loan amount size
For the students studying in India , maximum amount of upto 10,00,000 Rs will be provided.
And maximum amount of upto Rs.20,00,000 would be provided for the students studying in abroad.
Advance amount to be paid:
Nothing till 4,00,000 Rs.
For more than 4,00,000 Rs. – Students studying in India should pay 5% of the amount and students studying in abroad should pay 15% of the amount.
Interest Rate:
Upto Rs.4,00,000 – BR +3.00%
From 4,00,000 Rs till 7,50,000 Rs. – BR +4.00%
From 7,50,000 Rs till 20,00,000 Rs – BR +2.00%
For the students joining IIT, IIM, ISP – BR + 6.00%
One percent special previleage will be provided for girls.
Way of repaying the loan:
One year after finishing the studies or right from 6th month after joining the job the repayment process is to be started. The loan amount is to be closed within 5 to 7 years.
Warranty:
No property guarantor is required till 4,00,000 Rs.
From 4,00,000 Rs. Till 7,50,000 Rs. : Third person’s guarantee is required.
More than 7,50,000 Rs. – Parents, student or the property guarantor agreeing letter assuring the loan repayment is required.


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