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 6^th 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.