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Educational Loans

Canara Bank was established on July 1, 1906, and at that time, it was named Canara Hindu Permanent Fund Ltd. Later, in 1910, it changed its name to Canara Bank. It is one of the oldest public sector banks with headquarters in Bangalore. Recently, it has become the fourth-largest bank in the nation after its alliance with Syndicate bank. As of now, they have 10491 branches and 12973 ATMs. Canara Bank serves more than 10.90 crore customers and ensures that they are entirely happy with its services. They majorly offer services in four divisions: retail banking operations, treasury operations, wholesale banking operations, and other banking operations.


Education Loan And Other Priority Sector Loans

IBA MODEL EDUCATION LOAN SCHEME FOR PURSUING HIGHER STUDIES IN INDIA AND ABROAD :

PurposePayment of Course fee, Hostel/Boarding/Examination/Library& Laboratory fee and for Purchase of books, equipments, instruments, uniforms, computers if it is essential for completion of the course, Caution deposit, Building fund/refundable deposit supported by Institution bills/receipts. Travel expenses / passage money for studies abroad. Any other expenses required to complete the course subject to ceiling.
Eligibility Indian National
Eligible coursesINLAND STUDIES:
Graduation, post graduation, including technical/professional courses from reputed colleges/universities approved by UGC/Government, AICTE/Department of Electronics/IMC, autonomous institutions like IIM, IIT, etc. Any courses leading to degree/diploma from reputed Institutes/Colleges/Universities for studies in India.
ABROAD STUDIES:
Course which lead to undergraduate, Post Graduation/PHD, Post Graduate Diploma etc are eligible.
Quantum of financeNeed-based finance
Students may submit their loan applications either at the bank branches near to the residence of parents or bank branches near to the educational institution where they are studying.

Rate of Interest
Up to 7.5 Lakh: ongoing One Year MCLR+2.00 %
Above 7.5 Lakh: ongoing One Year MCLR+1.50 %
(RoI is subject to change)
0.50% concession in ROI extended to girl students.
0.50 % concession for prompt repayment of interest during moratorium.
MarginUpto Rs.4.00 Lakhs - Nil
Above Rs.4.00 Lakhs - Studies in India - 5%
                                           Studies abroad - 15% 

Security
Assignment of future income of the student
Loan is granted jointly with the parent/Guardians of the student.
Loan amount up to Rs.7.50 Lakhs :
No collateral Security, loan will be covered under Credit Guarantee Fund Scheme for Education loans(CGFSEL) scheme subject to the conditions
Loan amount above Rs.7.50 Lakhs:
Tangible Collateral security to cover at least 100% of the loan amount.
Repayment Repayment of the loan will be in equated monthly Installments up to a maximum of 15 years excluding the moratorium period ( i.e., course period plus one year).

IBA SKILL LOAN SCHEME- EDUCATION LOANS:

PurposeSkill Loan Scheme has been developed to support the national initiatives for skill development.
Student eligibilityIndian National
Eligible Courses
Courses run by Training Institutes aligned to National Skill Qualification Framework (NSQF) shall be covered by the Skill Loan. There is no minimum course duration.
Quantum of Finance
Need based Finance in the range of Rs.5000 to Rs.1,50,000/-
Rate of Interest
On-going One Year MCLR+1.50%
Margin
Nil
Security
Assignment of future income of the student
Loan is granted jointly with the parent/Guardian of the student.
The loan will be covered under the Credit Guarantee Fund scheme for Skill Development (CGFSSD)
No collateral or third party guarantee is required
Moratorium
If Course duration up to 1 year: Moratorium is 6 months from the date of completion of course.
If course duration is above 1 year: Moratorium is 12 months from the date of completion of course.
Repayment
Loan amount up to Rs 50000: up to 3 years
Loan amount above Rs 50000 and up to Rs 100000: up to 5years
Loan amount above Rs 100000: up to 7 years

VIDYA TURANT – EDUCATION LOAN SCHEME GUIDELINES

Purpose

To provide hassle free education loan to meritorious students who are pursuing their higher studies in select institutions viz., Selected IIMs/IITs/NITs/IISc /ISB (Hyderabad & Mohali) and other reputed institutes
Student eligibility
Indian National
Quantum of Finance
Category A Institute : Students of IIMs. Limit up to Rs 25.00 lacs.]
Category B institute: Students of ISB, Hyderabad & Mohali Limit up to Rs 40.00 lacs.
Category C institute: All other institutions other than A and B Limit up to Rs 20.00 lacs.
Rate of interest
Ongoing One year MCLR.
(RoI is subject to change)
Margin
Up to Rs. 4.00 lakhs – Nil
Loan above Rs. 4.00 lakhs - 5%.
Scholarship/assistantship will be included in margin
Security
No collateral Security up to limits for institutions designated category wise ( i.e. For students of IIMs Limits up to Rs 25.00 lacs, For students of ISBs, Limits up to Rs 40.00 lakhs and for students of all other institutions Limits up to Rs 20.00 lakhs )
Assignment of future income of the student
Loan granted jointly with parent/guardian and student.
Upfront / Processing Fee
Nil
RepaymentRepayment of the loan will be in equated monthly Installments up to a maximum of 15 years excluding the moratorium period ( i.e., course period plus one year).

 VIDYA SHAKTHI – EDUCATION LOAN SCHEME GUIDELINES

Purpose
To assist the PWD category students who are in need of education loan for pursuing the special devices courses in India. Education loans for abroad studies will be as per the guidelines of IBA Model Education loan/Skill loan scheme.
Student eligibility
Student should be an Indian National with physical disability to the extent of 40% or more.
Quantum of Finance

Need based finance shall be considered subject to the following conditions.
For degree Courses : Max: Rs 7.5 lakhs
Vocational/Certificate/Diploma courses/Skill loan :Max Rs 1.50 lakhs.

Note : Loans beyond the limits mentioned above are to be sanctioned under IBA’s Model Education Loan scheme.

Rate of interest Ongoing One year MCLR
(RoI is subject to change)
MarginUp to 4 lakhs: nil
Above 4.00 lakhs: 5%.
However Scholarship/ assistantship if any, will be considered as margin.
SecurityAssignment of future income of the student.
No collateral Security up to a limit of Rs 7.5 lakhs.
Loan granted jointly with parent/guardian and student .
Loans up to a limit of Rs 7.50 lakhs sanctioned are to be invariably covered under the Credit Guarantee Fund Scheme For Education Loans (CGFSEL) guarantee scheme.
Upfront / Processing FeeNIL Including Vidya Lakshmi portal referral fee.
RepaymentRepayment of the loan will be in equated monthly Installments up to a maximum of 15 years excluding the moratorium period ( i.e., course period plus one year).
For skill development loan, 3 to 7 years depending upon the loan quantum.

VIDYA SAHAY – EDUCATION LOAN SCHEME GUIDELINES

Purpose
To assist the needy and meritorious students who are in need of the down payment to be made to the CET/counseling Authorities at the time of selection / counseling
Student eligibilityStudents who appeared in common entrance test conducted by respective state governments, CBSE, IIT and such other all India examination and selected for counseling.→ Indian National. → Students should have cleared the previous qualifying exam.→ Address and ID Proof to be provided at the time of sanction of Bridge Loans for complying with KYC norms
Quantum of FinanceMaximum eligible amount would be Rs.1 Lakh or initial payment as proposed by the CET Authorities whichever is less.
Rate of interest
Ongoing One year MCLR+2.00% (Subject to change)
MarginNil
SecurityLoan granted jointly with parent/guardian and student
Upfront / Processing FeeNil
RepaymentLoan is to be cleared after sanction of regular education loan.



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