Canara Bank Education Loan

Canara bank was founded by Ammembal Subba Rao Pai, a renowned philanthropist at a port in Mangalore, Karnataka in 1906 and nationalized in 1969.  Various loans are provided by Canara bank to meet the needs of an individual. An education loan known as “Vidyasagar Loan” is offered to the students who wish to go for higher studies in India or abroad.

• Education in the India:

• Graduation in B.Sc, B.Com, B.A.
• Post-graduation containing technical courses, professional courses with the potentials of the employment carried out by universities and colleges permitted by government, UGC, electronics department, AICTE, IMC, autonomous institutions such as IIM, IIT, etc.

•  Education in abroad:

Job oriented, technical courses, and professional courses

Exposure of expenses:

• Payment of course fees
• Payment of exam fees, hostel fees, study tours
• Purchase of books, instruments, equipments, uniform
• Passage expenses

• The maximum loan amount is Rs. 7.50 lakh Education in India
• The maximum quantum is Rs. 15 lakh Education at abroad.

• No margin up to Rs. 4 Lakh
• The margin is 5 percent on the amount above Rs.4 lakh to Education in India
• Margin is 15 percent for Education abroad.

This loan is given in Loan together to students and guardian or parents.

• No need of security for the loan up to Rs.4.00 lakh
• Guarantee of third party is required when loan amount is in between Rs. 4 Lakh and &.Rs. 7.50 Lakh.
• Collateral security is required for the loan amount above Rs. 7.50 Lakh.

Repayment period or moratorium period is one year after completion of the course or 6 months from getting the job, whichever is earlier. After initiating the repayment, the loan is repaid in 5 to 7 years.

Head Office
Post Box No. 6648, 112,
Jayacharamarajendra Road,
Bangalore 560002
Phone - (080) 2222 1581
Fax - (080) 2222 2704
Website - http://www.canarabank.com

Since the rules, regulations, eligibility conditions, repayments and interests rates etc. are revised by the banks from time to time in keeping pace with the changing capital market conditions, students and parents are advised to thoroughly check the terms and conditions of educational loan scheme on offer at the time of application.