Canara Bank Offers Student Loan at Reduced Rate of 11.45%
Canara Bank, the Indian state owned bank, head quartered at Bangalore, Karnataka is offering Student Loans at a reduced rate of 11.45%. The Bank was established in the year 1906. The bank has several branches in India and abroad. If you have decided to pursue MBA but the huge amount of fee is creating a hindrance in your dream, you can approach Canara Bank for a Student Loan.
Now let us have a look at the details of the Student Loan.
Purpose of Loan:
Payment of course fees
Purchase of books, equipments, instruments, uniform, hostel fees, examination fees, study tours, passage expenses (for studying abroad)
Eligible courses: The eligible courses include Graduation, Post-graduation including technical / professional courses with employment potential conducted by colleges / Universities approved by UGC / Govt./AICTE/Department of Electronics / IMC, autonomous institutions like IIT, IIM etc.
Studies abroad: Loans would be available for studying for job oriented technical or professional courses for graduation or post graduation.
Quantum of Finance:
Need based finance:
For studies in India: Rs. 10 lakh (maximum)
For studies abroad: Rs. 20 lakh (maximum)
Higher quantum of loan can be considered above the ceiling limit under Non priority with applicable rate of interest.
Upto Rs. 4 lakh – Nil
Above Rs. 4 lakh for study abroad – 5%
Studies Abroad – 15%
Security: Loan is given jointly to the student and parent or guardian.
Assignment of future income of the student.
Upto Rs.4 lakh - No security
Above Rs.4.00 lakh and upto Rs. 7.50 lakh –Satisfactory third party guarantee
(Note: If the proposed borrower prefers to offer collateral security of tangible assets (moveable or immoveable) instead of third party guarantee, the same may be accepted, at his request, provided the securities with stipulated margin covers 100% of the loan amount).
Above Rs. 7.50 lakhs: Collateral security equal to 100% of the loan amount.
Repayment: The repayment commences after completing 1 year of the course or first 6 months of employment, whichever is earlier.
Loan with interest is repayable in equated monthly installments as follows:
- Upto Rs.7.5 lakhs - 10 years
- Above Rs.7.5 lakhs - 15 years
Loan can be availed from the branch nearest to the place of permanent residence of the parent or guardian.
Application for loan: Click here to know more on the Canara Bank Student Loan and the application process.