Education is the most basic thing which we need to impart our children but at times this education seems to be tough due to the financial crunch. However in times of such distress Canara Bank helps you by lending education loan so that your child’s dream never remains a dream only. Canara Bank education loan is meant especially for those who belong to the economically weaker sections of the society and find it hard to meet the heavy expenses. Absolutely convenient, hassle free and reliable it is through this loan that your child can realize his dreams. Whether it’s studying in India or abroad these loans are forever there to assist you in every walk of life. For studies in India the maximum loan amount is INR 10 lakhs while for abroad the maximum amount is INR 20 lakhs. The interest rate on the loan amount is also quite low between 10.25% – 12.5%. There are no processing charges for studies in India however for abroad these charges are negligible at 1% of the loan amount.
In order to avail the loan facility from the bank it is necessary to check for the eligibility process. This loan is provided to meet the payment of course fees, purchase of books, equipment, instruments, uniform, hostel fees, examination fees, study tours and passage expenses in case of studies abroad. The courses which are eligible for availing the loan in India are graduation, post graduation including technical or professional courses with employment potential conducted by universities, colleges, AICTE, Department of Electronics and also autonomous bodies like IIT and IIM. Study loan by Canara Bank is available to free you from all the tensions of providing a bright future and career to your child. The margin for the loan amount is NIL up to INR 4 lakhs while above this amount 5% is charged for the studies in India while for abroad this is a bit higher at 15%.
The repayment of the loan commences two years after completion of the course or six months after getting employment, whichever is earlier. Loan along with the interest is repayable within a period of 5 to 7 years thereby offering you complete peace of mind for quicker repayment. Do keep in mind to read the terms and conditions thoroughly in order to avoid any discrepancy at a later date. You can easily download the requisite form from the bank’s website and fill in and deposit the same with the necessary documents for availing the Canara Bank study loan scheme.