Nature of Course / Study

Financial assistance to needy and meritorious Indian students for pursuing studies from High School onwards including graduation, technical and professional courses.

Loans are also provided for study abroad for job oriented courses at degree level and advanced studies in all areas for post-graduation.

Purpose

For payment of fees to school/college and for purchase of books, hostel fees, examination fees, etc.

Eligibility Conditions

• Need based finance is permitted within a maximum of Rs. 7.50 lakhs for inland study and Rs. 15 lakhs for study abroad.
  
• Institutions offering courses should have approval of Central Govt. & State Govt./University affiliation/Autonomous Institutes/AICTE/DOEACC.

Margin

• Upto Rs. 4.00 Lacs Nil for both inland and Foreign Studies
  
• Above Rs. 4.00 Lacs 5% for inland studies 15% for studies abroad

Security

• Upto Rs. 4.00 lacs Joint documentation with parents/guardian.
  
• Above Rs. 4.00 lacs Collateral security of suitable value or Co-obligation of Third Party having required networth with Assignment of future income of the student.

Disbursement

Directly to University/College/Hostel/book supplier/ etc.

Credit Delivery

The loan can be availed from the branch nearest to the place of permanent domicile.

Rate of Interest

Subject to changes as advised by Bank/RBI from time to time)

• Student satisfying DRI norms (irrespective of quantum of loan) (DRI:annual income less than Rs. 7200 p.a) 4.00%
  
• Others - Upto Rs. 4.00 lakhs- Above Rs. 4 lakhs 11.25% 12.25%

Processing Charges

• 0.1% on the loan amount subject to a minimum of Rs. 100/- and maximum of Rs. 250/-.
  
• The loan will be recovered in easy installments over a comfortable period up to 3 years. No prepayment charges.
  
• Minimum documents, simple procedures
  

All you have to do is:

• Decide what you want to buy and choose your dealer
  
• Walk into your Canara Bank branch with your salary certificate, proof of income and dealer's invoice.
  
• Collect the pay order.
  

Repayment Conditions

• To be repaid in 5 to 7 years.
  
• Initial repayment holiday of One year both for principal & interest from the date of completion of course or six months of getting a job whichever is earlier.
  
• Interest will be debited quarterly on simple basis during the repayment holiday/moratorium period. After commencement of repayment,the accrued interest is added to the principal amount and
• EMI's fixed on total outstanding amount.
  
• Penal Interest @ 2% will be charged for above 2.00 Lacs for the overdue amount and overdue period.

Contact

For any further details, you may contact bank branch nearest to the place of your residence.

** Broadly listed. Additional documents as may be required, may please be furnished.