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  • Canara Bank Education Loan

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    Canara Bank Education Loan Scheme Overview:

    One of the main agendas of the Government of India is to make sure that no one is deprived of a proper education due to financial constraints. Indian Banks' Association (IBA) has framed an all-inclusive model educational loan scheme, which every bank has adopted. With the aim of supporting students from economically weaker sections of the society, Department of Education, Ministry of Human Resource Development and Government of India has launched this scheme with subsidized interest.

    Canara Bank Offers two kinds of education loans, namely Loans for Students and Model Loan Scheme for Vocational Education & Training.

    1. LOANS FOR STUDENTS:

    Features & Benefits of Canara Bank Loans for Students:

    Objective / Loan Purpose:

    The loan principally goes towards the course fees for the stream chosen by the applicant. It can also cover the costs of textbooks, apparatus, instruments, uniform imposed by the institution, yearly hostel fee payment, exam fee, study trips as well as other related expenses. This is applicable irrespective of where the applicant chooses to study - in India or overseas.

    Expenses considered for Canara Bank Education Loan:

    Course fee, hostel fee, costs of required books and instruments, examination fee and study trips are considered.

    Amount of Education Loan:

    As a need-based educational loan, Canara Bank has a limit on the amount it will provide as loan.

    • For education in India: Up to INR. 10 lakh.
    • For education overseas: Up to INR. 20 lakh.

    Interest Rates:

    • If the loan you have taken is less than INR 4 lakhs, no interest will be levied.
    • For loan sum more than that, 5 percent interest will be levied if you are studying in India and 15 percent if you are going abroad.

    Repayment:

      • Starts a year after the course is completed or six months after landing a job, whichever is earlier.
      • Loan with interest can be repaid in EMIs i.e. you can take 10 years to repay loan amount up to INR. 7.5 lakhs and 15 years if the amount is more than that.

    Security:

    • Loan is provided conjointly to the applicant and his/ her guardian.
    • There is an agreement that future earnings of the student will contribute to loan repayment.
    • No collateral is required if the loan amount is less than INR. 4 lakh.
    • For loan sum between INR. 4 lakh and INR 7.5 lakh, guarantee from a bank-approved third party may be required. To avoid this, the borrower can offer security of palpable assets (covering the loan amount) in its stead.
    • If the loan amount is more than INR. 7.5 lakhs, the security worth the same is required as collateral.

    Margin:

    • Up to INR. 4 lakhs – Nil
    • Above INR. 4 lakhs:

    - For studying in India – 5%

    - For studying overseas - 15%

    Eligible Courses:

    a. India:

    Bachelors (Graduation) and Masters (Post-graduation) that include professional as well as technical courses with work potential conducted by colleges or universities validated by UGC, Government, Department of Electronics, AICTE, IMC, and autonomous institutes like IIT, IIM, Madras Christian College etc.

    b.Abroad:

    Any Bachelor's or Master's Degree that is employment-oriented from an approved institute.

    Documentation required:

    • Mark sheet of the most recent qualifying public exam for school or college in India.
    • Proof of admission to the course (Fee receipts, Transfer Certificate, etc.).
    • Schedule of expenses for the course (Fee receipts obtained from the institute).
    • Two recent passport size photos of the borrower, co-obligant and guarantor.
    • Duplicate copy of any national ID card like passport, Voter’s ID, Driving License etc.
    • Recent salary slips if you are a salaried person and income proofs like reference from clients, IT papers etc. if you are self-employed, freelancers, professionals, entrepreneurs or agriculturist.

    Student Eligibility Criteria:

    • The student must be an Indian National & must have passed the required course with essential grades.
    • The applicant must have received admission in a course in any recognized institute, approved by the State or Central Government.

    2. MODEL LOAN SCHEME FOR VOCATIONAL EDUCATION AND TRAINING:

    Features & Benefits of Model Loan Scheme for Vocational Education & Training:

    Objective/ Loan Purpose:

    The purpose of Model Loan Scheme for Vocational Education & Training is to finance the expenses of a student throughout the course period. Vocational courses are job-oriented and train students in a specific field before aiding them with placements.

    Expenses considered for Canara Bank’s Model Loan Scheme for Vocational Education & Training:

    The loan mainly goes towards the student’s tuition fees for the entire course, exam fee and lab fee and library fund and caution deposit. It can also be used to finance the required books, apparatus and other valid expenses.

    Amount of Education Loan:

    • For three-month courses - INR 20,000/-
    • For three to six month courses – INR 50,000/-
    • For 6 months to 1 year courses – INR 75,000/-
    • For courses of one year and above - INR 150,000/-

    Repayment Period:

    Once the course is completed, the settlement of loan will begin after a cessation period as given below:

    • For courses of up to one year - Six months from completion.
    • For courses that takes more than one year – One year from completion.

    The repayment period are listed below:

    • Loan taken for courses from three months to one year should be paid back in two to five years.
    • Loan taken for courses for more than one year should be paid back in three to seven years.

    Security:

    You do not need to provide any collateral or security. There is no requirement for a third party guarantor either. But the parent or guardian has to execute the loan papers as a joint borrower along with the student.

    Margin: Nil

    Eligible Courses:

    Any development/ Vocational Courses of period ranging from 2 months to 3 years, preferably granting you with a certification, diploma or degree given by a known organization, approved by the State or Central Government.

    Documentation required:

    • Mark sheet of the most recent qualifying public exam for school or college in India.
    • Proof of admission to the course (Fee receipts, Transfer Certificate, etc).
    • Schedule of expenses for the course (Fee receipts obtained from the institute).
    • Two recent passport size photos of the borrower, co-obligant and guarantor.
    • Duplicate copy of any national ID card like passport, Voters ID, Driving License, etc.
    • Most recent salary slips if you are a salaried person and income proofs like reference from clients, IT papers etc. if you are self-employed, freelancers, professionals, entrepreneurs or agriculturist.

    Student Eligibility Criteria:

    • The student must be an Indian National & must have passed the SSLC examination.
    • The applicant must have secured admission in a vocational course in any recognized institute, approved by the State or Central Government.

    Canara Bank Education Loan FAQs:

    1. What is CSIS?
    2. The Central Government has established a new Central Scheme to deliver interest subsidy during the period between course completion and landing a job on educational loans for borrowers belonging to financially weaker sections (with parents earning less than INR. 4.5 lakh per year).
    3. What is the last date for filing incomplete claims for the year?
    4. It is normally done by the end of June.
    5. Am I eligible for subsidy if I am going to study abroad and has taken a loan for 20 lakhs?
    6. Approving the subsidy depends solely on the bank’s discretion.
    7. If I am joining another course soon after the current course, can I get an extension?
    8. In most cases, you will not get an extension. And even if you do, the interest rates will be higher.
    9. Can I place my family property as collateral?
    10. Yes, but only with the consent of all the family members involved.

    Display of any trademarks, tradenames, logos and other subject matters of intellectual property belong to their respective intellectual property owners. Display of such IP along with the related product information does not imply BankBazaar's partnership with the owner of the Intellectual Property or issuer/manufacturer of such products.

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    Canara Bank Education Loan Reviews

  • Page 1 of 2 1 2
    • Canara Bank Education Loan
      "Query"
      CANARA BANK
      0.5 2.5/5 "Just OK"
      I got the educational loan for the academic year 2012 - 2016. My course was completed by May 2016. I got a job on June 2016. At November 2016, the bank had taken money from account without any notification for the repayment of my educational loan. Whether this is legal?
      Was this review helpful? 10
      , tirunelveli
      Reviewed on Apr 05, 2017
    • Canara Bank Education Loan
      "My educational loan"
      CANARA BANK
      0.5 3.0/5 "Satisfactory"
      CANARA Bank Educational loan was taken before 7 years. My father went to the bank and he had taken the loan on my behalf. My loan is still ongoing. They had considered my Father's account as a collateral security. My loan is still ongoing with CANARA Bank.
      Was this review helpful? 10
      , chennai
      Reviewed on Nov 24, 2016
    • Canara Bank Education Loan
      "My educational loan"
      CANARA BANK
      0.5 3.0/5 "Satisfactory"
      Way back I had taken an Educational loan from CANARA BANK. To what I recall the interest rate was high and if any one is looking out for a loan and who is ready to pay a higher interest rate can opt for this loan. It was more than 10 years since I had taken this loan. They had even asked for some collateral security to provide this loan.
      Was this review helpful? 9
      , bangalore
      Reviewed on Sep 29, 2016
    • Canara Bank Education Loan
      "My view about educational loan"
      CANARA BANK
      0.5 1.0/5 "Really Bad"
      Sadly, in the very first instance, I was told that they were unable to process my request of my educational loan. I did not get a proper response from them. They were looking out for some guarantor. Later, I had sought that out with my friend's assistance and he signed as a guarantor for getting this loan from Canara bank.
      Was this review helpful? 9
      , karur
      Reviewed on Sep 19, 2016
    • Canara Bank Education Loan
      "Big proces"
      CANARA BANK
      0.5 1.0/5 "Really Bad"
      CANARA Bank educational loan is a big process, first of all their interaction is very minimal. It is very difficult when it comes to technology as they are not well advanced therefore it becomes very difficult when it comes to preclosure. They dont intimate customer about the rate change. I took this loan during the year 2006 and in the year 2008 there was some waiver which was announced. However I was not entitled to get the same as CANARA confirmed it was not applicable in the first place as it was fixed.
      Was this review helpful? 8
      , bangalore
      Reviewed on Aug 26, 2016
    • Canara Bank Education Loan
      "Good"
      CANARA BANK
      0.5 4.0/5 "Great!"
      I have an ongoing educational loan running with Canara Bank. Being a customer of the bank. I am happy with the services. But the services again vary from manager to manger. Recently, I started to feel that the bank is not up to the mark . On the other hand, the rate of interest was normal. They did not charge a higher processing fee too.
      Was this review helpful? 13
      , hosur
      Reviewed on Jul 23, 2016
    • Canara Bank Education Loan
      "Average"
      CANARA BANK
      0.5 3.5/5 "Pretty good"
      Interest rate for the education loan was very less with Canara bank when i took before ten years. As per my concern the bank manager was good but other service was not so good because it was very difficult get the details about the loan.There is no any online facility to check the break up of the loan and the remaining EMI.
      Was this review helpful? 11
      , hyderabad
      Reviewed on May 26, 2016
    • Canara Bank Education Loan
      "Nice experience"
      CANARA BANK
      0.5 4.0/5 "Great!"
      The process was nice with Canara bank related to the education loan.The interest rate applied was around 9.75% for the education loan.They apply 2.10% for the processing charges.I will recommend the service to others for getting a education loan.
      Was this review helpful? 15
      , chennai
      Reviewed on Apr 13, 2016
    • Canara Bank Education Loan
      "Satisfied!"
      CANARA BANK
      0.5 4.0/5 "Great!"
      For my higher studies, I applied for the educational loan with Canara bank. On making a request for the educational loan, they collected relevant documents and processed the loan in a weekâ??s time. I would suggest them to be more lenient with their banking norms for closing the loan.
      Was this review helpful? 10
      , bangalore
      Reviewed on Feb 23, 2016
    • Canara Bank Education Loan
      "Average"
      CANARA BANK
      0.5 2.5/5 "Just OK"
      I earlier had a experience for a educational loan with canara bank. It was a average experience. The response is slow at the bank. The services are average too. The rate of interest was normal. The charges was average.
      Was this review helpful? 8
      , kochi
      Reviewed on Feb 22, 2016
    • Canara Bank Education Loan
      "well and good..."
      CANARA BANK
      0.5 5.0/5 "Blown Away!"
      Canara bank is well and good. Interest rate for the education loan is very less for the education loan and the process was smooth. There was no one time fee for the loan. As per the promised time period, the Canara bank has released the funds to me.
      Was this review helpful? 7
      , coimbatore
      Reviewed on Feb 04, 2016
    • Canara Bank Education Loan
      "Ananya"
      CANARA BANK
      0.5 5.0/5 "Blown Away!"
      Based on the security availability canara bank is providing the education loan . In case if the customer are not able to make the payment the manager from the bank visit there place to know the environment and if there is any issue they give more five days time. They also give solution to overcome the situation.
      Was this review helpful? 8
      , chennai
      Reviewed on Jan 16, 2016
    • Canara Bank Education Loan
      "Fine.."
      CANARA BANK
      0.5 4.0/5 "Great!"
      On 2009 I have taken Educational loan from Canara bank. Loan got delayed on that period. They offered 2.5lakhs. My father making the payment still is in process. Interest rate was 11%. Good thing is they did not charged any thing for process. Overall I am fine with them.
      Was this review helpful? 12
      , chennai
      Reviewed on Dec 15, 2015
    • Canara Bank Education Loan
      "Nice!!!"
      CANARA BANK
      0.5 4.5/5 "Excellent!"
      They offered 11.5% interest for education loan. Other this they did not charge me anything. They took 2 days to process my loan. Documentation part was very good. What ever document they required I was able to submit it. Communication was not that good with Canara bank, they have to improve their service.
      Was this review helpful? 6
      , bangalore
      Reviewed on Nov 23, 2015
    • Canara Bank Education Loan
      "Nice"
      CANARA BANK
      0.5 4.5/5 "Excellent!"
      My education loan was taken from CANARA bank before 2.5 years. As per the RBI guidelines they have offered me 11.50% as the rate of interest but now it is 11.05%. I am already holding an savings account with them only.
      Was this review helpful? 7
      , new delhi
      Reviewed on Nov 18, 2015
    • Canara Bank Education Loan
      "Very good"
      CANARA BANK
      0.5 4.0/5 "Great!"
      Canara bank educational loan is very good. Everything is fine. Only once I got a call form them and I like their approach as well. I have submitted my address proof and administration certificate as well. I have finished this loan the total tenure was 7 years,
      Was this review helpful? 6
      , erode
      Reviewed on Nov 11, 2015
    • Canara Bank Education Loan
      "Best loan offer"
      CANARA BANK
      0.5 4.0/5 "Great!"
      Canara bank offered 11.25% for the education loan . They took one month to disbursed the loan. First year we have to pay the college bill and get the quotation off further years and submit to the bank. After completing the degree they give time till seven years.
      Was this review helpful? 4
      , gadag
      Reviewed on Nov 07, 2015
    • Canara Bank Education Loan
      "O K "
      CANARA BANK
      0.5 5.0/5 "Blown Away!"
      Very long back I took Education loan from CANARA bank. My native is in Puthukottai, for my location only this bank was ready to process education loan. Rate of interest is very less with them. Every time I use to get reminder messages and updates. My EMI payment was just started before one month.
      Was this review helpful? 9
      , chennai
      Reviewed on Oct 19, 2015
    • Canara Bank Education Loan
      "Bad Customer Service"
      CANARA BANK
      0.5 1.0/5 "Really Bad"
      I have the educational loan with the Canara Bank. The rate of interest was 12% and right now they asked me to repay the capital only without any rate of interest because of the government policies. Customer service is very poor with them like they are always supported for the priority customers. They made us to roam here and there to provide the loan.
      Was this review helpful? 8
      , bangalore
      Reviewed on Oct 14, 2015
    • Canara Bank Education Loan
      "Reduce the processing time"
      CANARA BANK
      0.5 4.0/5 "Great!"
      I have taken my educational loan from Canara bank. The process was long, it took me four months to get the loan, because I had to submit documents from my college side and counseling side. They have very minimal staff, only a manager and few staff. The rate of interest was of 14%. I did not have a processing fee.
      Was this review helpful? 13
      , chennai
      Reviewed on Aug 11, 2015
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