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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 3 1 2 3
  • Canara Bank Education Loan
    "GOOD"
    CANARA BANK
    0.5 4.0/5 "Great!"
    I have taken the CANARA BANK education loan with this bank as the rate of interest is 12% with this bank and i have taken the loan past 4 years where the service is good. The documentation process is good and simple with this bank. It is a good banking to use.
    Was this review helpful? 1
    , bangalore
    Reviewed on Dec 14, 2018
  • Canara Bank Education Loan
    "Quick and smooth process"
    CANARA BANK
    0.5 5.0/5 "Blown Away!"
    My mom was taking care of my educational loan with Canara bank, the interest rate is nominal and they gave me it. The loan disbursement process was good. I done some documentation , paper work was smooth, but I am not sure about the interest.
    Was this review helpful? 1
    , mumbai
    Reviewed on Dec 03, 2018
  • Canara Bank Education Loan
    "Best in Need"
    CANARA BANK
    0.5 5.0/5 "Blown Away!"
    At the time my studies i was in a need of Educational loan and as my dad hold a Savings account with Canara bank it was easy to get my Educational loan processed. The interest rate was very reasonable and there was no hurdle faced during the procedure. Even for my elder brother Educational loan was taken from the same bank and We are happy to be associated with Canara Bank.
    Was this review helpful? 0
    , noida
    Reviewed on Nov 12, 2018
  • Canara Bank Education Loan
    "Best Service"
    CANARA BANK
    0.5 5.0/5 "Blown Away!"
    I have taken an Education loan from Canara Bank and my experience was good, the loan amount was for Rs 15 lacs with nominal interest rate when compared to other banks. Customer service was good and they followed up on time. The tenure period for this loan is 15 years.
    Was this review helpful? 3
    , hyderabad
    Reviewed on Sep 05, 2018
  • Canara Bank Education Loan
    "Get everything in writing!!"
    CANARA BANK
    0.5 0.5/5 "Unacceptable"
    Canara bank and canara bank vadodara is the worst option you can think of when it comes to student loans. The managers make verbal empty promises and statements that is not being kept. Repayment is big hassle and contacting them is horrible.
    Was this review helpful? 5
    , vadodara
    Reviewed on Sep 01, 2018
  • Canara Bank Education Loan
    "Good Service"
    CANARA BANK
    0.5 5.0/5 "Blown Away!"
    I've taken an educational They processed the loan quickly, they are very nice. It was a very good educational loan experience. It took some time but they were able to sanction the loan with in the stipulated time. I am really happy with their friendly services.
    Was this review helpful? 3
    , bangalore
    Reviewed on Aug 16, 2018
  • Canara Bank Education Loan
    "Good service"
    CANARA BANK
    0.5 4.0/5 "Great!"
    I have chosen canara bank for education loan where they have provided very nominal rate of interest and they instantly approved . Am satisfied with their customer service and response . There is no processing fees. They gave the tenure period of 6 years, but i have pre closed my loan with in 4 years and there is no charges for pre closure. Overall am satisfied with my education loan.
    Was this review helpful? 5
    , hyderabad
    Reviewed on Jul 10, 2018
  • Canara Bank Education Loan
    "Excellent services "
    CANARA BANK
    0.5 5.0/5 "Blown Away!"
    I went to the bank directly to apply for the loan. Their is no customer care service is involved in the overall process. Its easy to get a educational loan from Canara bank. I have applied the loan amount of Rs. 3.5 lakhs. I'm not aware of the interest rate and processing fee. Actually i took the loan against my father's joint account. I have not even paid a single EMI so far.
    Was this review helpful? 7
    , hyderabad
    Reviewed on Jul 05, 2018
  • Canara Bank Education Loan
    "Useful Service"
    CANARA BANK
    0.5 4.0/5 "Great!"
    I took an education loan from the Canara bank for 1.5 lacs. I was asked to wait 6 months still the service was good. I got the amount when I needed it the most, They offers the loan at an interest rate of 10.65 and it seemed pretty high when comparing with other banks. Overall it has been a good experience.
    Was this review helpful? 3
    , bangalore
    Reviewed on Jun 18, 2018
  • Canara Bank Education Loan
    "Good service"
    CANARA BANK
    0.5 3.0/5 "Satisfactory"
    I have taken an Education loan from Canara bank and my loan experience was good, the loan amount was for Rs 3.6 lakhs with rate of interest of 4% (6% at present). The process was smooth and i received my loan amount on time. Customer service was good and the tenure period for this loan is 4 years.
    Was this review helpful? 5
    , kochi
    Reviewed on May 08, 2018
  • Canara Bank Education Loan
    "Average service"
    CANARA BANK
    0.5 3.0/5 "Satisfactory"
    I have taken a Education loan with Canara bank,the loan amount is two lakhs,rate of interest is 10.65% high as compared to others banks.The EMI amount is active i pay it online,the tenure is for seven years.They had processed the loan within the TAT.
    Was this review helpful? 4
    , bangalore
    Reviewed on Feb 26, 2018
  • Canara Bank Education Loan
    "Improve customer service"
    CANARA BANK
    0.5 1.0/5 "Really Bad"
    I have taken an educational loan from Canara bank. The approved loan amount was 1 lakhs 65 thousand. The rate of interest was very low but the service was not satisfactory. For follow ups i had to visit the bank every time. The response was also not up to the mark. They have to improve on customer service.
    Was this review helpful? 1
    , coimbatore
    Reviewed on Jan 30, 2018
  • Canara Bank Education Loan
    "Average service"
    CANARA BANK
    0.5 3.0/5 "Satisfactory"
    I have taken Education loan from Canara bank few years back, my loan application was approved and the requested amount was disbursed. I have taken loan for Rs 70000 with the rate of interest of 12.5% which is high when compared to other banks. An EMI amount is flexible and there is no fixed amount to pay. Customer service was good and they responded on time, the process was very smooth and it was a good loan experience.
    Was this review helpful? 4
    , chennai
    Reviewed on Nov 21, 2017
  • Canara Bank Education Loan
    "Its Good"
    CANARA BANK
    0.5 4.0/5 "Great!"
    Canara Bank approved my education loan around Rs. 2 lakhs for the tenure of four years. I done BE (Electronic communication), each semester I used to submit the fee structure to the bank. They immediately release the payment and there was no interest rate during the course of my study.
    Was this review helpful? 7
    , chennai
    Reviewed on Nov 13, 2017
  • Canara Bank Education Loan
    "Education Loan Interest and Subsidy"
    CANARA BANK
    0.5 3.0/5 "Satisfactory"
    Hai Sir/Mam, I am sudhakar, did my BE (EEE) degree in KCET on period of 2007-2011. Totally i got loan from Canara bank 2.5 lacks around for 4 years. Every year on studying and after finihed my studies i paid over 1.5 lacks interest only, but still my overall amount in that bank is 3.5 lacks. l dont know how to pay whole amount, because my salary also less. so be help me to sove this problem and is there possible to settle the loan with one time payment and for that howmuch amount i will spend.please reply Thank you mail id: sudhakar.7525@gmail.com Branch: Canara bank, Kovilpatti
    Was this review helpful? 7
    , kovilpatti
    Reviewed on Nov 11, 2017
  • Canara Bank Education Loan
    "Its Average"
    CANARA BANK
    0.5 3.0/5 "Satisfactory"
    Canara Bank is beside to my home, hence I visited and approached for Education loan. They coordinated well and sanction the loan on time. They gave me 13% of interest for the education loan now its revised around 11% to 12%. I took the amount of 2 .3 lakhs for the tenure of 7 years.
    Was this review helpful? 1
    , bangalore
    Reviewed on Oct 20, 2017
  • Canara Bank Education Loan
    "Best bank"
    CANARA BANK
    0.5 5.0/5 "Blown Away!"
    When I approached Canara Bank for a educational loan. The bank checked my details and was willing to offer me a a loan amount of ten lakhs. The services has always been beneficial and the bank has always given me the best of offers as they value the existing customers.
    Was this review helpful? 2
    , tirupati
    Reviewed on Oct 12, 2017
  • Canara Bank Education Loan
    "EXCELLENT"
    CANARA BANK
    0.5 5.0/5 "Blown Away!"
    It was a easy process to get a educational loan with Canara Bank and I am very happy with the service provided.The customer service provided was really good and the interest rate offered was average which was 6% approximately they do collected the docs but still the loan process was fast with the Bank.
    Was this review helpful? 1
    , tiruchirapalli
    Reviewed on Sep 18, 2017
  • Canara Bank Education Loan
    "Don't believe (get a written letter for what they promising)"
    CANARA BANK
    0.5 0.5/5 "Unacceptable"
    Hi myself bharathi, I had taken my educational loan on 2013 3 year of my course it is a sum of 75000 rupees they promised me no interest for educational loan under 1 lakh and I'm eligible to apply the loan. In 2017 while demonetization I deposited 13000 in my savings account after 15 days I try to withdraw a sum of 2000 in ATM I found all the amount gets withdraw even there is no minimum balance in my account . I approached bank manager he replied indecently & said that is Done by bank for educational loan intrest. I asked while getting loan manager said no intrest for educational loan. He replied "you fool who I'll give u money without interest" and he said u have to repay 128753 rs with interest. So guys though they promise you that won't be any interest please get a written statement.
    Was this review helpful? 5
    , madurai
    Reviewed on Aug 07, 2017
  • Canara Bank Education Loan
    "Good Experienced"
    CANARA BANK
    0.5 5.0/5 "Blown Away!"
    I taken education loan from Canara Bank, it was near to home. I directly went to the bank and got it. It was very helpful for my studies, I took the loan amount of 2 lakhs its great. Bank understand the customer's and provided the loan it was nice experience.
    Was this review helpful? 2
    , bangalore
    Reviewed on Jul 06, 2017
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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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