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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
      "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? 0
      , 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? 2
      , 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? 0
      , 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? 0
      , 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? 0
      , 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? 0
      , 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? 0
      , 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? 0
      , bangalore
      Reviewed on Jul 06, 2017
    • 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? 14
      , 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? 11
      , 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
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