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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.

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Canara Bank Education Loan Reviews

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  • Canara Bank Education Loan
    "Excellent Loan Service"
    CANARA BANK
    0.5 5.0/5 "Blown Away!"
    Taken my educational loan from Canara bank and the service is excellent. When the repo rate is reduced by RBI, Canara bank will also reduced the interest rate even they have given me a subsidy also. They took 15 to 20 days to sanctioned the loan. I took the loan amount of Rs. 4 lakhs. We can track the status of the loan through their app also.
    Was this review helpful? 0
    , thane
    Reviewed on Aug 30, 2019
  • Canara Bank
    Canara Bank Education Loan
    "Better Loan service"
    CANARA BANK
    0.5 2.0/5 "Expected more"
    Chosen my educational loan from Canara bank since i had a account with them, i have approached them. They took 1 year to give the loan. Interest rate is very less and there was a special scheme to get the loan. I applied the loan amount of Rs. 2.5 lakhs. I have closed the loan in the year of 2014.
    Was this review helpful? 1
    , pune
    Reviewed on Aug 27, 2019
  • Canara Bank Education Loan
    "Easy to get"
    CANARA BANK
    0.5 5.0/5 "Blown Away!"
    I have a educational loan from Canara and its because of the lower interest rates i have chosen them. They have sanctioned the loan in 1 week. I applied the loan amount of Rs. 10 lakhs and i got the same amount. The documentation process is pretty easy. I have not started paying the EMI. The staff response is fine in the branch.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Aug 26, 2019
  • Canara Bank Education Loan
    "Interest rate can be better"
    CANARA BANK
    0.5 4.0/5 "Great!"
    I had education loan with Canara bank, I took Rs. 1.50 lakh for the duration 60 months. The interest was 13.5% it was higher for the education purpose, I done one time settlement without any charges. I got the loan closure confirmation with the time.
    Was this review helpful? 5
    , hyderabad
    Reviewed on Jul 03, 2019
  • Canara Bank Education Loan
    "Poor customer service"
    CANARA BANK
    0.5 2.0/5 "Expected more"
    I had faced a very big problem with Canara Bank for my education loan . Even after I paid all my interest to them , they demand me to pay the entire principal amount in a single shot which is highly impossible for me, because of which my credit score got reduced.
    Was this review helpful? 5
    , mumbai
    Reviewed on May 09, 2019
  • Canara Bank Education Loan
    "Satisy"
    CANARA BANK
    0.5 5.0/5 "Blown Away!"
    I have taken a amount of 1 lakh for an education loan for the duration of 2 years from canara bank.At an initial process was smooth and good. There was no processing fee. The rate of interest is nominal. Canara bank supported well and good customer service .
    Was this review helpful? 3
    , chennai
    Reviewed on May 05, 2019
  • Canara Bank Education Loan
    "Interest rate is to be waived off"
    CANARA BANK
    0.5 5.0/5 "Blown Away!"
    I taken a amount of more than 6 lakhs from canara bank as a education loan . At that time , We dont have more amount of cash for my education . We took a help from cananra bank to pursue my education . Canara bank supported us and good customer service .
    Was this review helpful? 6
    , noida
    Reviewed on Mar 28, 2019
  • Canara Bank Education Loan
    "Convenient"
    CANARA BANK
    0.5 4.0/5 "Great!"
    I took my education loan with Canara Bank long back ago. The interest rate is good and monthly installment will be paid through online. The customer service was good and the response was immediate. Am paying monthly 10K to complete this loan.
    Was this review helpful? 5
    , chennai
    Reviewed on Mar 26, 2019
  • Canara Bank Education Loan
    "Very Good Service"
    CANARA BANK
    0.5 4.0/5 "Great!"
    The experience i had with this Educational loan was pretty goo and it is still running, where the loan amount and the interest rate has been pretty good. The charges which they had made has not been higher and there has not been any hassle faced with their banking services.
    Was this review helpful? 1
    , mumbai
    Reviewed on Mar 20, 2019
  • Canara Bank Education Loan
    "Good"
    CANARA BANK
    0.5 4.0/5 "Great!"
    I took my Education Loan in Canara Bank before 4 years and it was average. The interest rate was good. I do visit the branch and the response was proper. There was no processing fee. I am paying monthly installment as 10-12K through cash. There is an option for partial payment.
    Was this review helpful? 3
    , hyderabad
    Reviewed on Feb 08, 2019
  • 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? 9
    , 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? 5
    , 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? 3
    , 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? 10
    , 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? 8
    , 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? 6
    , 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? 10
    , 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? 9
    , 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? 6
    , 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? 8
    , kochi
    Reviewed on May 08, 2018
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