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15th December 2015, 10:31 AM
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Join Date: Apr 2013
Re: Canara Bank Education Loan

Hello, here I am providing you the details of the education loan provided by Canara Bank as under:

Eligibility:
Only for Educational Loans availed from Scheduled Banks for pursuing any of the approved courses after Class XII in Technical and Professional streams from recognized institutes in India under the Educational Loan Scheme of IBA.
Students belonging to Economically Weaker Sections with annual gross parental/family income from all sources with an upper limit of Rs.4.50 lacs
Certificate to this effect issued by authorized officers of State Government is to be submitted.
Full interest subsidy is available for the period of moratorium i.e Course Period plus 1 year or 6 months after getting the job, whichever is earlier.
Scheme is applicable for the loan amount availed from April 01, 2009 to March31, 2010(Academic Year 2009-10)
For Loans sanctioned earlier to 1.04.2009, only amounts disbursed during the above period are eligible.

Amount of 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.

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.


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