Canara Bank offers a diverse range of personal banking services as well as priority credit schemes suiting the customized needs of an individual. It also has education loan known as Vidyasagar Loan, on offer for meritorious students willing to pursue higher studies in India or abroad. Canara Bank was established by Ammembal Subba Rao Pai, a renowned philanthropist at a port in Mangalore, Karnataka in 1906 and nationalized in 1969. You can gather information on Canara Bank Student Loans from this page.
Education Bank Loan in India : Canara Bank
Vidyasagar Educational Loan
Exposure of expenses:
- Payment of course fees
- Payment of exam fees, hostel fees, study tours
- Purchase of books, instruments, equipments, uniform
- Passage expenses
- The maximum loan amount is Rs. 7.50 lakh for those studies in India
- The maximum quantum is Rs. 15 lakh for those studies abroad.
- No margin uo to Rs. 4 Lakh
- The margin is 5 percent on the amount above Rs.4 lakh to studies in India
- Margin is 15 percent for studies abroad.
This loan is given in Loan together to students and guardian or parents.
- No need of security for the loan up to Rs.4.00 lakh
- Guarantee of third party is required when loan amount is in between Rs. 4 Lakh and &.Rs. 7.50 Lakh.
- Collateral security is required for the loan amount above Rs. 7.50 Lakh.
Repayment period or moratorium period is one year after completion of the course or 6 months from getting the job, whichever is earlier. After initiating the repayment, the loan is repaid in 5 to 7 years.
Post Box No. 6648, 112,
Phone - (080) 2222 1581
Fax - (080) 2222 2704