Website : www.canarabank.in/
Bank Type : Nationalized Bank
Provided study loan amount in Abroad
Eligibility :
Need based finance is permitted within a maximum of Rs.7.50 Lakhs for inland study and Rs.15 Lakhs for study abroad. Institutions offering courses should have approval of Central Govt. & State Govt./University affiliation/Autonomous Institutes/AICTE/DOEACC.
Coverage :
school/college and for purchase of books, hostel fees, examination fees, etc.
Margin
Up to Rs.4.00 Lacs Nil for both inland and Foreign Studies.Above Rs.4.00 Lacs 5% for inland studies 15% for studies abroad
Interest rate
Subject to changes as advised by Bank/RBI from time to time
Re-Payment :
To be repaid in 5 to 7 years. Initial repayment holiday of One year both for principal & interest from the date of completion of course or six months of getting a job whichever is earlier. Interest will be debited quarterly on simple basis during the repayment holiday/moratorium period. After commencement of repayment, the accrued interest is added to the principal amount and EMIs fixed on total outstanding amount. Penal Interest @ 2% will be charged for above 2.00 Lacs for the overdue amount and overdue period.
Security :
Loans up to Rs.4.00 lacs Joint documentation with parents/guardian. Loans above Rs.4.00Lacs Collateral security of suitable value or Co-obligation of Third Party having required net worth with Assignment of future income of the student.
Documents :
Bank forms, letter of admission from the university, clearly stating living costs, tution fees and other costs.Student must have a minimum of 60% in his previous examination.
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