Canara Bank Education Loan Scheme for Pursuing higher studies in India and abroad

Published: Monday June 24, 2019 15:53

I) IBA Model Education Loan scheme for pursuing higher studies in India and abroad

Purpose: Payment of course fees, purchase of books, equipments, instruments, uniform, payment of hostel fees, examination fees, study tools, passage expenses, (for study abroad)

Eligible courses: Graduation, post graduation, including technical/professional courses with employment potentials conducted by colleges/universities approved by UGC/Government, AICTE/Department of Electronics/IMC, autonomous institutions like IIM, IIT, etc.

Studies abroad: Job oriented technical/professional courses-(graduation/post graduation.)
Quantum of finance: For studies in India: maximum Rs 10.00 lakhs, For studies abroad maximum Rs 20.00 lakhs.

Margin: 
Upto Rs.4.00 Lakhs - Nil
Above Rs.4.00 Lakhs - for studies in India - 5%
Studies abroad – 15% Loan is given jointly to the student and parent/guardian
Assignment of future income of the student
Upto Rs.4.00 Lakhs - No Security
Above Rs.4.00 Lakhs upto Rs.7.50 Lakhs - Satisfactory third party guarantee

II) Model Loan Scheme For Vocational Education And Training:

Student Eligibility: 

The student should be an Indian National and should have completed 10th standard.
Secured admission in a course run/supported by Ministry/Department of Central/State or an Organization recognized b/authorized by Government to do so.
Loan can be availed from the branch nearest to the place of permanent residence of the parent/guardian.

Eligible Courses

Development Courses of duration from 2 months to 3 years preferably leading to a Certificate /Diploma/Degree, etc. issued by a Government Organization or an Organization recognized/authorized by the Government to do so.

Purpose

Tuition/course fee, Examination/Library/Laboratory Fee, Caution Deposit.
Purchase of Books, Equipments and Instruments
Any other reasonable expenditure found necessary for completion of the course.

Quantum of finance
Need-based finance will be considered subject to the following ceilings:
For courses of duration upto 3 months - Rs.20,000/-
For courses of duration 3-6 months - Rs.50,000/-
For courses of duration 6 months to 1 year - Rs.75,000/-
For courses of duration above 1 year - Rs.1,50,000/-.

Margin: NIL

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