Canara Bank
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| Nature of study : |
Financial assistance to needy and meritorious students is provided for pursuing all types of studies from high school onwards including graduation, technical education and professional courses. Loans are also provided for study abroad for post graduation and higher courses. Computer studies which are of full time in nature leading to degree or diploma are also covered. |
| Purpose of loan: |
1. Payament of course fees
2. Purchase of books,equipments,instruments, uniforms
3. Payment of Hostel fees, examinations fees, study tours, passage expenses(for studies abroad), etc. |
| Eligibility Courses: |
1. Graduation, Post-fraduation including technical / Professional courses with employment potential, conducted by Colleges / Universities approved by UGC / Govt. / AICTE / Dept. of Electronics / Indian MEdical Council, Autonomous institutions like IIT, IIM etc.,
2.For Studies Abroad, Job - oriented Technical / Professional Courses (Graduation / Post Graduation) |
| Quantum of Finance: |
* Need Based
* Upto Rs. 10.00 Lacs for studies in India.
* Upto Rs. 20.00 lacs for studies abroad. |
| Rate of interest: |
(subject to changes from time to time)
1. Simple interest is charged during the period of study.
2. 0.5% concession allowed where interest is serviced during study period.
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| Own Contribution: |
- Upto Rs. 4.00 lacs: Nill
- Above Rs. 4 lacs: Studies in india - 5%
Studies Abroad - 15%
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| Security : |
1. Loan shall be given jointly with parent or guardian
2. Assignment of future income of the student.
3. Upto Rs. 4.00 lacs - No Security.
4. Above Rs. 4.00 lacs and upto Rs. 7.50 lacs ( for meritorious students in respect of higher education / professional courses) - Satisfactory third party gurantee to be extended, wherever required.
5. For others - Collateral security equal to 100% of the loan amount. |
| Repayment Conditions |
- Commences one year after completion of the course or six months after getting an employement , which ever is earlier.
- Loan woth interest to be repaid in equated monthly instalments within 5 to 7 years.
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| Documents to be Submitted: |
* Marksheet of qualifying examinations.
* Proof of admission from the educational institution.
* Schedule of expenses issued by the educational institution.
* Passport size photograph(2 Copies)
* Proof of residence (voter's ID card, Passport, Driving License, etc)
* Proof of income(Parent / Guarantor)
* Mortgage documents, wherever required. |
| General: |
* Loans extended by the bank branch nearest to the place of permanent residence of the parent.
* Loans disbursed directly to the Institution / hostel authoriries in stages based on requirements. |
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