Canara Bank education loan Scheme in Tamilnadu
Canara bank offers educational loans to all students pursuing their higher education form higher school to graduation, post- graduation, technical or non-technical courses it includes both India and abroad studies. The loan amount sanctioned should be used only for the purpose for it was sanctioned. It may include purchasing of books, payment of fees related to courses, hostels, library etc. The expenditure should straight away relate to the higher education.
Eligibility and repayment of the the educational loan
The canara bank clearly specifies the eligibility criteria of getting the loan. The course chosen by the applicant should be approved by the recognized university or college. The limit of educational loan is Rs 7.5 lacs for India and 15 lacs for the abroad studies. The applicant also required to submit the confirmation letter from the concerned college or university regarding the admission. The entire amount should be paid within 5-7yrs of their completion of course. The commencement of repayment starts after six months of getting job or one year after the completion of course whichever is earlier.
The interest rate for the educational loan in canara bank
The interest rate is applicable on the basis of their income. For those whose parents income is Rs 7200 per month required to pay the interest of 4% only on the outstanding educational loan amount.
Above 4 lacs of the loan amount the applicant required to pay the interest of 11.75% (the interest rates are subject to the subsequent orders of Reserve bank of India from time to time.). There is a provision of paying the amount directly to the concerned college/university etc to avoid the mishandling of money.
Security required for the educational loan in canara bank
It is very simple in the security area of educational loan. They need a joint documentation of their parents along with the parents upto 4 lacs of amount. Beyond 4 lacs security of equal valued property is to be needed. In some case, the bank authority may be lenient with the applicant considering the essential of the applicant.
Document required for the educational loan in canara bank
1. Duly filled and signed application form.
2. Letter from the college or university regarding the complete details of payment over the tuition fee, mess fee and any other fees to be paid in the college.
3. Residential proof and age proof is mandatory.
4. Certificate showing the present academic qualifications.
5. 2 Nos passport size photographs.
6. The income tax return filed for the last two years of the parents and co-obligants.
7. Photocopies of visa and passport if the course is preferred abroad.
Note: For more details regarding the latest interest and the loan amount, please visit your nearest canara bank branch
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