Education and Career Forum

Hello everyone, I came to know that Canara Bank provides education loan on IBA scheme. I really don’t know about this scheme. Can anyone of you let me know about this IBA scheme? Waiting for your response!

Details of Canara Bank IBA Education Loan Scheme are mentioned below:-

—> Eligibility:- You should have secured admission to technical/ professional course in a recognised college/ university.

—> Quantum of Finance:- Rs. 10 lakhs for studies in India and Rs. 20 lakhs for studies in Abroad.

—> Margin:- Upto Rs. 4 lakhs- Nil and above Rs. 4 lakhs:- 5% for studies in India and 15% for studies in Abroad.

—> Security:-
Upto Rs. 4 lakhs:- No Security
Above Rs. 4 lakhs and upto Rs. 7.5 lakhs:- Satisfactory third-party guarantee
Above Rs. 7.5 lakhs:- Collateral security equal to 100% of loan amount

—> Repayment:-
Upto Rs. 7.5 lakhs:- 10 years
Above Rs. 7.5 lakhs:- 15 years

—> Moratorium Period:- Course Period plus one year or six months after getting a job, whichever is earlier.