Education and Career Forum

I am willing to apply for an education loan in Canara Bank so, give me details about amount permissible without security and with security? What is the process to mortgage securities?

You can get an education loan of Rs.4 lakhs from Canara Bank without any security. You should have secured admission in any course from a recognised university to be eligible to apply for an education loan. To get an education loan of more than Rs. 4 and 7.5 lakhs, you have to submit third-party guarantee or collateral security documents to bank for processing your education loan.

To be eligible to apply for an education loan in Canara Bank, you should have secured admission in any eligible course in a recognised institute. No security is required to get an education loan upto Rs. 4 lakhs. For an education loans from Rs. 4 lakhs to Rs. 7.5 lakhs, your parents needs to be joint-borrowers and for an education loan greater than Rs. 7.5 lakhs, the Collateral security for related to property need to be submitted for bank for processing your education loan. If all the documents submitted by you are verified and found correct, your education loan will be sanctioned within 10-15 working days.

Those candidates who have secured admission in any course in a recognized university, are eligible to get an education loan of upto Rs.4 lac from Canara Bank without any security.
In order to get education loan of more than Rs.4 lac to upto Rs.7.5 lac, you need to submit collateral security documents to the bank. And to get education loan of even more than Rs.7.5 lac, you need to submit collateral security of property along with a third party guarantor. After verification of your submitted documents, your education loan will be sanctioned within a fortnight.