Education and Career Forum

Hello everyone, I am looking forward to apply for an education loan in Canara Bank for studying BTech course. I would like to know about the terms and conditions for applying an education loan in this bank. Can anyone tell me?

Terms & Conditions of Canara Bank Education Loan Scheme for BTech aspirant:-

First of all you need to secure admission at a recognised college and then visit the nearest branch in which you have your account for education loan application. They will give you the form and you need to fill it and Summit it with all the required documents.
A guarantor and collateral security will be required for your loan application. Hence, make sure you have someone to support you.
If you have all the documents and a guarantor, then chance is will be good.

all the documents

First of all you need to secure admission at a recognised college and them visit the nearest branch in which you have your account for education loan application. They will give you the forum and you need to fill it and submit it with all the required documents.

A guarantor and collateral security will be required for your loan application. Hence, make sure you have someone to support you, if you have all the documents and a guarantor, then chances will be good.

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The Terms & Conditions of the Canara Bank Education Loan Scheme are given below.

--> Candidate must be an Indian Citizen.
--> Non-Resident Indians (NRI) who have an Indian Passport can apply for the loan.
--> It can be availed for both inland and abroad education.
--> Loan is granted jointly with the parent/guardian.
--> Equal monthly installments for up to 15 years of repayment.
--> No collateral security is required and a Moratorium of 1 year is offered.

The documents which you need to submit to avail of an education loan are given below.

--> Admission letter or call letter from the institute/university.
--> Date of birth proof, Address and Identity proof like Aadhar Card, Voter ID, Driving License, Passport, PAN card.
--> Academic Marksheets and Certificates.
--> Passport size photograph.

Terms & Conditions of Canara Bank Education Loan Scheme for BTech aspirant:-

1) The loan applicant must be an Indian citizen.
2) The applicant must have secured admission in a recognized foreign university/institution.
3) The loan applicant must be above the age of 18 years or his/her parents will have to apply for the loan.
4) The applicant must have secured admission in a professional course

°°° Terms and conditions under Canara Bank education loan scheme °°°

Quantum of Finance is depends on the repaying capacity of the parents and students.

Up to Rs. 4 lakhs, No margin is applicable

Loan above rupees 4 lakhs, 5% margin is applicable for studies in India and 15% for studies abroad.

Moratorium period is course period + 1 year.

Up to rupees 4 lakhs, no securities required.

For loans up to 7.5 lakhs, third party guarantee acceptable to bank security.

Upto Rs 7.5 lakh, Collateral security equal to the loan amount is required.

Terms and conditions are
Must be an Indian citizen

Must have secured admission in college or university recognised by a competent authority in India or Abroad.

Candidate applying for loan must have a good academic background.

Must have taken admission in any professional course.

The college in which admission has been taken must have good placement facility.

The candidate must be Financial stable to repay the loan.