IBA Model Education Loan Scheme for Pursuing Higher Studies in Abroad by Canara Bank

Purpose-

Payment of Course fee, Hostel/Boarding/Examination/Library& Laboratory fee and for Purchase of books, equipments, instruments, uniforms, computers if it is essential for completion of the course, Caution deposit, Building fund/refundable deposit supported by Institution bills/receipts. Travel expenses / passage money for studies abroad. Any other expenses required to complete the course subject to ceiling.

Eligibility-

Indian National

NRIs student holding valid Indian passport

Eligible courses

Abroad Studies-

Course which lead to undergraduate, Post Graduation/PHD, Post Graduate  Diploma etc are eligible.

Quantum of finance-

Need-based finance

Students may submit their loan applications either at the bank branches near to the residence of parents or bank branches near to the educational institution where they are studying.

Margin-

• Upto Rs.4.00 Lakhs – Nil
• Above Rs.4.00 Lakhs –  Studies abroad   – 15%

Security-

Assignment of future income of the student

Merit Quota-

– Loan amount up to Rs.7.50 Lakhs : No collateral Security, loan will be covered under Credit Guarantee Fund Scheme for Education loans(CGFSEL) scheme subject to the conditions.

Loan is granted jointly with the parent/Guardians of the student.

– Loan amount above Rs.7.50 Lakhs : Tangible Collateral security to cover at least 100% of the loan amount.

Loan is granted jointly with the parent/Guardians of the student.

Management Quota-

– Loan amount up to Rs.4.00 Lakhs :

No collateral Security

Loan is granted jointly with the parent/Guardians of the student.

– Loan amount above Rs. 4.00 Lakhs:

Tangible Collateral security to cover at least 100% of the loan amount

Loan is granted jointly with the parent/Guardians of the student.

Repayment-

Repayment of the loan will be in equated monthly Installments up to a maximum of 15 years excluding the moratorium period ( i.e., course period plus one year).

For more details visit https://canarabank.com/User_page.aspx?othlink=391