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Education Loans
Canara Bank

Expenses taken into Account:
Educational Loan of Canara Bank covers expenses of equipment, uniform and instruments as well as that of travel and study. It also includes fees of courses, hostel and exam.

Amount of Loan, Margin & Security:
Educational Loan of Canara Bank is sanctioned on the basis of an individual's requirements. You can get a maximum loan of Rs 10 lacs and Rs 20 lacs for studying in India and abroad respectively. For loan amount upto Rs 4 lacs, no margin is charged. However, there is a margin of 5% and 15% for studying in India and abroad respectively. This is applicable for a loan amount above Rs 4 lacs. Canara Bank education loan is given to both the student and his guardian jointly and the future income of the student is pledged for paying the installments. If you take a loan above Rs 4 lacs, you need to pledge guarantee of a 3rd party. When the loan amount exceeds Rs 7.5 lacs, you can submit a collateral security equal to the full amount of the loan.

Repayment:
The borrower can begin repaying one year after completing the course or 6 months after getting the job, whichever happens earlier. The loan amount as well as the interest is to be repaid in 5 to 7 years of time. For knowing the rate of interest and other details of Canara Bank Student Loans, you can visit a
State Bank of India

Courses Eligible for Education Loans:
A candidate, who applies for a program with prospects of employment, can apply for the loan. Whether you apply for a graduate, professional or postgraduate program or any other course sanctioned by UGC, AICTE or the government, you will be considered eligible for the loan.

Expenses taken into account:
The student loan covers school, college or hostel fees as well as cost for buying books and other necessary items. Apart from the library, exam or library fees, even caution deposit, refundable deposit and building fund are considered for the loan. Other expenses, which are mandatory for completing the course, travel expense as well as a maximum cost of Rd 50,000 for buying a 2 wheeler, are taken into account.

Quantum of Loan & Security:
An applicant is sanctioned a loan of maximum Rs 10 lacs for studying in India and Rs 20 lacs for studying in abroad. On a loan above Rs 4 lacs, there is a margin of 5% and 15% for studying in India and abroad respectively.

* No security is required for loan amount upto Rs 4 lacs.
* A borrower should present a 3rd party as guarantee for a loan amount above Rs 4 lacs. *However, on SBI discretion, this clause of 3rd party guarantee may be waived off in certain cases.
* If you borrow a loan amount above Rs 7.5 lacs, you need to offer a material collateral security and assign the future income of the student for paying installments.
* The guardians or parents of a borrowing student should secure an education loan.
* If the borrower is married, his or her spouse, parents-in-law or parents can act as the co-obligator.

Repayment of Education Loan:
The borrower can begin repaying 6 months after getting job or one year after the course is completed, whichever happens earlier. The loan can be repaid in a period of 5 to 7 years.
If you want to know about the interest rates or other details of the Study Loan scheme of SBI, you can click on
Federal Bank

In order to collect more information on Federal Bank Ltd, Educational Loans including its interest rates, browse through
Punchab National Bank

To know more about the rate of interest and other details of Punjab National Bank (PNB) Educational Loan, you can go to