Individuals can apply for an educational loan from Canara Bank to enable them to pursue higher education both in India and overseas. The loans have low interest rates and can be repaid within 15 years of receiving them. The bank offers a 0.50% interest rate reduction to female students.
Hereof, can I get education loan without parents?
The education loan policies of most lenders in India mention that only an individual who is a parent or a nearby relative can be named as an education loan co applicant. Very few of them even consider the possibility of providing an education loan without co applicant.
- Step 1 – Apply Online. Go to the Student Loan application page for the online application form. …
- Step 2 – Respond To Our Representative. …
- Step 3 – Receive Loan Approval Confirmation. …
- Step 4 – Furnish The Necessary Documents.
Then, how can I fill my education loan form in Canara Bank?
How to Apply
- Visit official Web Site of Canara Bank (Click Here)
- Find the Educational Loan Section Apply Now Button.
- Fill the Online Application Form.
How can I repay my education loan?
2.
- Pay interest during moratorium. …
- Pay interest during moratorium. …
- Loan subsidy schemes. …
- Loan subsidy schemes. …
- Form a sensible repayment strategy. …
- Form a sensible repayment strategy. …
- Lenders may offer concessional rates for women, those studying in premier institutions.
How is education loan EMI calculated?
You can calculate your education loan EMI amount with the help of the mathematical formula: EMI amount = [P x R x (1+R)^N]/[(1+R)^N-1] where P, R, and N are the variables. This also means that the EMI value will change each time you change any of the three variables. ‘P’ stands for the Principal Amount.
How long does it take to get education loan from Canara Bank?
Basic Overview of Canara Bank Education Loan for Abroad Studies
| Main Pointers of Canara Bank Education Loan Scheme For Study Abroad Cases | Details of Canara Bank’s Loan scheme for abroad education |
|---|---|
| Loan Period | 15 years maximum |
| Processing Fees | 1% of Loan Amount |
| Moratorium Period | Course duration + 1 year |
| Loan Margin | 15% |
Is Canara Bank a government bank?
The Bank is a Government of India undertaking, and carries on all banking business. The Bank was brought into existence by an ordinance passed on the 19th July 1969 by the Central Government. In terms of the ordinance the undertaking of the Canara Bank Ltd was vested to and transferred to the new bank.
Is there any processing fee for education loan?
Processing fees is the upfront fees charged by the education loan provider to the applicant. … However, it is not that there are no processing fees. The processing fees are added as an additional percentage, over and above the interest rate offered per year, during the tenure of the loan.
Is there any subsidy for education loan in Canara Bank?
Is subsidy available for the entire Education loan period ? No, Subsidy benefit is available up to the Moratorium period i.e Course period + one year.
What is the interest rate of Canara Bank Education loan?
Education Loan And Other Priority Sector Loans
| Purpose | Skill Loan Scheme has been developed to support the national initiatives for skill development. |
|---|---|
| Quantum of Finance | Need based Finance in the range of Rs.5000 to Rs.1,50,000/- |
| Rate of Interest | On-going One Year MCLR+1.50% |
| Margin | Nil |
What is the minimum percentage required for education loan?
Student Loan Eligibility
| Age | 18 to 35 Years |
|---|---|
| Source of Income | Parents or Guardians |
| College or University | Recognised in India or Abroad with Confirmed Admission Status |
| Collateral or Guarantor | Depends on the loan amount or income |
| Lowest Interest Rate | 8.40% |
What is the process of education loan in Canara Bank?
Students who take the IBA model education loan or Vidya Turant loan from Canara Bank do not have to make any repayment during the study period.
| Maximum Loan Amount | Up to INR 40 Lakhs |
|---|---|
| Loan Tenure | Up to 15 Years |
| Interest Rate | 6.90% to 8.80% p.a. |
Which bank is best for abroad education loan?
Top Education Loans Providers in India for Study Abroad
- HDFC Bank. HDFC Bank offers education loans with preferential interest rates for reputed universities. …
- State Bank of India. …
- Axis Bank. …
- Punjab National Bank. …
- Bank of Baroda. …
- Canara Bank. …
- IDBI Bank. …
- Avanse Financial Services.