Details of educational loan at Canara Bank

This article gives details about how to obtain educational loan from Canara Bank in India.

Educational Loans :

Rate of Interest

1. Rs. 4.00 lakhs - 11.00% (BPLR – 1.00%)

2. Above Rs. 4.00 lakhs upto Rs. 7.50 lakhs - 12.00% (BPLR)

3. Above Rs. 7.50 lakhs upto Rs. 20.00 lakhs - 9.75% ( BPLR – 2.25%)

4. Above Rs. 15.00 lakhs upto Rs. 20.00 lakhs - 9.75% (BPLR – 2.25%)

In first 3 cases :

For studies at IIMs/IITs/ISB/XLRI/ISM & Other Premier Institutes / Business schools approved by the Bank for studies in India – irrespective of the loan quantum upto Rs. 10.00 lakhs.

In 4th case :

9.25% (BPLR - 2.75%)

Processing Charges :

For Studies in India : NIL

For studies abroad :

1% of the loan amount In case the sanctioned loan is availed by the borrower, the processing charges is recredited to the education loan account

BPLR – Bench Mark Prime Lending Rate of the bank – presently it is 12.00 w.e.f 01.04.2009.

Note :

1.00% concession on the applicable rate is extended to girl students for education loans sanctioned from 1.12.2005 upto 30.06.2010

0.50% concession in Rate of Interest is extended on the applicable rate for prompt servicing of interest during study period / repayment holiday.

To apply for a loan, contact at their Toll Free No. 1800 425 0018

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