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.
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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