Loan
Amount :
Up to Rs 10 lakhs |
Interest
rate
12.5% up to Rs 2 lakhs 14.5%
on Rs 2-10 lakhs |
| Details of interest/payment Maximum period is 8 years (principal amount)
Payment commences 6 months after completion
of course or getting employment (whichever is earlier).
Accumulated interest is to be paid within
2-3 years of course completion.
Interest during course is simple. After the
course it is compound interest.
. |
| Margin
money Student has to arrange
25% of all tuition and living costs.
. |
| Security/Collateral Mortgage on property (in parents’ names), shares, LIC, NSCs, Unit
Trust, other investments.
These must be at least 150% of the loan
amount.
. |
Documents
required
Bank forms, letter of
admission from overseas university clearly stating living costs, tuition fees and other
costs.
Student should have secured 60% in previous
studies. |
Where to apply
.Any Canara Bank branch in India.
..
Time taken
Usually processed within one month. |
