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    Canara Education Loan

    Uploaded by

    Bishwabikash Das
    1. This document outlines the details of an education loan scheme offered by Canara Bank. 2. The loan amount ranges from up to Rs. 10 lakhs with varying security/collateral requirements depending on the loan amount. 3. Interest rates range from 11.5-12% depending on the loan amount and are calculated as simple interest during studies and as compound interest after repayment begins.

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    © All Rights Reserved
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    Canara Education Loan

    Uploaded by

    Bishwabikash Das
    111 views1 page
    1. This document outlines the details of an education loan scheme offered by Canara Bank. 2. The loan amount ranges from up to Rs. 10 lakhs with varying security/collateral requirements depending on the loan amount. 3. Interest rates range from 11.5-12% depending on the loan amount and are calculated as simple interest during studies and as compound interest after repayment begins.

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    1. This document outlines the details of an education loan scheme offered by Canara Bank. 2. The loan amount ranges from up to Rs. 10 lakhs with varying security/collateral requirements depending on the loan amount. 3. Interest rates range from 11.5-12% depending on the loan amount and are calculated as simple interest during studies and as compound interest after repayment begins.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    111 views1 page

    Canara Education Loan

    Uploaded by

    Bishwabikash Das
    1. This document outlines the details of an education loan scheme offered by Canara Bank. 2. The loan amount ranges from up to Rs. 10 lakhs with varying security/collateral requirements depending on the loan amount. 3. Interest rates range from 11.5-12% depending on the loan amount and are calculated as simple interest during studies and as compound interest after repayment begins.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    of 1

    (Govt.

    Of India Undertaking)
    MADHAPUR, HYDERABAD 81. PH: 040-23110210

    DETAILS OF EDUCATION LOAN SCHEME


    1. Quantum Upto Rs. 10 Lakhs
    2. Margin Upto Rs. 4 Lakhs - NIL
    Above Rs. 4 Lakhs - 5%
    3. Security:
    i) Loan upto Rs. 4 Lakhs - NIL
    - Loan in the joint names of student and parent.
    - Assignment of future income of student.
    ********
    ii) Loan above - For Meritorious student: Satisfactory 3rd party Guarantee
    Rs. 4 Lakhs upto Rs.7.5 loan in the joint names of student and parent
    Lakhs - Assignment of future income of student.
    - For others: Collateral security to the extent of Loan Amount.
    ********
    iii) Loan above - Loan in the joint names of student and parent.
    Rs. 7.50 Lakhs - Assignment of future income of student.
    - Collateral security to the extent of Loan Amount.
    4. Rate of Interest: Upto Rs. 4 Lakhs - 11.50% (Floating)
    Above Rs. 4 Lakhs to Rs. 7.5 Lakhs - 12.00% (Floating)
    Above Rs. 7.50 Lakhs - 11.50% (Floating)
    SIMPLE INTEREST IS CHARGED DURING PERIOD OF STUDY
    AND UPTO COMMENCEMENT OF REPAYMENT.
    Compound Interest On Commencement of Repayment.
    5. Processing Charges NIL
    6. Repayment For Loans upto Rs. 7.5 Lakhs - 10 Years
    For Loans above Rs. 7.50 Lkhs - 15 Years
    Repayment holiday: Course period plus 1 year after
    completion of course or 6 months after getting job,
    WHICHEVER IS EARLIER.
    Simple interest calculated during the repayment holiday will be
    added to principal and EMI is calculated.

    No Prepayment penalty.
    If the liability is cleared on account of take over of loan by other
    BANKS / Financial Institutions, penal interest of 2% on the
    outstanding liability at the time of take over will be collected.
    7. Other Concessions 0.5% interest concession to Girl students.
    0.5% concession where interest is serviced during the study
    period.
    Loans can be applied online / offline through web page www.canarabank.com
    Note: Loan Sanction subject to fulfilling the terms and conditions of the Bank as prevailing at
    the time of sanction.
    Further details Please contact CANARA BANK, MADHAPUR,
    HYDERABAD. Ph: 040-23110210, Mob: 7382932209,
    EMAIL: cb3091@canarabank.com

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