Vidyasagar Educational Loan Scheme
Nature of Study
Loans for both basic and higher education.
Financial assistance to needy and meritorious students is provided for
pursuing all types of studies from High School onwards including
graduation, technical education and professional courses.
Loans are also provided for study abroad for post graduation and higher
Computer studies which are of full time in nature leading to degree or
diploma are also covered.
For payment of fees to school/college and for purchase of books, hostel
fees, examination fees, etc.
Eligibility Conditions :
Need based finance is permitted within a maximum of Rs.7.50 lakhs for
inland study and Rs.15 lakhs for study abroad.
Institutions offering courses should have approval of Central Govt. &
State Govt./University affiliation/Autonomous Institutes/AICTE/DOEACC.
|Upto Rs.4.00 Lacs
||Nil for both inland and
|Above Rs.4.00 Lacs
||5% for inland studies 15%
for studies abroad
|Upto Rs.4.00 lacs
||joint documentation with
|Above Rs.4.00 lacs
||Collateral security of
suitable value or Co-obligation of Third Party having required net
worth with Assignment of future income of the student.
Directly to University/College/Hostel/book supplier/ etc.
The loan can be availed from the branch nearest to the place of permanent
Rate of Interest:
subject to changes as advised by Bank/RBI from time to time
Student satisfying DRI norms
(irrespective of quantum of loan)
(DRI:annual income less than Rs 7200 p.a.)
- Upto Rs.4 lakhs
- Above Rs.4 lakhs
0.1% on the loan amount subject to a minimum of Rs.100/- and maximum of
The loan will be recovered in easy installments over a comfortable period
up to 3 years. No prepayment charges.
Minimum documents, simple procedures
All you have to do is:
||Decide what you want to buy
and choose your dealer.
||Walk into your Canara Bank
branch with your salary certificate, proof of income and dealer's
||Collect the pay order.
||To be repaid in 5 to 7
||Initial repayment holiday of
One year both for principal & interest from the date of completion
of course or six months of getting a job whichever is earlier.
||Interest will be debited
quarterly on simple basis during the repayment holiday/moratorium
period. After commencement of repayment,the accrued interest is
added to the principal amount and EMIs fixed on total outstanding
||Penal Interest @ 2% will be
charged for above 2.00 Lacs for the overdue amount and overdue
Since the rules, regulations, eligibility conditions, repayments and
interests rates etc. are revised by the banks from time to time in keeping
pace with the changing capital market conditions, students and parents are
advised to thoroughly check the terms and conditions of educational loan
scheme on offer at the time of application.
P.O. Box No. 6648,112, Jayacharamarajendra
Bangalore - 560 002
Gen: 080-2221581, Fax: 080-2223168(D)/2222704