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 Date : 6/17/2018 
 Bank Loan
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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 courses.

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 Foreign Studies
Above Rs.4.00 Lacs 5% for inland studies 15% for studies abroad



Upto Rs.4.00 lacs joint documentation with parents/guardian.
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.

Credit Delivery

The loan can be availed from the branch nearest to the place of permanent domicile.

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

Processing Charges:

0.1% on the loan amount subject to a minimum of Rs.100/- and maximum of Rs.250/-.
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 invoice.
Collect the pay order.

Repayment Conditions:

To be repaid in 5 to 7 years.
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 amount.
Penal Interest @ 2% will be charged for above 2.00 Lacs for the overdue amount and overdue period.

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.

Head Office
P.O. Box No. 6648,112, Jayacharamarajendra Road
Bangalore - 560 002
Gen: 080-2221581, Fax: 080-2223168(D)/2222704


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