Canara Bank is providing educational loan facilities to students of the Institute of Company Secretaries of India (ICSI). The loans offer several benefits, including no collateral requirement for amounts up to Rs 7.5 Lakhs, lower interest rates, reducing balance interest rates, and no prepayment penalties. The application process is streamlined with quick processing and disbursement. Students can apply at nearby bank branches or branches close to their educational institution. Eligibility extends to Indian nationals and NRI students with valid Indian passports. For loans up to Rs 4 Lakhs, no collateral is needed, while amounts above this require tangible collateral. Repayment is allowed over a maximum of 15 years, with no penalties for early repayment. Required documents include proof of identity, residence, admission, and income. For more details or to apply, students can visit the Vidyalakshmi Portal or contact Canara Bank at the provided email addresses.
Institute of Company Secretaries of India
Educational Loan Facility to ICSI Students by Canara Bank
Weblink
1. The weblink for applying the Education Loan has been mentioned below : https://www.vidyalakshmi.co.in/Students/
2. For any further enquiry and / or clarification, please contact on the email IDs provided by Canara Bank: [email protected] and cc to [email protected]
Benefits
- No Collateral for loan upto Rs 7.50 Lakhs.
- Lower Rate of Interest.
- Reducing Balance Interest Rate. No Prepayment penalty.
- Quick processing and Disbursement. Loan Quantum Need-based finance
- Students may submit their loan applications either at the bank branches near to the residence of parents or bank branches near to the educational institution where they are studying
Eligibility
- Student should be an Indian National.
- NRI Students holding valid Indian passport
Margin
- Upto Rs.4.00 Lakhs – NIL
- Above Rs.4.00 Lakhs Studies in India – 5% Security Assignment of future income of the student
Merit Quota
| Loan amount | Security |
| Upto Rs 7.50 Lakhs | No collateral Security, loan will be covered under Credit Guarantee Fund Scheme for Education loans(CGFSEL) scheme subject to the conditions Loan is granted jointly with the parent/Guardians of the student. |
| Above Rs 7.50 Lakhs | Tangible Collateral security to cover at least 100% of the loan amount. Loan is granted jointly with the parent/Guardians of the student. |
Management Quota :
| Loan amount | Security |
| Upto Rs 4.00 Lakhs | No collateral Security Loan is granted jointly with the parent/Guardians of the student. |
| Above Rs 4.00 Lakhs | Tangible Collateral security to cover at least 100% of the loan amount. Loan is granted jointly with the parent/Guardians of the student |
Repayment tenure
Repayment of the loan will be in equated monthly Installments up to a maximum of 15 years excluding the moratorium period ( i.e., course period plus one year). No prepayment penalty will be levied for prepayment of loan any time during the repayment period
Documents Stipulated
- Application with 2 passport size photos of applicant / Co-applicants or guarantor.
- KYC documents of applicant/ Co-applicants or guarantor.
- Proof of Identity PAN CARD/Driver’s License/Voter ID /Passport/ Aadhar Card etc.
- Proof of Residence Driver’s License/Voter Id/Passport / Aadhar Card / Electricity Bill/Telephone Bill etc., /Business Proof related GST and others.
- Age proof of the applicant/ Co-applicants. PAN card (photo copy).
- Proof of admission to the course.
- Schedule of expenses for the course. Mark sheet of last qualifying examination.
- Proof of income/assets (if any). Income Proof for Co-applicant/guarantor (if any).
- Copy of land records (if applicable).
- Any other documents as required by Bank
