Canara CSIS for Education Loans for Inland Studies

Being from an economically weaker section poses challenges in handling these expenses. Students who pursue inland studies can access the Canara CSIS for Education Loans for Inland Studies, which offers full-interest payment subsidies throughout the study moratorium.

About the Scheme

The Canara CSIS for Education Loans for Inland Studies is a government scheme to offer financial aid to students who take education loans under the IBA Model Education Loan Scheme. It assures students from families with an annual income of up to ₹4.5 lahks an interest subsidy on loans of up to ₹10 lahks for the course period and an additional year.

Additionally, the banks can provide a concession of 1% interest if the students service the interest during the moratorium period. This is one of the educational loans for meritorious candidates.

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Features of the Scheme

• Full interest subsidy during the moratorium period (course duration + 1 year).

• Students can get loan coverage up to ₹10 lakh when pursuing higher education.

• Loans of a maximum value of up to ₹7.5 lakh qualify for the program without requiring any collateral or third-party endorsement.

• Available only for one course per student (Undergraduate, Postgraduate, or Integrated).

• Students need to enroll in programs or institutions that hold NAAC accreditation or NBA-approved courses or belong to the category of Institutions of National Importance.

Eligibility of the Scheme

To qualify for theCanara CSIS for Education Loans for Inland Studies, the student must fulfil the following criteria:

• Should have obtained an education loan from the IBA Model Education Loan Scheme.

• The annual family income should be ₹4.5 lakh or less.

• Must be studying a professional or technical course at a qualifying institution.

• The subsidy is provided once for every student (for one course).

• Students discontinued (other than on medical grounds), and those expelled from institutions are not eligible.

Documents Required

To qualify for the CSIS scheme, students are required to submit:

• Proof of registration in a qualifying course.

• Sanction letter of loan from the bank.

• Income certificate from a designated government authority.

• Academic records (marksheets and certificates).

• Aadhaar card and bank details.

These documents assist the bank in confirming the eligibility of the student and processing the subsidy claim effectively.

Most Important Terms and Conditions

• During the moratorium, the subsidy only covers the interest component.

• Students must borrow funds from Scheduled and Cooperative Banks that follow the IBA Model Education Loan Scheme and Regional Rural Banks (RRBs).

• Student failure to complete their course results in the cancellation of the subsidy.

• The bank must request the annual interest subsidy benefit. The subsidy becomes unavailable when borrowers fail to claim it for their specified period.

• The promotional scheme starts working for loans obtained from April 1, 2022 onward.

Through theCanara CSIS for Education Loans for Inland Studies, the program provides essential financial assistance to students from economically weaker sections. Students maintain educational focus because the program covers interest payments during specified interest moratoriums. Eligible candidates should submit their applications at their bank to obtain these advantageous student education loans.