Central Scheme for Interest Subsidy (CSIS) for Economically Weaker Sections (EWS) is an important government initiative aimed at facilitating access to higher education for students from economically weaker families. Canara Bank in partnership with this scheme provides accessible and simple solutions to support students in their educational journey. Know the details of this program now!
Who can apply for CSIS with Canara Bank?
CSIS is exclusively for students whose families have an annual income of less than Rs. Less than 4.5 lakhs. These students, who often face significant financial constraints, now have a real opportunity to continue their studies at prestigious institutions, without the worry of high interest rates.
Impact on India’s economy
CSIS has had a profound impact on the Indian economy since its inception. The scheme has helped increase the qualifications of the country’s workforce by allowing more students from economically weaker families to access higher education, thereby promoting long-term economic growth. Furthermore, the scheme also contributes to reducing poverty and inequality by reducing the financial burden on families.
Courses covered by CSIS
Education loans subsidized by CSIS are applicable to a wide range of technical and professional courses. This includes but is not limited to courses at IIMs, IITs, NITs, IISc, ISB Hyderabad & Mohali, and other prestigious institutions in India.
This financial support covers not only the course fees but also the expenses of accommodation, books, equipment and other educational requirements.
Example of educational financing
To illustrate the benefits of the program, consider a student who wants to pursue an MBA at the Indian School of Business (ISB) in Hyderabad. With Canara Bank, that is Rs. Can avail loan up to Rs 50,00 lakhs without providing security collateral.
For the duration of the course and up to one year after completion of the course, the interest will be completely subsidized by CSIS, eliminating the worry of interest charges. After the moratorium period, the student will start repaying the loan in monthly equal installments over a period of up to 15 years, availing the benefit of lower interest rates.
Benefits of Canara Bank Program
Canara Bank offers several benefits to make the process of obtaining an education loan more accessible. Processing charges Being NIL, the bank eliminates the processing charges, making it easier to get the loan. Additionally, availability of higher quantum of loan, which varies as per the institution, is Rs. Offers loans up to Rs 50,00 lakhs. Canara Bank does not require any security collateral for the specified limit, making the loan more accessible to low-income families.
The bank offers one of the lowest interest rates in the market, with an interest rate system on reducing balance. Finally, the bank offers the flexibility of prepaying the loan without additional penalties, giving students the freedom to repay their loans early and without additional costs.
How to register for the CSIS program?
To get more information about this program and to know how you can avail the benefits of this scheme, click on the button below and get all the details!