Make college memories that last a lot longer than your student loan payments.

Canara Bank Education Loan

Canara Bank offers education loan to individuals in a bid to help them pursue higher studies in the country and abroad. The loans are offered at affordable interest rates and can be repaid within 15 years of availing it. The bank extends a concession of 0.50% in the interest rates to girl students.

Canara Bank Education Loan Interest Rates

Scheme Name Maximum Loan Amount Interest rate (p.a.)
IBA Model Education Loan Scheme Need-based finance Up to Rs.7.5 lakh – 9.85% p.a. Above Rs.7.5 lakh – 9.35% p.a. For girl students Up to Rs.7.5 lakh – 9.35% p.a. Above Rs.7.5 lakh – 8.85% p.a.
IBA Skill Loan Scheme Rs.1.5 lakh 9.35% p.a.
Vidya Turant Rs.40 lakh 7.85% p.a.
Vidya Shakti Rs.7.5 lakh (Degree courses) Rs.1.5 lakh (vocational, certificate, diploma and skill loan) 7.85% p.a.
Vidya Shakti Rs.1 lakh 9.85% p.a.

Canara Bank Education Loan Schemes

1. IBA Model Education Loan Scheme

  • Must be an Indian resident
  • Can be availed for both inland and abroad education
  • Girl students are offered concession of 0.50%
  • Concession of 0.50% offered for prompt repayment of interest during moratorium
  • Moratorium of 1 year offered
  • Loan is granted jointly with the parent/guardian

2. IBA Skill Loan Scheme

  • Must be an Indian resident
  • Can be availed for courses run by training institutes aligned to National Skill Qualification Framework (NSQF)
  • Loan will be covered under the Credit Guarantee Fund scheme for Skill Development (CGFSSD)
  • No collateral or third-party guarantee is required
  • Repayment of the loan can be made within 7 years (depending on the borrowed amount)

3. Vidya Turant

  • Must be an Indian resident
  • Can be availed to pursue higher studies in selected IIMs, IITs, IISc. ISBs and other reputed institutions
  • No upfront or processing fee
  • No collateral security

4. Vidya Shakti

  • Student must be an Indian national with physical disability to the extent of 40% or more
  • Can be availed for pursuing special devices courses in the country
  • Repayment tenure can go up to 15 years (depending on the course)
  • No processing fees.

5. Vidya Shakti

  • Can be availed by an Indian citizen who have cleared the previous qualifying exam
  • Loan granted jointly with the parent/guardian
  • No processing fees

Canara Bank Education Loan EMI Calculator

With the help of Canara Bank Education Loan EMI calculator, you can calculate the amount which needs to be paid as EMI. To know the exact amount all you need to know is enter amount that you are looking to avail, interest rate, and repayment tenure before clicking on the ‘Calculate’ button.

How to Apply for Canara Bank Education Loan

You can avail an education loan from Canara Bank either online or offline. To apply online, you need to visit the official website of the bank and follow the instructions mentioned there. You can also visit the bank branch along with the necessary documents and avail the amount to fund your studies.

Documents Required for Canara Bank Education Loan

The documents which needs to be submitted while looking to avail an education loan from Canara Bank are listed below:

  • Duly filled application form
  • Passport-size photograph
  • Identity proof like Voter ID, Aadhaar card, driving license, passport, PAN etc.
  • Address proof like Aadhaar card, Driving license, Voter ID etc.
  • Date of birth proof
  • Academic marksheets and certificates (10th, 12th, subsequent exams if applicable)
  • Admission letter or call letter from the institute.

Note: The bank may ask you for other documents as well. Please contact the bank officials.

FAQ's

1. What is the margin for loan above Rs.4 lakh for studies in India and abroad with regard to IBA model education loan scheme?

The margin of loan above Rs.4 lakh for studies in India and abroad availed under IBA model education loan scheme is 5% and 15% respectively.

2. What is the moratorium period when availing a loan under IBA skill loan scheme?

For courses up to Rs.1 year, the moratorium is 6 months while for courses above 1 year is 12 months.

3. What is quantum of finance students can avail under the Vidya Turant scheme?

The quantum of finance offered by the bank to students under the Vidya Turant scheme is divided under three categories. For students of IIMs, the maximum limit is Rs.25 lakh while for students of ISB Hyderabad and Mohali it is Rs.40 lakh. Students studying in other institutions are offered a maximum of Rs.20 lakh.

4. Will the loan offered under the Vidya Shakthi scheme be covered under the Credit Guarantee Fund Scheme for Education Loans (CGFSEL) guarantee scheme?

Only loans sanctioned up to a limit of Rs.7.5 lakh will be covered under the Credit Guarantee Fund Scheme for Education Loans (CGFSEL) guarantee scheme.

5. Do I need to provide my address and identity proof at the time of sanction of loan under the Vidya Sahay scheme?

Yes, you need to provide the address and identity proof at the time when the loan is sanctioned under the Vidya Sahay scheme. This is required to be done for the purpose of complying with KYC norms.

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