Canara Bank Education Loan
To support their pursuit of higher education in India or abroad, people can apply for an educational loan from Canara Bank. The loans can be repaid in as little as 15 years and have low-interest rates.
Canara Bank Education Loan Interest Rates
|Scheme Name||Maximum Loan Amount||Interest rate (p.a.)|
|New education loan scheme for pursuing master’s degree from select top-ranking universities of the world||Up to Rs.1 crore||10.40% – 10.90%|
|IBA Model Education Loan Scheme||Need-based finance||Contact the bank|
|Vidya Sagar Scheme||10.40% – 10.80%|
|IBA Skill Loan Scheme||Rs. 5000 to Rs.1.5 lakh||10.30%|
|Vidya Turant||Up to Rs.40 lakh (on the basis of the category of institutions)||8.80% – 9.40%|
|Vidya Shakthi||Degree courses – Up to Rs.7.5 lakh|
Vocational, certificate, diploma, and skill loan – Up to Rs.1.5 lakh
|Vidya Sahay||Up to Rs.1 lakh||10.80%|
Canara Bank Education Loan Schemes
1. IBA Model Education Loan Scheme
- Must be an Indian resident
- Non-Resident Indians (NRIs) who have an Indian passport (valid) can apply for the loan
- Can be availed for both inland and abroad education
- A moratorium of one year offered
- The loan is granted jointly with the parent/guardian
- Equal monthly installments for up to 15 years for repayment.
- No collateral security is required.
2. IBA Skill Loan Scheme
- Must be an Indian resident
- Can be availed for courses run by training institutes that are part of the National Skill Qualification Framework (NSQF)
- The 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 seven years (depending on the borrowed amount).
3. Vidya Turant
- Must be an Indian national
- 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 a 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.
- No collateral security is required up to a limit of Rs.7.5 lakh.
5. New Education Loan Scheme for Pursuing Master’s Degree from Select Top Ranking Universities of the World
- Loan offered if student pursuing Masters under STEM courses.
- 2 Collateral offered.
- 3 Repayment of up to 15 years.
- 4 Loans are available only if the student gains admission to select universities.
6. Vidya Sahay
- Can be availed by an Indian citizen who has cleared the previous qualifying exam
- Loan granted jointly with the guardian/guardian
- No processing fees
How to Apply for Canara Bank Education Loan
You can apply for a Canara Bank education loan in person or online. Visit the bank’s official website and adhere to the loan application procedures there. You can also go to a bank office and get money to assist you to pay for your studies if you have the right papers. click here to apply
Documents Required for Canara Bank Education Loan
The documents which need to be submitted while looking to avail of 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, Permanent Account Number (PAN), etc.
- Address proof like an Aadhaar card, Driving license, Voter ID, etc.
- Date of birth proof.
- Academic mark sheets 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