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Canara Bank Education Loan - Exploring Canara Bank education loan schemes, their eligibility criteria, benefits, interest rates, and more.
Established in 1906, Canara Bank, with its headquarters in Bengaluru, became a nationalized bank in 1969. Post its merger with Syndicate Bank on 1st April 2020, it is now the fourth-largest public bank by assets. Canara Bank offers 100% coverage of the total education cost. The bank's education loan schemes are popular for their flexibility, competitive interest rates, and supportive terms.
Canara Bank offers six education loan for India and abroad. These schemes cater to students who wish to pursue degree, diploma, skill-based and vocational courses. By providing financial assistance for higher education, these schemes empower students to pursue their dreams without being limited by financial barriers.
Scheme | Interest Rates |
---|---|
Vidya Sagar education loan |
9.25% - 11.35% |
IBA model education loan |
9.25% - 11.25% |
IBA skill loan |
9.25% - 10.75% |
Vidya Turant education loan |
8.60% - 9.85% |
Vidya Shakthi |
9.25 - 11.25% |
The Vidya Sagar loan scheme offers financial assistance for education loans for studies in India and abroad. This education loan is intended to assist students in obtaining Master's degrees in STEM (Science, Technology, Engineering, and Management) fields at leading international universities.
Feature | Description |
---|---|
Loan amount |
Collateral Based Loans - Up to INR 1 Cr |
10% |
|
Processing fees |
Less than 100% coverage loans: Up to INR 20,000 100% coverage loans: Up to INR 10,000 |
15 years |
|
Course duration + 12 months |
|
Residential property such as houses or flats, Non - agricultural land, Fixed deposits, Government bonds |
|
Parent/guardian |
Eligibility Criteria:
To apply for the scheme for pursuing a master’s degree, students must fulfill the following eligibility criteria:
The IBA model loan scheme by Canara Bank provides education loans for studies in India and abroad.
Feature | Description |
---|---|
Loan amount |
Need-based finance |
5% - 15% |
|
15 years |
|
Course duration + 12 months |
|
No collateral required for loans upto INR 7.5 Lakh |
|
Parent/gaurdian |
Eligibility Criteria:
India | Abroad |
---|---|
Graduation, post-graduation courses approved by UGC/Government, AICTE/Department of Electronics/IMC, autonomous institutions like IIM, IIT, etc. |
Courses that lead to undergraduate, postgraduate/PhD, diploma, etc are eligible. |
The IBA skill loan scheme by the Canara Bank provides education loans for studies in India.
Feature | Description |
---|---|
Loan amount |
INR 5000 - INR 1,50,000 |
Nil |
|
3 - 7 years |
|
Course duration + 6 or 12 months |
|
No collateral or third-party guarantee is required |
|
Parent/guardian |
Eligibility Criteria:
The Vidya Turant Canara Bank education loan scheme provides education loans for studies in India.
Feature | Description |
---|---|
Loan amount |
List A: INR 50 Lakh |
Nil |
|
15 years |
|
Course duration + 12 months |
|
Processing fees |
Nil |
No collateral required |
|
Parent/guardian |
Eligibility Criteria:
The Vidya Shakthi Canara Bank education loan scheme caters to students with disability for studies in India and abroad.
Feature | Description |
---|---|
Loan amount |
Degree courses - INR 7.5 Lakh Vocational, diploma courses - INR 1.5 Lakh |
9.25% |
|
0 - 5% |
|
3 - 7 years |
|
Course duration + 12 months |
|
Processing fees |
Nil |
No collateral required |
|
Parent/guardian |
Eligibility Criteria:
The Vidya Sahay Canara Bank education loan scheme offers loans for studies in India.
Feature | Description |
---|---|
Loan amount |
Up to INR 1 Lakh |
Nil |
|
Processing fees |
Nil |
The loan is to be cleared after the sanction of a regular education loan. |
|
Parent/guardian |
Vidya Sahay Education Loan - Eligible Courses
Eligible Courses |
---|
Meritorious students who require a down payment to be made to the CET/counseling Authorities at the time of selection/counseling. |
Students who appeared in common entrance tests conducted by respective state governments, CBSE, IIT, and other all-India examinations and selected for counseling are eligible. |
Students who have cleared the previous qualifying exam. |
Submit the below-listed Canara Bank education loan documents required -
Applicants documents
Co-applicants documents
Income proof for salaried co-applicant/guarantor
Income proof for self-employed co-applicant/guarantor
Note: Students who choose to prepay or partially prepay their education loans are given extra interest rate breaks on top of the standard rate.
Before applying for your education loan Canara Bank, it's important to estimate your monthly repayment with the Canara Bank education loan EMI calculator.
To apply for a Canara Bank abroad education loan, applicants must fulfill the following steps.
However, if you do not fulfill the eligibility criteria of Canara Bank, other leading public and private banks provide education loans with and without collateral. Apart from banks, there are NBFCs as well that sanction abroad education loans within 7-10 days. One platform that can help you get an education loan for your studies abroad is GyanDhan. We are a leading education financing platform that offers a range of benefits over traditional methods. We are partnered with a wide network of banks and NBFCs, giving you a broader spectrum of loan options to choose from. To start your abroad education journey with us, check your loan eligibility and our team will take it forward from there.
The Vidyasagar scheme is an education loan offering financing for master's degrees. This initiative allows students to secure loans of up to INR 1 cr, and it extends its support for educational pursuits both within India and abroad.
The IBA model education loan scheme offers need-based finance for both India and abroad. Under this scheme, students who apply for skill-based courses in India are eligible for this scheme.
After the bank has issued the disbursement letter, which remains valid for only six months, the borrower needs to commence the disbursement process promptly. It's crucial to avoid adopting a relaxed attitude upon receiving your sanction letter, as this can result in last-minute panic and rush when it comes to paying the tuition fees.
The Canara Bank offers up to INR 1 Cr as an education loan under the Vidya Sagar education loan scheme. This education loan scheme provides finances for both studies abroad and in India.
The Canara bank education loan interest rate starts at 9.25%, but it may vary depending on the specific loan scheme that a student is applying for.
Under the Vidya Sagar scheme, the Vidya Shakthi scheme, and the IBA model loan scheme provide education loan schemes for studies abroad.
The maximum time to repay an education loan by Canara Bank is up to 15 years for studies in India and abroad.
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