Canara Bank Education Loan

The Government of India is determined to extend all possible help to impart quality education to students in India and equip them to face the challenging world. One of the main agendas of the Government of India is to make sure that no one is deprived of a proper education due to financial constraints. Indian Banks’ Association (IBA) has framed an all-inclusive model educational loan scheme, which every bank has adopted.

The Canara Bank Education loan student loan is aimed at taking student education and literacy to the next level. The Canara Bank Education Loan details are as follows; there are 4 different types of Education Loans offered by Canara Bank. The table below gives us a fair idea.

Parameters IBA model educational loan Model Loan Scheme Vidya Turant Scheme Vidya Sahaya Scheme
Objective Higher Studies in India and Abroad Vocational Education and training. Higher studies abroad Higher studies in Delhi
Eligibility Indian citizen  pursuing a graduate or a post-graduate course Indian Citizen having completed year 10 in school Indian citizen with a secured admission in premier institutions like IIM and IIT Indian citizen
Quantum of loan Min. 10 Lakhs within India and Min. 20 Lakhs for overseas. Rs. 20,000 to 1 Lakh depending upon the duration of the course Rs. 20-30 Lakhs Maximum 1 Lakh
Repayment period Either one year after completing the course or 6 months after getting a job. 6-12 months depending upon the completion of the course. 10- 15 years Being a bridge loan, to be cleared before sanctioning regular loan

 

The Canara Bank Education Loan comes with attractive and comfortable Interest rates. The Interest rates depend on the loan amount which the applicant has availed for. The table below gives us a fair idea of the Canara Bank Education Loan interest rate.

Loan Amount Interest Rate
Upto 4 Lakhs 11.35%;  for girl students – 10.85%
Between 4 – 7.5 Lakhs 11.35%;  for girl students – 10.85%
Above 7.5 Lakhs 11.15 5;  for girl students – 10.65%

 

Applicants can now calculate the interest applicable, online, by visiting the Canara Bank home loan interest rate calculator, available online;

https://canarabank.com/english/quick-access/emi-calculator

Before applying for the Canara Bank Education Loan, the applicant must be ready with certain supportive documents, as detailed below;

  • Marks sheet of the most recent qualifying public exam for school or college in India.
  • Admission letter (Fee receipts, Transfer Certificate, etc).
  • Course estimate (Fee receipts obtained from the institute).
  • Two recent passport size photos of the borrower, co-applicant and guarantor.
  • Duplicate copy of any national ID card like passport, Voters ID, Driving License, etc.
  • Most recent salary slips if you are a salaried person and income proofs like reference from clients, IT papers etc. if you are self-employed, freelancers, professionals, entrepreneurs or agriculturist.

 

The Canara Bank education loan online apply facility has simplified the process for loan applications. Aspirants can now log on to the official web-link of Canara Bank , https://www.canarabank.in and follow the instructions given.

Canara Bank Education Loans – Frequently Asked Questions

Questions Answers
What is the interest charged during moratorium period? Only simple interest will be charged during the moratorium period. After the moratorium period the actual interest mentioned will be charged.
What is the last date for filing incomplete claims for the year? The last applicable date is by the end of June.
Can an individual planning overseas education, avail of canara bank loans? Yes the facility is available to avail the education loans for overseas programs.
Is there any processing fee applicable? No, there is no processing fee applicable
Can a family property be placed as collateral for availing Canara Bank Education Loans? Yes the family property can be placed as collateral, but with the consent of the family members only.