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Get the details of Canara Bank education loan for studies in India & abroad. Know about Canara Bank interest rate, margin money, repayment tenure, and more.
Updated on: 19 Feb 2024 | Reviewed By: amanjain | 27.3K | 11 min read
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, and it is now the fourth-largest public bank by assets.
An abroad aspirant must know about and explore the possibilities for Canara Bank education loans, which offer 100% coverage of the total education cost. The bank's education loan schemes have gained popularity 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% |
Check Your Education Loan Eligibility
Let us discuss each of the above mentioned scheme with other factors in details:
The Vidya Sagar loan scheme offers financial assistance for education loans for studies in India and abroad.
Margin money |
10% |
Processing fees |
Up to INR 20,000 |
Repayment tenure |
15 years |
Moratorium period |
Course duration + 12 months |
Accepted collateral |
Residential property such as house or flat, Non - agricultural land, Fixed deposits, Government bonds |
Accepted co-applicant |
Parent/gaurdian |
Eligibility criteria:
To apply for the scheme for pursuing master’s degree, student’s must fulfill the following criteria:
The IBA model loan scheme by Canara bank provides education loans for studies in India and abroad.
5% - 15% |
|
Repayment tenure |
15 years |
Moratorium period |
Course duration + 12 months |
Accepted collateral |
No collateral required for loans upto INR 7.5 Lakh |
Accepted co-applicant |
Parent/gaurdian |
Eligibility criteria:
Eligible courses for education loan in India:
Get the Funds you need to Study Abroad
Eligible courses for education loan for abroad:
Courses which lead to undergraduate, post graduate/PHD, diploma etc are eligible.
The IBA skill loan scheme by the Canara bank provides education loans for studies in India.
Margin money |
Nil |
Repayment tenure |
3 - 7 years |
Moratorium period |
Course duration + 6 or 12 months |
Accepted collateral |
No collateral or third party guarantee is required |
Accepted co-applicant |
Parent/gaurdian |
Eligibility criteria:
The Vidya Turant education loan scheme provides education loans for studies in India.
Margin money |
Nil |
15 years |
|
Moratorium period |
Course duration + 12 months |
Processing fees |
Nil |
Accepted collateral |
No collateral required |
Accepted co-applicant |
Parent/gaurdian |
Eligibility criteria:
The Vidya Shakthi education loan scheme caters to students with disability for studies in India and abroad.
Interest rate |
9.25% |
Margin money |
0 - 5% |
Repayment tenure |
3 - 7 years |
Course duration + 12 months |
|
Processing fees |
Nil |
Accepted collateral |
No collateral required |
Accepted co-applicant |
Parent/gaurdian |
Eligibility criteria:
The Vidya Sahay education loan scheme offers loans for studies in India.
Margin money |
Nil |
Processing fees |
Nil |
Repayment tenure |
Loan is to be cleared after sanction of regular education loan. |
Accepted co-applicant |
Parent/gaurdian |
Eligible courses:
If you are interested in appltying for an education loan through Canara Bank, you will need the following documents.
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.
To apply for an education loan at Canara bank, you are required to fulfill the following steps.
However, if you do not fulfill the eligibility criteria of Canara Bank, there are other leading public and private banks that 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.
Read also:
The Vidyasagar scheme is an education loan offering financing for master's degrees. This initiative allows students to secure loans of up to INR 2 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, it is essential for the borrower 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 2 Cr as education loan under the Vidya Sagar education loan scheme. This education loan scheme provides finances for both studies abroad and India.
The interest rate abroad education loans at Canara Bank starts at 9.25%, but they may vary depending on the specific loan scheme that a student is applying for.
Under the Vidya Sagar scheme, Vidya Shakthi scheme and 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.
Check Your Education Loan Eligibility
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