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Canara Bank Education Loan - Eligibility Criteria, Interest Rates, and More
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Learn everything about Canara Bank education loans – eligibility, interest rates, application process, repayment options, and benefits for students. Get expert insights.
Arshi Khan
Arshi is a content expert with expertise in the study abroad sectors. Holding a Master’s degree in Economics, she brings an analytical approach to her content creation, ensuring clarity and...
Updated on: 20 May 2025
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Aman
Aman Jain graduated from IIT Kanpur, and currently functions as the CMO at GyanDhan. He is deeply passionate about creating equality in higher education and has directly interacted with 2 Lakh...
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Established in 1906, Canara Bank, with its headquarters in Bengaluru, became a nationalized bank in 1969. After 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 Education Loan Schemes
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. There are various loan options available for students like the Canara Bank education loan without collateral and with collateral, skill-based education loan, and many more. Moreover, to get an idea of your loan EMI, you can use the Canara Bank education loan interest rate calculator available on their website to plan your repayments.
| 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% |
Canara Bank: Vidya Sagar Education Loan Scheme - Scheme for Pursuing Master’s Degree
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:
-
Students must be an Indian citizen. -
Students must enroll in the top 50 universities in the world.
-
Students must enroll in a master’s level STEM course.
Canara Bank Education Loan - IBA Model Education Loan Scheme
The IBA model loan scheme by Canara Bank provides education loans for studies in India and abroad. It offers flexible repayment terms, low interest rates, and minimal documentation to support students.
| Feature | Description |
|---|---|
|
Loan amount |
Need-based finance |
|
5% - 15% |
|
|
15 years |
|
|
Course duration + 12 months |
|
|
No collateral is required for loans up to INR 7.5 Lakh |
|
|
Parent/guardian |
Eligibility Criteria:
-
This scheme is eligible for students planning studies in India or abroad
-
Students must be an Indian citizen
-
NRI students holding a valid Indian passport
-
IBA Model Education Loan eligible courses (refer to table below)
| 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. |
Canara Bank Education Loan - IBA Skill Loan Scheme
The Canara Bank student loan - IBA Skill Loan Scheme provides financial support for skill development courses and vocational training. It aims to enhance employability by offering easy access to loans with flexible repayment options and minimal paperwork. This encourages students to go for skill-based courses without the stress of funds.
| 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:
-
Indian students who apply for skill-based courses in India are eligible for this scheme.
-
Courses run by training institutes aligned to the National Skill Qualification Framework (NSQF) are eligible for this scheme.
Canara Bank Education Loan - Vidya Turant Education Loan Scheme
The Vidya Turant Canara Bank education loan scheme provides education loans to students of premier institutions in India at a concessional rate of interest.
| 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 student must be an Indian citizen
-
Students must enroll in top selected Indian institutions of IIMs/IITs/NITs/IISc /ISB (Hyderabad & Mohali) and other reputed institutes.
Canara Bank Education Loan - Vidya Shakthi Education Loan Scheme
The Vidya Shakthi Canara Bank education loan scheme caters to students with disability for studies in India and abroad. This scheme covers both studies in India and abroad, with specific guidelines for each.
| 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:
-
Indian students with a physical disability to the extent of 40% or more are eligible.
-
To assist the PWD category students who need education loans to pursue the special devices courses in India.
-
Education loans for abroad studies will be as per the guidelines of the IBA Model Education loan/Skill loan scheme.
Canara Bank Education Loan - Vidya Sahay Education Loan Scheme
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 |
|---|
Check Your Education Loan Eligibility
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