Canara Bank Education Loan Options for India or Abroad Studies

    Updated on: 16 Sep 2023 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.

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    Frequently asked questions

    What is Canara Bank education loan vidyasagar scheme?

    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.

    What is the IBA model education loan scheme Canara Bank?

    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

    What is the validity of Canara Bank education loan sanction letter?

    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.

    What is the maximum amount of education loan in Canara Bank?

    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.

    What is the interest rate of an abroad education loan in Canara Bank?

    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.

    What education loan scheme is relevant for abroad studies only?

    Under the Vidya Sagar scheme, Vidya Shakthi scheme and IBA model loan scheme provide education loan schemes for studies abroad.

    What is the maximum time to repay a Canara bank education loan?

    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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Written by Gurbani Kaur Suri

A keen lover of reading and loves to explore new things. A strong believer of spirituality and goodness.


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Reviewed by Aman Jain

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 students in his 8-year-long journey.


Specializes in:
Education loan , Study Abroad Admissions


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GyanDhan is India's first education financing marketplace.



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