- Students must be an Indian citizen.
- Students must enroll in top 50 universities in the world.
- Students must enroll in a master’s level STEM course.
- This schemes is eligible for students planning studies in India or abroad
- Students must be an Indian citizen
- NRI students holding a valid Indian passport
- Graduation, post graduation, including technical/professional courses from reputed colleges/universities approved by UGC/Government, AICTE/Department of Electronics/IMC, autonomous institutions like IIM, IIT, etc.
- Any courses leading to degree/diploma from reputed Institutes/Colleges/Universities for studies in India.
- Indian students who apply for skill based courses in India are eligible for this scheme.
- Courses run by training institutes aligned to National Skill Qualification Framework (NSQF) are eligible for this scheme.
- 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.
- Indian students with physical disability to the extent of 40% or more are eligible.
- To assist the PWD category students who are in need of education loan for pursuing the special devices courses in India.
- Education loans for abroad studies will be as per the guidelines of IBA Model Education loan/Skill loan scheme.
- The scheme caters to the needy and meritorious students who are in need of the 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 such other all India examinations and selected for counseling are eligible.
- Students who have cleared the previous qualifying exam.
- Identity proof: PAN/ Passport/ Driver’s License/ Voter ID card or government-issued identification document.
- Education loan application form.
- Address proof: recent copy of telephone bill/ electricity bill/water bill/ piped gas bill/ Driving License/ Aadhaar card.
- Passport
- Past academic record.
- 10th standard mark sheet
- 12th standard mark sheet
- Under graduate result (semester-wise)
- Entrance exam results (e.g. GMAT, GRE, TOEFL, etc.)
- Proof of admission: admission letter (A conditional admission letter is also applicable).
- Statement of expenses.
- 2 passport-size photographs.
- Loan A/C statement of one year (if applicable)
- Bank account statement of the student (if applicable)
- Identity proof: PAN/ Passport/ Driver’s license/ Voter ID card or government-issued identification document.
- Address: recent copy of telephone bill/ electricity bill/water bill/ piped gas bill or copy of Driving license/ Aadhaar card.
- 2 passport-size photographs.
- Bank account statement of the co-borrower/guarantor, for the last 6 months (in case of takeover of education loan).
- If any previous loan is from other banks/ lenders, then the loan A/C statement of 1 year.
- Legal documents of the collateral/ property documents.
- Salary slips for the last 3 months.
- Copy of Form 16 of the last 2 years or copy.
- Bank account statement for the last 6 months (Salary account).
- Brief statement of assets & liabilities of parent/ guardian/ other co-borrower.
- Business address proof.
- Last 2 years IT returns ( If IT Payee).
- TDS certificate (Form 16A, if applicable).
- Certificate of qualification (for C.A./ doctor and other professionals).
- Brief statement of assets & liabilities of parent/ guardian/ other co-borrower
- Bank account statement for the last 6 months.
- Make a visit to the nearby Canara Bank branch in your locality and inquire about the available student loan offerings.
- Determine the most suitable loan product for your overseas education requirements, considering your eligibility and the coverage provided.
- Obtain the list of documents required to initiate the loan application process.
- Revisit the bank to present the necessary documents and commence the processing of your study abroad loan application.
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.
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.
Table of Content 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% Let us discuss each of the above mentioned scheme with other factors in details: Loan amount Up to INR 1 cr 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 To apply for the scheme for pursuing master’s degree, student’s must fulfill the following criteria: Loan amount Need based finance 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 Eligible courses for education loan in India: Courses which lead to undergraduate, post graduate/PHD, diploma etc are eligible. Loan amount INR 5000 - INR 1,50,000 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 Loan amount List A: INR 50 Lakh Margin money Nil 15 years Moratorium period Course duration + 12 months Processing fees Nil Accepted collateral No collateral required Accepted co-applicant Parent/gaurdian Loan amount Need based finance Vocational, diploma courses - INR 1.5 Lakh 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 Loan amount Up to INR 1 Lakh Margin money Nil Processing fees Nil Repayment tenure Loan is to be cleared after sanction of regular education loan. Accepted co-applicant Parent/gaurdian If you are interested in appltying for an education loan through Canara Bank, you will need the following documents. Applicants documents To apply for an education loan at Canara bank, you are required to fulfill the following steps. 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 Apply Here
Canara Bank education loan schemes
1. 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.
Eligibility criteria:
2. IBA model education loan scheme
The IBA model loan scheme by Canara bank provides education loans for studies in India and abroad.
Residential property such as house or flat, Non - agricultural land, Fixed deposits, Government bonds
Eligibility criteria:
Get the Funds you need to Study Abroad Check Your Loan Eligibility Now!
Eligible courses for education loan for abroad:3. IBA skill loan scheme
The IBA skill loan scheme by the Canara bank provides education loans for studies in India.
Eligibility criteria:
4. Vidya Turant education loan scheme
The Vidya Turant education loan scheme provides education loans for studies in India.
List B: INR 40 Lakh
List C: INR 30 Lakh
Eligibility criteria:
5. Vidya Shakthi education loan scheme
The Vidya Shakthi education loan scheme caters to students with disability for studies in India and abroad.
Degree courses - INR 7.5 Lakh
Eligibility criteria:
6. Vidya Sahay education loan scheme
The Vidya Sahay education loan scheme offers loans for studies in India.
Eligible courses:
What are the documents required for Canara Bank education loan?
Co-applicants documents
Income proof for salaried co-applicant/guarantor
Income proof for self-employed co-applicant/guarantor
Get Guaranteed Best Loan with GyanDhan
Find a Better Loan Offer Elsewhere & We Will Cover the Difference in Interest
Note: Students who choose to prepay or partially prepay their education loans are given extra interest rate breaks on top of the standard rate.
How to apply for Canara Bank abroad education loan?
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.
Frequently asked questions
What is Canara Bank education loan vidyasagar scheme?
What is the IBA model education loan scheme Canara Bank?
What is the validity of Canara Bank education loan sanction letter?
What is the maximum amount of education loan in Canara Bank?
What is the interest rate of an abroad education loan in Canara Bank?
What education loan scheme is relevant for abroad studies only?
What is the maximum time to repay a Canara bank education loan?
Written by
Gurbani Kaur Suri
A keen lover of reading and loves to explore new things. A strong believer of spirituality and goodness.
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
GyanDhan is India's first education financing marketplace.
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