Canara Bank education loan offer services to students for their every academic finance demand. In the times when Indian Education is becoming more expensive day-by-day, Canara Bank covers maximum expenses for the students with their education loan schemes. Canara Bank student loan options provide for different needs of each students like Education Loan for Concessional Programs (diploma, ITI, etc.), Education Loan for Vocational Training, and Overseas Education Loans for Minorities. While other banks reject education loan applications for extremely low education loan amount, Canara Bank also provides education loans for lesser loan amounts (as low as ₹20,000).
Canara Bank Education Loan: Benefits
- Maximum loan repayment tenure: 15 years
- Low loan amounts available: starting from ₹20,000
- Education loan subsidy under 3 different Government schemes
- Special education loans with higher limits for IITs/IIMs etc.
- Counselling fees education Loans for CET Students
- Loans upto ₹3,600,000 (36 Lakhs) for specific cases
Canara Bank Education Loan Features
Education loans come in variations of loan amount, eligibility, interest rates and other details. Students can check various details of Canara Bank education loan like eligibility criteria, loan tenure, maximum loan amount etc. for planning their financials in a better way.
It though happens every now and then that students are not able to comprehend these details and thus they end up choosing a different education loan scheme. In order to make the best use of these education loan information students should also acquire information about commonly used education loan terms.
Education loans of Canara Bank not only provide services for domestic institutions but also foreign education. Canara Bank education loan eligibility, loan amount, loan tenure and more details have been mentioned below for your education loan planning.
Canara Bank Education Loan Schemes’ Details
| Education Loan Type | Education Loan Information Type | Particulars of norms and conditions |
| IBA Model Education Loan scheme for pursuing higher studies in India and abroad | Eligible Courses | Graduation
Post-Graduation and onwards Technical/Professional Courses Certified by UGC/AICTE/IMC/etc. |
| Loan Amount | Studies in India: Max. ₹1,000,000 (10 Lakhs)
Study Abroad (outside India): ₹2,000,000 (20 Lakhs) |
|
| Margin payment | Upto Loan Amount ₹400,000 (4 Lakhs): NIL
Above Loan Amount ₹400,000 (4 Lakhs), studies in India: 5% (of loan disbursement) Above Loan Amount ₹400,000 (4 Lakhs), study abroad: 15% (of loan disbursement) |
|
| Security/Collateral | Upto ₹400,000: NIL
₹400,000 to ₹750,000: Third Party Guarantee Above ₹750,000: 100% equivalent of Loan Amount or more |
|
| Loan Tenure/ Repayment duration | Upto ₹750,000: 10 years
Above ₹750,000: 15 years |
|
| Model Loan Scheme For Vocational Education And Training | Eligibility | Last Exam cleared (at least 10th class)
Secured Admission to Development courses Course duration limit: 2 months to 3 years Authorized and recognized institutions by AICTE/UGC/ etc. |
| Loan Amount | Loan Tenure:
Up to 3 months: ₹20,000 3 months to 6 months: ₹50,000 6 months to 1 year: ₹75,000 Above 1 year to 3 years: ₹150,000 |
|
| Margin Payment | NIL | |
| Security/Collateral | No Collateral or Security
Parents necessary as Co-applicants |
|
| Repayment Duration/ Loan Tenure | Course Duration: Loan tenure
Upto 3 months: Min. 2 years, Max 5 years 3 months to 6 months: Min 2, Max 5 years 6 months to 1 year: Min 2, Max 5 years Above 1 year: Min 3, Max 7 years |
|
| Canara Bank Vidya Turant | Eligible Courses | Professional and technical courses at reputed institutions
IITs/IIMs/IIITs/ISB/IISc etc. (find list below) |
| Loan Amount | IIMs Applicants: ₹2,500,000 (25 Lakhs)
ISBs Applicants: ₹3,600,000 (36 Lakhs) All other institutions from selected list: ₹2,000,000 (20 Lakhs) |
|
| Margin Payment | Upto Loan Amount ₹400,000 (4 Lakhs): NIL
Above ₹400,000: 5% (of loan disbursement) |
|
| Security/Collateral | No Security or Collateral
Parents should apply as co-applicant Assignment of future income of applicant towards loan repayment |
|
| Repayment Duration/Loan Tenure | Upto 15 years | |
| Canara Vidya Sahay Education Loan Scheme | Eligibility | CET (state or central) passed Undergraduate/Graduate students
Students attending counselling for CETs Must avail Education Loan for following education from Canara Bank |
| Loan Amount | ₹100,000 or Initial Institution payment (whichever is less)
All including fees covering first installment towards counselling-cum-admission fees |
|
| Margin Payment | NIL | |
| Security/Collateral | NIL | |
| Repayment Duration/Loan Tenure | From Education Loan Amount
Right after sanction of Education Loan as per above mentioned schemes |
Canara Bank education loans are categorized on the basis of institution and level of education the applicant is pursuing. These loan schemes resonate well with the demands of institutions as they cater to the academic and financial elements of education rather than personal qualifications of the students. Canara Bank Education Loans also cover various international expenses like examination fees (SAT exmas, LSATS, GMAT, GRE, etc.), VISA processing fees, student insurance and more. This means that students can find uniform services applicable to any institution irrespective of any other social, regional and religious factors.
Canara Bank Education Loan Interest Rates
Canara Bank Education Loan Interest rates are most competitive Education Loan Interest Rates in India. The concept where banks charge a nominal percentage over the general MCLR (Marginal cost of Credit based Lending Rates) is followed most aptly by Canara Bank. They have separate interest rates for all their education loan schemes which helps students (applicants) and parents (co-applicants) breathe easy and continue their academic aspirations.
The Canara Bank updates its MCLR Rates on a half-yearly basis, and education loan interest rates as well. Details of both MCLR and Canara Bank Education Loan Interest Rate are:
Canara Bank Education Loan Interest Rate chart (latest December 2018)
| Education Loan type | Loan Amount Limits | Interest Rate Formula | Current Interest Rate |
| IBA Model Education Loan scheme for pursuing higher studies in India and abroad | Upto ₹400,000 (4 Lakhs) | MCLR (1 Year) + 2.00% | 10.70% |
| ₹400,000 (4 Lakhs) to ₹750,000 (7.5 Lakhs) | MCLR (1 Year) + 2.00% | 10.70% | |
| Above ₹750,000 (7.5 Lakhs) | MCLR (1 year) + 1.80% | 10.50% | |
| Model Loan Scheme For Vocational Education And Training | Any Loan Amount as per guidelines | MCLR (1 Year) + 1.50% | 10.20% |
| Canara Vidya Sahay Education Loan Scheme | Any Loan Amount upto ₹100,000 (1 Lakh) | MCLR (1 Year) + 1.50% | 10.20% |
| Canara Bank Vidya Turant | Any loan amount as per guidelines | MCLR (1 Year) +0.20% | 8.90% |
Canara Bank Education Loan MCLR Rates (latest November 2018)
| Canara Bank Education Loan Tenure | Respective MCLR Rates |
| Overnight | 8.25% |
| 1 Month | 8.25% |
| 3 Month | 8.45% |
| 6 Month | 8.55% |
| 1 Year and above | 8.70% |
Source: RBI.org and internal Canara Bank Communication
Canara Bank Education Loan Interest Subsidy and Tax Benefits
Canara Bank provides standard CSIS (Central Sector Interest Subsidy) Scheme as enforced by Ministry of Human Resource Department, Government of India and Indian Banking Association. It also provides three other special schemes of education loan concessions as well.
Students should know about the education loan concessions even if the banks generally consider applicants for such benefits automatically. The details of these education loan subsidy schemes are:
| Canara Bank Education Loan Subsidy Scheme | Eligibility Criteria | Benefits |
| Central Sector Interest Subsidy | · Family Income: max. ₹450,000 per annum
· Education Loan Amount: max. ₹750,000 per annum |
· Collateral free education loan upto ₹750,000
· Interest Compensation for EMIs paid during Course Duration +1 year or 6 months from employment/placement of applicant (Moratorium Period) |
| Dr. Ambedkar Central Sector Scheme of Interest Subsidy on Educational Loans for Overseas Studies for Other Backward Classes (OBCs) and Economically Backward Classes (EBCs) – ACSIS | · (Other Backward Castes) OBC or Economically Backward Classes (EBC) candidates
· Students enrolled for Masters, M.Phil, Ph.D. programs in institutions outside India · Family Income EBCs: Max. ₹250,000 per annum · Family Income OBCs: Max. ₹600,000 per annum |
· Interest Compensation for EMIs paid during Course Duration +1 year or 6 months from employment/placement of applicant (Moratorium Period) |
| Padho Pardesh – Scheme of Interest Subsidy on Educational Loans for Overseas Studies for The Students | · Minority Candidates of India pursuing study abroad
· Students enrolled for Masters, M.Phil, Ph.D. programs in institutions outside India · Family Income: Max. ₹600,000 per annum |
· Interest Compensation for EMIs paid during Course Duration +1 year or 6 months from employment/placement of applicant (Moratorium Period)
· Extra 1% interest subsidy offered for pre-payment (if and as provided by the respective bank) |
| Axis Bank Girl Students Education Loan Subsidy | · Any female applicants for all education loan schemes | · Concession of 0.50% on applicable Interest rates |
Now that we know all about the interest rates, eligibility criteria, and subsidies provided by Canara bank for education loans; we should now get to know about the Canara Bank education loan schemes in detail. Knowing about these programs will help us to decide from the available options and pick the best benefits for themselves.
Canara Bank Education Loan Schemes
Education Loan Schemes are majorly dependent on the kind of institution or the education level that applicants are pursuing. These schemes are:
Canara Bank Vidya Turant Scheme
Canara Bank Vidya Turant Scheme provides the students who’ve earned their seats by academic might into the prestigious institutions of India. Students of IITs/IIMs/ISBs/IIITs/Xavier’s etc. can avail these loans at the lowest possible education loan interest rates. Students who’ve passed the requisite entrance tests and have the academic record to prove their might, are even provided with extra loan amounts irrespective of their banking scores.
Features of Vidya Turant Scheme:
- High value education loans: upto ₹3,600,000 (36 Lakhs)
- High loan tenure: Upto 15 years
- Low interest rates: MCLR + 0.20% only
- Loan expenses cover project fees, research expenses, even thesis writing expenses among other standard academic costs
The Canara Bank College List and Institution Chart for this Vidya Turant Scheme is below:
| S. No. | Name of College/University/Institution | Canara Bank Nearest Circle Office |
| CATEGORY-A | ||
| 1 | Indian Institute of Management, Ahmedabad | AHMEDABAD |
| 2 | Indian Institute of Management, Bangalore | BANGALORE |
| 3 | Indian Institute of Management, Indore | BHOPAL |
| 4 | Indian Institute of Management, Kozhikode | TRIVANDRUM |
| 5 | Indian Institute of Management, Kolkata | KOLKATA |
| 6 | Indian Institute of Management, Lucknow | LUCKNOW |
| 7 | Indian Institute Management, Ranchi | RANCHI |
| 8 | Indian Institute Management, Trichy | MADURAI |
| 9 | Indian Institute Management, Rohtak | KARNAL |
| 10 | Indian Institute Management, Udaipur | JAIPUR |
| 11 | Indian Institute Management, Kashipur | DELHI |
| 12 | Indian Institute Management, Raipur | BHOPAL |
| 13 | Indian Institute of Management, Mananwala, Amritsar. | CHANDIGARH |
| CATEGORY-B | ||
| 14 | Indian School Of Business, Mohali, Sector 8A, SAS Nagar, Mohali – 140 306 | CHANDIGARH |
| 15 | Indian School Of Business, Hyderabad | HYDERABAD |
| CATEGORY-C | ||
| 16 | Rajiv Gandhi Indian Institute of Management, Shillong | GUWAHATI |
| 17 | IIT, Madras | CHENNAI |
| 18 | IIT, Roorkee | DELHI |
| 19 | IIT, Delhi | DELHI |
| 20 | IIT, Guwahati | GUWAHATI |
| 21 | IIT, Kharagpur | DURGAPUR |
| 22 | IIT (BHU) | LUCKNOW |
| 23 | IIT, Kanpur | LUCKNOW |
| 24 | IIT, Patna | PATNA |
| 25 | IIT, Mumbai | MUMBAI |
| 26 | Indian Institute of Technology,
Bhilai, Chhattisgarh |
BHOPAL |
| 27 | NIT, Rourkela | BHUBANESWAR |
| 28 | NIT, Calicut | TRIVANDRUM |
| 29 | NIT, Srinagar | CHANDIGARH |
| 30 | NIT, Hamirpur | CHANDIGARH |
| 31 | NIT, Agartala | GUWAHATI |
| 32 | NIT, Kurukshetra | KARNAL |
| 33 | NIT, Durgapur | KOLKATA |
| 34 | NIT Silchar | GUWAHATI |
| 35 | NIT, Karnataka, Surathkal | MANGALORE |
| 36 | NIT, Raipur | BHOPAL |
| 37 | NIT, Patna | PATNA |
| 38 | NIT, Jamshedpur | DELHI |
| 39 | NIT, Tiruchirappalli | MADURAI |
| 40 | NIT, Warangal | HYDERABAD |
| 41 | Motilal Nehru National Institute of Technology, Allahabad | LUCKNOW |
| 42 | Visvesvaraya National Institute of Technology, Nagpur | PUNE |
| 43 | Xavier Institute Of Management, Bhubaneswar | BHUBANESWAR |
| 44 | Faculty Of Management Studies(FMS) | DELHI |
| 45 | Management Development Institute(MDI) | KARNAL |
| 46 | Institute Of Management Technology-IMT | DELHI |
| 47 | S. P.Jain Institute Of Management and Research, Mumbai – 400 058 | MUMBAI |
| 48 | Jamnalal Bajaj Institute Of Management Studies(JBIMS), Reclaimation, Mumbai | MUMBAI |
| 49 | K.J.Somaiya Institute Of Management Studies And Research | MUMBAI |
| 50 | Symbiosis Institute Of Business Management(SIBM), Pune | PUNE |
| 51 | Symbiosis Centre for Management and Human Resource Development (SCMHRD) | PUNE |
| 52 | Xavier Labour Relations Institute (XLRI) | RANCHI |
| 53 | Narsee Monjee Institute Of Management Studies (NMIMS), Mumbai – 400 056 | MUMBAI |
| 54 | BITS – Pilani | JAIPUR |
| 55 | International Management Institute (IMI), Delhi | DELHI |
| 56 | IRMA – Anand | AHMEDABAD |
| 57 | Indian School of Mines (ISM), Dhanbad | RANCHI |
| 58 | Indian Institute of Foreign Trade, New Delhi | DELHI |
| 59 | NITIE – Mumbai | MUMBAI |
| 60 | Shailesh J Mehta Institute of Management, Mumbai | MUMBAI |
| 61 | Indian Institute of Sciences (IISc), Bangalore | BANGALORE |
| 62 | S.V. National Institute of Technology, Surat | AHMEDABAD |
| 63 | Maulana Azad National Institute of Technology | BHOPAL |
| 64 | Dr. B.R. Ambedkar National Institute of Technology, Jalandhar | CHANDIGARH
|
| 65 | Malaviya National Institute of Technology, Jaipur | JAIPUR |
| 66 | Birla institute of Technology,Mesra,Ranchi | RANCHI |
| 67 | MICA ( Mudra Institute of Communications, Ahmedabad ) | AHMEDABAD |
| 68 | A: NID ( National Institute of Design , Gandhinagar) | AHMEDABAD |
| B: NID (National Institute of Design,Ahmedabad) | AHMEDABAD | |
| 69 | Institute of Management, NIRMA University. Ahmedabad | AHMEDABAD |
| 70 | IIT, Hyderabad, Telangana | HYDERABAD |
| 71 | National Institute of Foundry and Forge Technology (NIFFT), Ranchi, Jharkhand | RANCHI |
| 72 | IIT, Jodhpur, Rajasthan | JAIPUR |
| 73 | LN Mittal Institute of
Information & Technology University, Jaipur |
JAIPUR |
| 74 | International Management
Institute (IMI),Kolkata, West Bengal |
KOLKATA |
| 75 | T. A. Pai Management Institute (TAPMI), Manipal , Karnataka | MANGALORE |
| 76 | Indian Institute of Information Technology(IIIT), Allahabad, | LUCKNOW |
| 77 | Indian Institute of Technology
(IIT) Gandhinagar, Gujarat |
AHMEDABAD |
| 78 | Bharathidasan Institute of Management, Tiruchirappalli | MADURAI |
| 79 | Indian Institute of Technology(IIT), Indore | BHOPAL |
| 80 | Indian Institute of Technology(IIT), Palakkad | TRIVANDRUM |
Canara Bank IBA Model Education Loan scheme for pursuing higher studies in India and abroad
For students who wish to pursue their high quality education, from institutions other than the above mentioned list of Vidya Turant Scheme; can avail this Canara Bank IBA Model Loan Scheme. This scheme provides education loan to students pursuing technical and professional courses (graduation/post-graduation and above) from UGC/AICTE/IMC etc. approved institutions.
Features of Canara Bank IBA Model Education Loan scheme for pursuing higher studies in India and abroad
- No Processing Fees
- Low Margin payment: Nil for loans below ₹400,000
- High Education Loan tenure: 15 years
- Special Loan Interest Concession for Girls: 0.50%
Model Loan Scheme for Vocational Education and Training
Students who chose to go for non-professional, developmental courses can avail the Canara Bank education loan with this scheme. These schemes provide education loan services to students from diploma/certificate and degree courses approved by Indian Government/Regulatory bodies. The eligibility criteria for this Canara Bank Education loan is relaxed to accommodate the high entry barrier of education for these courses. Students also enjoy a relatively longer repayment period with this loan scheme.
Features of Model Loan Scheme for Vocational Education and Training
- Low Loan Amount available: as low as ₹20,000
- High repayment tenure: as high as 7 years for education loans of ₹150,000
- Collateral and Guarantee free loans
- No need for income after education assignment to cover for loan installments
- Easy processing, low turn-around time: takes only days
Canara Bank Vidya Sahay Education Loan
Students who meet their education institutions by clearing examinations and attending counselling sessions; generally have to deposit heavy sum of fees to merely attend the counselling sessions. While their education is yet to start, they are rendered ineligible for any other education loan scheme with any bank and thus they’re left with no options when it comes to paying the counselling fees or initial institutional fees for blocking their seats. Canara Bank education loan still covers the interests of such students.
Canara Bank Vidya Sahay Education Loan helps such students with a loan sum upto ₹100,000 (1 Lakh) to attend and secure their counselling seats.
Some features of Vidya Sahay Canara Bank Education Loan
- Easy processing: 1 to 2 days of turn-around time
- No Margin Payment
- Lowest Interest rates for short term loans
- Less documentation: only ID proofs and KYC Forms required
- No Processing Fees
Canara Bank Education Loan: How to Apply?
Canara Bank Education Loans are managed for the absolute ease of application for students. Students can either chose to apply for the education loan online or offline at the bank branch. Every Canara Bank Education Loan is also enlisted on Government’s Vidyalakshmi Portal for easier application. The detailed procedure for both online and offline application are:
Canara Bank Education Loan Offline Application Process
- Visit the Canara Bank Branch Locator online
- Search for your nearest branch by entering your current location
- Collect the required identification documents, academic records and financial proofs (collateral/bank statements/Form 16/IT returns as applicable)
- Visit the Branch and apply for the Canara bank Education Loan by filling up the education loan application form
Canara Bank Education Loan Online Application process
- Visit the official website of Canara Bank for Education Loan
- Scroll down to the section which enlists the Canara Bank ‘banking/borrow/invest/insurance’ tabs
- Select the option ‘Educational Loan’ from ‘Borrow’ tab. It’ll lead you to ‘Vidyalakshmi Education Loan Website’
- Register with your email address and mobile number. Confirm your signup from registration email
- Login and fill you CELAF (Common Education Loan Application Form)
- Search for Canara Bank Education Loan Scheme from the ‘Search Education Loan’ option
- Apply for the requisite Canara Bank Education Loan
Did you know, that you could apply to not 1 but 3 different banks for education loan to check which one provides the best services and benefits? Know more about Vidyalakshmi Portal Education Loan Features and Applicationap process by reading more about it on Buddy4study.com
Canara Bank Education Loan: Other options and Scholarship Adjustments
Scholarships can also be another elegant option to fund education for students. Students remain unaware about scholarships and lose their opportunities. Scholarships are also adjustable with education loans. The margin payment of education loans can be paid with scholarship sum which helps applicants reduce the education loan burden. Students can find scholarship that can adjust education loans on government websites like National Scholarship Portal which list only government schemes. They can also chose to apply for scholarships from Buddy4Study as well.
Canara Bank education loan schemes with its detailed and transparent procedures has come up as a well trusted education loan provider. Students looking for services which meet the extreme demands like low interest rates and high education loan tenure chose Canara bank as their financial partner. Education of students will always matter the most to the development of nation and financing education loan is a responsibility of banks. Canara Bank sees to it that this responsibility is duly followed.