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 student loans cover maximum expenses for the students. Canara Bank education loan eligibility even includes 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 doesn’t. It also provides education loans for lesser loan amounts (as low as ₹20,000). Here we have enlisted complete details of Canara Bank Education Loan schemes from application to subsidy claim for your convenience.
Latest Update: Canara Bank Education Loan interest rates reduced by 0.50% in April 2019. Source: RBI.org MCLR Press Release. Scroll down for more details.
Canara Bank Education Loan : Benefits
|
Premium Features of Canara Bank Education Loan |
|
| Maximum loan repayment tenure | 15 Years |
| Low loan amounts available | Starting from ₹20,000 |
| High Loan Limits for Study Abroad | Loans upto ₹3,600,000 (36 Lakhs) |
| Education loan subsidy | Powered by 3 Government of India schemes |
| Special education loans | Higher loan limits and lower interest rate for IIMs and IITs, etc. |
| Loans for CET Students | Counselling fees and tuition fees loans |
ALSO READ:Â CANARA BANK STUDENT LOAN APPLICATION PROCESS
Canara Bank Education Loan Scheme 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 |
|
| Loan Amount |
|
|
| Margin payment |
|
|
| Security/Collateral |
|
|
| Loan Tenure/ Repayment duration |
|
|
| Model Loan Scheme For Vocational Education And Training | Eligibility |
|
| Loan Amount | Loan Tenure:
|
|
| Margin Payment | NIL | |
| Security/Collateral |
|
|
| Repayment Duration/ Loan Tenure | Course Duration: Loan tenure
|
|
| Canara Bank Vidya Turant | Eligible Courses |
|
| Loan Amount |
|
|
| Margin Payment |
|
|
| Security/Collateral |
|
|
| Repayment Duration/Loan Tenure |
|
|
| Canara Vidya Sahay Education Loan Scheme | Eligibility |
|
| Loan Amount |
|
|
| Margin Payment |
|
|
| Security/Collateral |
|
|
| Repayment Duration/Loan Tenure |
|
The Canara Bank provides education loans on the basis of institution type and academic level of any applicant. Canara Bank Education Loans also cover various international admissions related expenses like examination fees (SAT exams, LSATS, GMAT, GRE, etc.), VISA processing fees, student insurance and more.
Canara Bank Education Loan Interest Rates
The Canara Bank Education Loan Interest rates are very convenient for both domestic and overseas education. They have separate interest rates for all their education loan schemes. This helps students (applicants) and parents (co-applicants) to choose from various loan options. Students are also able to get special rates under various circumstances like admission-by-merit, minority subsidies etc.
The Canara Bank updates its MCLR Rates (basic education loan 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 April 2019)
| 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% | 10.65% |
| ₹400,000 (4 Lakhs) to ₹750,000 (7.5 Lakhs) | MCLR (1 Year) + 2.00% | 10.65% | |
| Above ₹750,000 (7.5 Lakhs) | MCLR (1 year) + 1.80% | 10.45% | |
| Model Loan Scheme For Vocational Education And Training | Any Loan Amount as per guidelines | MCLR (1 Year) + 1.50% | 10.15% |
| Canara Vidya Sahay Education Loan Scheme | Any Loan Amount upto ₹100,000 (1 Lakh) | MCLR (1 Year) + 1.50% | 10.15% |
| Canara Bank Vidya Turant | Any loan amount as per guidelines | MCLR (1 Year) +0.20% | 8.85% |
ALSO READ:Â CANARA BANK EDUCATION LOAN INTEREST RATE – LATEST UPDATES AND GUIDELINES
Canara Bank Education Loan MCLR Rates (latest April 2019)
| Canara Bank Education Loan Tenure | Respective MCLR Rates |
| Overnight | 8.20% |
| 1 Month | 8.20% |
| 3 Month | 8.40% |
| 6 Month | 8.50% |
| 1 Year and above | 8.65% |
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.
The details of these education loan subsidy schemes are:
| Canara Bank Education Loan Subsidy Scheme | Eligibility Criteria | Benefits |
| Central Sector Interest Subsidy |
|
|
| 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 |
|
|
| Padho Pardesh – Scheme of Interest Subsidy on Educational Loans for Overseas Studies for The Students |
|
|
| Axis Bank Girl Students Education Loan Subsidy |
|
|
ALSO READ:Â STUDY ABROAD EDUCATION LOAN IN INDIA- TOP PROVIDERS
Canara Bank Education Loan Schemes
Education Loan Schemes are majorly dependent on the institution type or the academic level of applicants. 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 lower interest rates. Students who’ve passed the requisite entrance tests and have a meritorious academic record may even get extra loan limits.
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 | Â 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 | LNÂ Mittal Institute of
Information &Â 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
Students who wish to pursue higher education from institutions other than listed premier institutions; 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 pursuing 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 clear entrance examinations; generally have to deposit high counselling fees during admission process. Such students are not eligible for any education loan as they are not enrolled for any course yet. In such cases, students have to self-pay the counselling fees for blocking their seats. Canara Bank Education loan (Vidya Sahay) 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 –Â How to Apply?
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 Application 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 for International education 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 with its detailed and transparent procedures has come up as a well trusted education loan provider in India. 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. For more details on Canara Bank education loans and to get a study abroad loan at negotiated interest rates get in touch with education loan experts at Buddy4Study.