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Canara Bank Education Loan

Canara bank Education Loan for Indian students

Table of Contents

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: 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	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 10^th 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

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: 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	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

ALSO READ: 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	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

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 – 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.

Ankur Gupta