Canara Bank Student Loan options help students with low-interest rates and high education loan amounts to cover their academic expenses. This bank also supports various government subsidies like Dr. Ambedkar Sector Subsidy for OBC Education Overseas and Padho Pardesh Subsidy for Minorities Overseas Education. The benefits of Canara Bank Education loan schemes do not end here. They also provide education loans at low rates for applicants of prestigious institutions and also help the students cover their non-academic expenses during their education. Students who have secured international university admissions, can also use their scholarships to repay their Canara study loans.
Canara Bank student loan benefits:
- Range of loan amount: starting from ₹20,000 to ₹36,00,000
- Loan interest subsidies: 3 different government subsidy support and various Canara Bank subsidies
- High education loan tenure: 15 to 20 years
- Education loan for students appearing in entrance counselling
- Low/No margin payments and processing fees
Canara Bank Education Loan Schemes at a Glance
Canara Bank Student Loan schemes are categorised on the basis of the level of education (graduation/post-graduation/post-doctoral/post-matric) and educational institution (IITs/IIMs/Central Institutions/State Universities/International Colleges). Here is the detailed information on various education loan schemes by the bank.
Canara Bank Education Loan Interest Rates Latest Update April 2019 – Source RBI.org
|Education Loan Scheme Name||Provisions||Current Interest Rates (Dec 2018)|
|IBA Model Education Loan scheme for pursuing higher studies in India and abroad||
||Old rates: Dec 2018
New Rates: April 2019
|Model Loan Scheme For Vocational Education And Training||
|Canara Vidya Sahay Education Loan Scheme||
|Canara Bank Vidya Turant||
ALSO READ: CANARA BANK EDUCATION LOAN INTEREST RATE
Canara Bank Student Loan application process
Canara Bank study loans can be applied through both online and offline mode. For offline applications, the applicant needs to gather the requisite academic, identity, KYC, financial documents and visit the nearest branch of the Bank. The general loan process takes a turn-around-time of 15 days (may vary for International Study Education Loan). But it may take less than 15 days, depending on the type of education loan. However, with the ease of online application, students choose to pursue the online process itself. The detailed instructions for online application process for Canara Bank study loan are:
Canara Bank Student Loan : Step-by-Step Application Guide
- Visit the official Canara Bank website.
- Scroll down the webpage screen to find the option of ‘Borrow’.
- As you scroll the mouse cursor over the ‘Borrow’ option, you’ll find an option of ‘Educational Loan’. Click on it. This will lead you to the Government Vidyalakshmi Portal of Education Loan.
- Register with your email address and phone number.
- Confirm registration from Email and Login.
- Fill your Common Education Loan Application Form (CELAF)
- Search for the Canara Bank Education loan from ‘Search Education Loan’ section.
- Apply on the education loan scheme of your choice.
You can also apply for 2 additional banks for education loan on Vidyalakhsmi Portal. This helps to increase your chances of getting an education loan and decrease the chances of education loan rejection. You can find the detailed guideline of registration, education loan search and application on Vidyalakshmi Portal by reading ‘Vidyalakshmi Portal: Education Loan and Scholarships for Indian Students’.
Canara Bank Education Loan – other peculiar details
Scholarship Adjustable Education Loans
Education Loans are not the only way a student can fund their education. There are scholarships and fellowships which can help students to pay their academic expenses as well. Canara Bank allows meritorious students to adjust their education loan repayment with the help of scholarships. The scholarships don’t necessarily have to be academic, and students can avail scholarships for sports or extra-curricular activities as well.
Canara Bank student loan subsidies
In addition to this, Canara Bank student loan schemes are covered by National Subsidy Schemes of various kind. Students can find more information about these schemes on the bank’s official website and on Buddy4Study.com. These subsidy schemes provide tax benefits of education loans to parents and interest subsidy to students for the duration of their studies. The schemes are available for EBC (Economically Backward Classes), Minorities, OBCs (Other Backward Classes) and General Category Students with Low Family Income.
Canara Bank Education Loan covers all expenses of students and with the above-mentioned provisions, they have been helping students achieve their academic passions for a long time. Education Loan services of Canara Bank helps student cover expenses for both domestic and international education. Students can also get in touch with education loan experts at Buddy4Study Edu Loans to get well negotiated interest rates and flexible education loan repayment options. With the information of education loan and subsidy application process mentioned above, we’re sure that you’ll be able to study well. HAPPY LEARNING!