Canara Bank Education Loan Summary Table
| Canara Bank Education Loan Limit |
For India – INR 10 Lakhs For Abroad – 20 Lakhs |
| Canara Bank Education Loan Interest Rate | 9.45% per annum for girls and 9.95% for boys |
| Canara Bank Education Loan Margin | For loan above INR 4 Lakhs
In India: 5% In abroad: 15% |
| Canara Bank Education Loan Processing Fee | Up to INR 4 Lakhs: Nil
Above INR 4 Lakhs: INR 5000 |
| Canara Bank Education Loan Security |
Up to 7.50 Lakhs: Only Parent/ Guardian as co-borrower. No Collateral Security or third party guarantee. Above INR 7.50 Lakhs: Tangible security along with parents as co-borrower |
| Canara Bank Education Loan Repayment | Starts After 1 year of course completion or 6 months after getting a job |
Canara Bank Education Loan Features
The need for higher education from a reputed college is increasing, which in result, increases the chance of getting a well-paid job. However, a university with a good rank is expensive due to its premium faculties and facilities. To overcome this, Education Loan plays a vital role in a student’s life!
Education loans help those students who have the capabilities and potential. The loan covers their expenses for education, such as tuition fees etc. The loan can be availed to study in India or even abroad. Whatever the case, Canara Bank is there to help the students. Every student can apply for the Canara Bank education loan by following the specific criteria and producing the correct documentation.
Canara Bank Education Loan Eligibility
| Parameters | Eligibility Criteria |
| Applicant’s Age |
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| Who Can Apply? |
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| Maximum Loan Amount |
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| Frequency Of Repayment |
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| Repayment Period |
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Canara Bank Education Loan Interest Rate
Canara Bank Education loan interest rates range from:
| Loan Amount | Rate of Interest |
|---|---|
| Up to 4 Lakhs | 11.35% and for girls 10.85% |
| Above 4 Lakhs and up to 7.5 Lakhs | 11.35% and for girls 10.85% |
| Above 7.5 Lakhs | 11.15% and for girls 10.65% |
Canara Bank Education Loan Schemes with Detailed Features, Documents, Max Loan, Courses
| Schemes | Maximum Loan Amount | Interest Rates |
| IBA Model Education Loan scheme for pursuing higher studies in India and abroad
|
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Up to 7.5 Lakh: ongoing One Year MCLR+2.00 % Above 7.5 Lakh: ongoing One Year MCLR+1.50 % (RoI is subject to change) 0.50% concession in ROI extended to girl students. 0.50 % concession for prompt repayment of interest during the moratorium. |
| Model Loan Scheme For Vocational Education And Training | Rs. 1.5 lakh | MCLR+1.50% |
| Canara Bank Vidya Turant |
|
MCLR |
| Canara Vidya Sahay Education Loan Scheme | Rs.1 lakh or Initial Institution payment (whichever is less) | MCLR+2.00% |
| Canara Bank Take Over of Education Loan | Rs.1.5 crore | 10.05% |
Canara Bank Education Loan Documents Required
Under Know Your Customer Policy (KYC), the bank requires certain documents. These documents are required from both the student and co-borrower:
| Identity Proof | One of any mentioned documents for Identity proof:
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| Residence Proof | One of the following documents for Residence proof (It should not be more than 3 months old):
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| Income Proof in case of salaried co-borrower |
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| Income proof for self-employed co-applicant |
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Additional documents: Aside from KYC documents:
| Student Applicant | Mandatory Passport submission |
| Academic Records: X, XII grade results. Graduation results semester wise. Entrance Exam results that formed the basis of admission | |
| Proof of admission: A conditional application letter may be considered | |
| Cost of education, schedule of expenses. | |
| 2-passport size photographs | |
| If the loan was taken out before then, loan account statement for the last 1 year. | |
| Co-applicant | 2-passport size photographs |
| If the loan was taken out before then, loan account statement for the last 1 year. |
Canara Bank Education Loan Offered Courses
The Education Loan covers courses that are only regular full-time Degree or Diploma courses that the student secured through selection or merit. Canara Bank Education Loan also considers Full-time Executive Management Courses like PGPX.
EMI Calculator
You can check the EMI for Canara bank education loans by clicking on EMI Calculator.
Canara Bank: Takeover of Education Loan
An Education Loan is Transferable, it is basically a process of transferring high-interest debt from one another lender and with a lower interest rate and better repayment policies.
The Canara Bank Takeover Of Collateralised Education Loans Scheme can be availed at an interest rate of 1Year MCLR + 1.50% spread. In addition, Canara Bank also gives a 0.50% concession in the interest rate for girls.
How To Apply For Canara Bank Education Loan
- Visit Dialabank for an education loan.
- Go to the Canara Bank Education Loan page.
- Check out all the eligibility and documents criteria for an education loan.
- Fill out all the details required in the Education Loan application form.
- Once done, our representative will soon contact you for a further stress-free process.
List of Approved Institutes
- Architecture college
- Law college
- Medical college
- Pharmacy college
- Engineering college
- Bio-technology
- college
- Management college
- Science, Commerce, and Arts college
- Physical education college
- B.ED college
FAQs For Canara Bank Education Loan
✅ In whose name is the loan granted?
The loan is specially made for a student’s education, and therefore, it is granted in the student’s name.
✅ What is the age limit for availing of an education loan in Canara Bank?
There is no age limit restriction in education loans. However, the student must clear all the eligibility criteria’s stated by the bank.
