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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).
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
Graduation
Certified by UGC/AICTE/IMC/etc.
IBA Model
Study Abroad (outside India): ₹2,000,000 (20 Lakhs)
Education Loan
scheme for
pursuing higher
studies in India Upto Loan Amount ₹400,000 (4 Lakhs): NIL
and abroad
Above Loan Amount ₹400,000 (4 Lakhs), studies in
Margin payment India: 5% (of loan disbursement)
Loan Tenure:
Up to 3 months: ₹20,000
No Collateral or Security
Security/Collateral
Parents necessary as Co-applicants
No Security or Collateral
Repayment
Duration/Loan Upto 15 years
Tenure
Security/Collateral NIL
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:
IBA Model
Education Loan ₹400,000 (4
scheme for Lakhs) to MCLR (1 Year) +
10.70%
pursuing ₹750,000 (7.5 2.00%
higher studies in Lakhs)
India and abroad
Overnight 8.25%
1 Month 8.25%
3 Month 8.45%
6 Month 8.55%
Canara Bank
Education Loan
Eligibility Criteria Benefits
Subsidy
Scheme
· Family Income
OBCs: Max. ₹600,000
per annum
· Minority
Candidates of India
· Interest Compensation for
Padho Pardesh – pursuing study abroad
EMIs paid during Course
Scheme of · Students Duration +1 year or 6 months
Interest Subsidy enrolled for Masters, from employment/placement of
on Educational M.Phil, Ph.D. programs applicant (Moratorium Period)
Loans for in institutions outside
Overseas Studies India · Extra 1% interest subsidy
for The Students offered for pre-payment (if and as
· Family Income: provided by the respective bank)
Max. ₹600,000 per
annum
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
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.
Name of
S. No. Canara Bank Nearest Circle Office
College/University/Institution
CATEGORY-A
Indian Institute of
1 AHMEDABAD
Management, Ahmedabad
Indian Institute of
2 BANGALORE
Management, Bangalore
Indian Institute of
3 BHOPAL
Management, Indore
Indian Institute of
4 TRIVANDRUM
Management, Kozhikode
Indian Institute of
5 KOLKATA
Management, Kolkata
Indian Institute of
6 LUCKNOW
Management, Lucknow
Indian Institute of
13 Management, Mananwala, CHANDIGARH
Amritsar.
CATEGORY-B
CATEGORY-C
Visvesvaraya National
42 Institute of Technology, PUNE
Nagpur
Xavier Institute Of
43 BHUBANESWAR
Management, Bhubaneswar
Faculty Of Management
44 DELHI
Studies(FMS)
Institute Of Management
46 DELHI
Technology-IMT
S. P.Jain Institute Of
47 Management and Research, MUMBAI
Mumbai – 400 058
K.J.Somaiya Institute Of
49 Management Studies And MUMBAI
Research
Symbiosis Institute Of
50 Business Management(SIBM), PUNE
Pune
International Management
55 DELHI
Institute (IMI), Delhi
Birla institute of
66 RANCHI
Technology,Mesra,Ranchi
Institute of Management,
69 NIRMA University. AHMEDABAD
Ahmedabad
International Management
T. A. Pai Management
75 Institute (TAPMI), Manipal , MANGALORE
Karnataka
Bharathidasan Institute of
78 MADURAI
Management, Tiruchirappalli
Indian Institute of
79 BHOPAL
Technology(IIT), Indore
Indian Institute of
80 TRIVANDRUM
Technology(IIT), Palakkad
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.
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%
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.
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: