CANARA BANK EDUCATION LOAN

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).

Canara Bank Education Loan: Benefits

 Maximum loan repayment tenure: 15 years
 Low loan amounts available: starting from ₹20,000
 Education loan subsidy under 3 different Government schemes
 Special education loans with higher limits for IITs/IIMs etc.
 Counselling fees education Loans for CET Students
 Loans upto ₹3,600,000 (36 Lakhs) for specific cases
Canara Bank Education Loan Features
Education loans come in variations of loan amount, eligibility, interest rates
and other details. Students can check various details of Canara Bank
education loan like eligibility criteria, loan tenure, maximum loan amount etc.
for planning their financials in a better way.

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

Education Loan Education Loan

Particulars of norms and conditions
Type Information Type

Graduation

Post-Graduation and onwards

Eligible Courses
Technical/Professional Courses

Certified by UGC/AICTE/IMC/etc.

Loan Amount Studies in India: Max. ₹1,000,000 (10 Lakhs)

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)

Above Loan Amount ₹400,000 (4 Lakhs), study abroad:

15% (of loan disbursement)

Upto ₹400,000: NIL

₹400,000 to ₹750,000: Third Party Guarantee

Security/Collateral
Above ₹750,000: 100% equivalent of Loan Amount or
more
 Loan Tenure/ Upto ₹750,000: 10 years
Repayment
duration Above ₹750,000: 15 years

Last Exam cleared (at least 10th class)

Secured Admission to Development courses

Eligibility Course duration limit: 2 months to 3 years

Authorized and recognized institutions by AICTE/UGC/

etc.

Loan Tenure:

Up to 3 months: ₹20,000

Loan Amount 3 months to 6 months: ₹50,000

Model Loan
Scheme For 6 months to 1 year: ₹75,000
Vocational
Education And Above 1 year to 3 years: ₹150,000
Training

Margin Payment NIL

No Collateral or Security
Security/Collateral
Parents necessary as Co-applicants

Course Duration: Loan tenure

Repayment
Duration/ Loan Upto 3 months: Min. 2 years, Max 5 years
Tenure
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

Professional and technical courses at reputed institutions

Eligible Courses
IITs/IIMs/IIITs/ISB/IISc etc. (find list below)

IIMs Applicants: ₹2,500,000 (25 Lakhs)

ISBs Applicants: ₹3,600,000 (36 Lakhs)

Loan Amount
All other institutions from selected list: ₹2,000,000 (20
Lakhs)

Upto Loan Amount ₹400,000 (4 Lakhs): NIL

Canara Bank
Margin Payment
Vidya Turant Above ₹400,000: 5% (of loan disbursement)

No Security or Collateral

Parents should apply as co-applicant

Security/Collateral
Assignment of future income of applicant towards loan
repayment

Repayment
Duration/Loan Upto 15 years
Tenure

CET (state or central) passed Undergraduate/Graduate students

Canara Vidya
Sahay Education Eligibility Students attending counselling for CETs
Loan Scheme
Must avail Education Loan for following education from
 Canara Bank

₹100,000 or Initial Institution payment (whichever is less)

Loan Amount All including fees covering first installment towards

counselling-cum-admission fees

Margin Payment NIL

Security/Collateral NIL

From Education Loan Amount

Repayment
Duration/Loan Right after sanction of Education Loan as per above
Tenure mentioned schemes

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:

Canara Bank Education Loan Interest Rate chart (latest

December 2018)

Education Loan Loan Amount Interest Rate Current Interest

type Limits Formula Rate

Upto ₹400,000 (4 MCLR (1 Year) +

10.70%
Lakhs) 2.00%

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

Above ₹750,000 MCLR (1 year) +

10.50%
(7.5 Lakhs) 1.80%

Model Loan Any Loan Amount MCLR (1 Year) +

10.20%
Scheme For as per guidelines 1.50%
Vocational
Education And
Training

Canara Vidya Any Loan Amount

MCLR (1 Year) +
Sahay Education upto ₹100,000 (1 10.20%
1.50%
Loan Scheme Lakh)

Canara Bank Any loan amount MCLR (1 Year)

8.90%
Vidya Turant as per guidelines +0.20%

Canara Bank Education Loan MCLR Rates (latest

November 2018)
Canara Bank Education
Respective MCLR Rates
Loan Tenure

Overnight 8.25%

1 Month 8.25%

3 Month 8.45%

6 Month 8.55%

1 Year and above 8.70%

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.
Students should know about the education loan concessions even if the banks
generally consider applicants for such benefits automatically. The details of
these education loan subsidy schemes are:

Canara Bank
Education Loan
Eligibility Criteria Benefits
Subsidy
Scheme

· Family Income: · Collateral free education

max. ₹450,000 per loan upto ₹750,000

Central Sector annum · Interest Compensation for

Interest Subsidy EMIs paid during Course
· Education Loan Duration +1 year or 6 months
Amount: max. from employment/placement of
₹750,000 per annum applicant (Moratorium Period)

Dr. Ambedkar · (Other Backward

Central Sector Castes) OBC or
Scheme of Economically
Interest Subsidy · Interest Compensation for
Backward Classes
on Educational EMIs paid during Course
(EBC) candidates
Loans for Duration +1 year or 6 months
Overseas Studies · Students from employment/placement of
enrolled for Masters, applicant (Moratorium Period)
for Other
M.Phil, Ph.D. programs
Backward in institutions outside
Classes (OBCs) India
and Economically
Backward · Family Income
Classes (EBCs) – EBCs: Max. ₹250,000
ACSIS per annum

· 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

Axis Bank Girl · Any female

Students applicants for all · Concession of 0.50% on
Education Loan education loan applicable Interest rates
Subsidy schemes

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

Education Loan Schemes are majorly dependent on the kind of institution or

the education level that applicants are pursuing. 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 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.

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:

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 Management,

7 RANCHI
Ranchi

Indian Institute Management,

8 MADURAI
Trichy

Indian Institute Management,

9 KARNAL
Rohtak

Indian Institute Management,

10 JAIPUR
Udaipur

Indian Institute Management,

11 DELHI
Kashipur
 Indian Institute Management,
12 BHOPAL
Raipur

Indian Institute of
13 Management, Mananwala, CHANDIGARH
Amritsar.

CATEGORY-B

Indian School Of Business,

14 Mohali, Sector 8A, SAS Nagar, CHANDIGARH
Mohali – 140 306

Indian School Of Business,

15 HYDERABAD
Hyderabad

CATEGORY-C

Rajiv Gandhi Indian Institute

16 GUWAHATI
of Management, Shillong

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

Indian Institute of Technology,

26 BHOPAL
Bhilai, Chhattisgarh

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

Motilal Nehru National

41 Institute of Technology, LUCKNOW
Allahabad

Visvesvaraya National
42 Institute of Technology, PUNE
Nagpur

Xavier Institute Of
43 BHUBANESWAR
Management, Bhubaneswar

Faculty Of Management
44 DELHI
Studies(FMS)

45 Management Development KARNAL

 Institute(MDI)

Institute Of Management
46 DELHI
Technology-IMT

S. P.Jain Institute Of
47 Management and Research, MUMBAI
Mumbai – 400 058

Jamnalal Bajaj Institute Of

48 Management Studies(JBIMS), MUMBAI
Reclaimation, Mumbai

K.J.Somaiya Institute Of
49 Management Studies And MUMBAI
Research

Symbiosis Institute Of
50 Business Management(SIBM), PUNE
Pune

Symbiosis Centre for

Management and Human
51 PUNE
Resource Development
(SCMHRD)

Xavier Labour Relations

52 RANCHI
Institute (XLRI)

Narsee Monjee Institute Of

53 Management Studies MUMBAI
(NMIMS), Mumbai – 400 056
54 BITS – Pilani JAIPUR

International Management
55 DELHI
Institute (IMI), Delhi

56 IRMA – Anand AHMEDABAD

Indian School of Mines (ISM),

57 RANCHI
Dhanbad

Indian Institute of Foreign

58 DELHI
Trade, New Delhi

59 NITIE – Mumbai MUMBAI

Shailesh J Mehta Institute of

60 MUMBAI
Management, Mumbai

Indian Institute of Sciences

61 BANGALORE
(IISc), Bangalore

S.V. National Institute of

62 AHMEDABAD
Technology, Surat

Maulana Azad National

63 BHOPAL
Institute of Technology

Dr. B.R. Ambedkar National CHANDIGARH

64 Institute of Technology,
Jalandhar
 Malaviya National Institute of
65 JAIPUR
Technology, Jaipur

Birla institute of
66 RANCHI
Technology,Mesra,Ranchi

MICA ( Mudra Institute of

67 Communications, Ahmedabad AHMEDABAD
)

A: NID ( National Institute of

68 AHMEDABAD
Design , Gandhinagar)

B: NID (National Institute of

AHMEDABAD
Design,Ahmedabad)

Institute of Management,
69 NIRMA University. AHMEDABAD
Ahmedabad

70 IIT, Hyderabad, Telangana HYDERABAD

National Institute of Foundry

71 and Forge Technology (NIFFT), RANCHI
Ranchi, Jharkhand

72 IIT, Jodhpur, Rajasthan JAIPUR

 LN Mittal Institute of

73 Information & JAIPUR

Technology University,
Jaipur

International Management

74 Institute (IMI),Kolkata, KOLKATA

West Bengal

T. A. Pai Management
75 Institute (TAPMI), Manipal , MANGALORE
Karnataka

Indian Institute of Information

76 LUCKNOW
Technology(IIIT), Allahabad,

Indian Institute of Technology

77 (IIT) Gandhinagar, AHMEDABAD

Gujarat

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.

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 who chose to go for 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 meet their education institutions by clearing examinations and

attending counselling sessions; generally have to deposit heavy sum of fees
to merely attend the counselling sessions. While their education is yet to start,
they are rendered ineligible for any other education loan scheme with any
bank and thus they’re left with no options when it comes to paying the
counselling fees or initial institutional fees for blocking their seats. Canara
Bank education loan still 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?

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:

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
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 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 education loan schemes with its detailed and transparent
procedures has come up as a well trusted education loan provider. 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.
Education of students will always matter the most to the development of
nation and financing education loan is a responsibility of banks. Canara Bank
sees to it that this responsibility is duly followed.