Canara bank education loan helps you make the house of your dreams with their home loans. The Canara bank home loan opens the door to your dream house. The bank offers home loans for the construction of a new house, purchase of a new house or flat, purchase of a site for house construction and the renovation/expansion of your existing home. You are treated with Canara home loan at competitive rates and minimal documentation procedure.
Up to Rs 20 lacs
MCLR + up to 2% (varies among different schemes)
Up to 15 years
No margin on loan of up to Rs 4 lakh; For loan above Rs 4 lakh, the margin ranges up to 5%
Here are the features and benefits of Canara bank education loan which you check out:
1. Purpose : Canara bank offers education loans to the students who wish to expand their education to graduation or post graduation in India or Abroad. The loan can be availed to fund the admission for eligible courses and institutions.
The Canara bank education loan provides funds to the students to help with all the expenses related to their education. These expenses include tuition fees, exam fees, hostel fees, cost of books and stationery and the travel expenses.
2. Courses : Canara bank education loan is offered to provide students the financial help to go for higher education in certain courses. Students can enjoy this loan for eligible courses at graduate, postgraduate, PHD and diploma level.
3. Loan Amount : Education loan amount by Canara bank is determined by some important factors that include student’s requirement, course, institute, eligibility and not to forget, the education loan scheme. The Canara bank education loan amount ranges up to Rs 20 lacs.
4. Repayment Tenure : While the repayment tenure is decided by a number of factors such as the loan amount, eligibility and of course, the loan scheme, it usually goes up to 15 years.
5. Interest Charges : The Canara bank education loan range across different types of education loan schemes offered by the bank.
|Types of schemes||Eligibility|
|IBA Model Education Loan Scheme||
|IBA Skill Loan Scheme||
|Vidya Turant Scheme||
|Vidya Shakti Scheme||
|Vidya Sahay Scheme||
You have to meet certain eligibility requirements designed by the bank in order to be able to avail the loan. You need to make sure that you are eligible for the education loan by Canara bank in order to avoid getting it rejected.
Here is the eligibility criteria for Canara bank education loan:
You need to submit certain documents when applying for the loan. Here are the documents that are required for Canara bank education loan:
Documents required for education loan (for salaried individuals)
Documents required for education loan (for self employed individuals)
|AXIS Bank Education Loan||13.70% to 15.20%|
|HDFC Bank Education Loan for Indian Education||9.55% to 13.50%|
|HDFC Bank Education Loan for Foreign Education||9% to 14%|
|Kotak Mahindra Bank Education Loan||11.5% to 24%|
|IDBI Bank Education Loan||8.30% to 10.41%|
|Indian Bank Education Loan||Starts from 8.50%|
|RBL Bank Education Loan||14.15% to 16.15%|
|Bank of Baroda Education Loan||7.50% to 9.75%|
|Bank of India Education Loan||7.25% to 9.75%|
|Standard Chartered Bank Education Loan||10.99%|
|SBI Student Loan Scheme||9.30%|
|SBI Skill Loan Scheme||8.80%|
|SBI Scholar Loan Scheme||8.30% to 9.95%|
|SBI Takeover of Education Loan||9.30%|
|SBI Global Ed-Vantage||9.30%|
Are you not sure how to apply for a Canara bank education loan? Well, the first step you can take is to contact the bank customer service to inquire about the loan and any specific requirements the bank may demand based on your profile and needs.
In order to apply for a Canara education loan, you can visit the nearest branch of the bank. There, the bank official will help you through the process of loan application. Make sure you have all the necessary documents required for Canara education loan at the time of visiting the branch.
In case of any query, complaint or feedback, you can reach out to the Canara bank customer service. Here are the toll free numbers which you can dial in order to contact the Canara bank customer care:
Customer care contact number : 18004250018, 1800 103 0018
Customer care email id : firstname.lastname@example.org
You need a co-applicant at the time of applying for a Canara education loan. A co-borrower (a parent or guardian) acts as a co-debtor for the loan.
Yes. Canara bank does offer the interest concession for girl students.
The IBD Model education loan scheme by Canara bank offers the repayment tenure of up to 15 years which excludes the moratorium period.
Q.4 How much loan amount should be provided by Canara Bank education loan?
The maximum loan amount is upto Rs 20 lakh provided by Canara Bank education loan.Last Updated on : 23/Mar/2021
Know More About
You're eligible for a Canara Bank Education Loan if you:
Are legally adult enough to handle it
Have still got it
Get a regular pay check
Make more than a basic buck
Your eligibility depends on:
Earn more than minimum income required
Maximum allowed Education Loans is Rs. 10K to Rs. 45 lakhs
EMIs of other loans loweryour eligibility
Boost your eligibility by:
Pay off your credit card bills
Choose longer tenure loan up to 5 years
Nothing gets done without that paperwork (which we'll happily carry over to the bank for you, no sweat). Here's what you'll need:
- 1. Photo ID and age proof
- 2. Signed application form with photograph
- 3. Residence proof
- 4. Last 6 months bank statement
- 5. Documentation for salaried applicants:
- Last 3 months salary - slips
- Form 16 or Income Tax Returns
- 6. Documentation for self-employed applicants:
- Last 3 years Income Tax Returns with computation of Income
- Last 3 years CA Certified / Audited Balance Sheet and Profit & Loss Account
Updated on 25 Nov 2017
|Canara Bank Education Loan Details|
|Interest Rate (Monthly reducing balance)||11.35% - 0%|
|Loan Tenure||1 year to 15 years|
|Pre-closure Charges||Varies with bank|
|Guarantor Requirement||Varies with bank|
Education Loans EMI Calculator