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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. 

Canara Bank Education Loan Interest Rates & Charges

Loan Amount

Up to Rs 20 lacs

Interest Charges

MCLR + up to 2% (varies among different schemes) 

Repayment Tenure

Up to 15 years

Processing Fees



No margin on loan of up to Rs 4 lakh; For loan above Rs 4 lakh, the margin ranges up to 5%

Prepayment Charges


Features and Benefits of Canara Bank Education Loan

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.

Expenses covered under Canara Bank Education Loan

  • Tuition fees 
  • Cost of books, uniforms and stationeries
  • Cost of laptop or computer ( If required)
  • Examination Form
  • Library/ Laboratory fees
  • Hostel fee
  • Travel expenses ( for Abroad)
  • Miscellaneous Expenses

Canara Bank Education Loan Schemes

Types of schemes Eligibility
IBA Model Education Loan Scheme
  • Interest Rate : 8.85% to 9.85% p.a.
  • Maximum loan amount : Need based finance
  • Must be an Indian Resident
  • Availed for both Inland and Abroad education
  • Girls students are offered concession of 0.50%
  • Moratorium of 1 year offered
IBA Skill Loan Scheme
  • Interest rate : 9.35% p.a.
  • Maximum loan amount : 1.5 lakh
  • Must be an Indian resident
  • Can be availed for courses run by training institute aligned to National Skill Qualification Framework (NAQF)
  • No collateral required
  • Third party guarantee is not required
  • Repayment of loan within 7 years
Vidya Turant Scheme
  • Interest rate : 7.85% p.a.
  • Maximum loan amount : 40 lakh
  • Must be an Indian resident
  • Can be availed to pursue higher studies in selected IIMs, IISc, ISBs and other reputed institutions
  • No collateral security
  • No processing fee
Vidya Shakti Scheme
  • Interest rate : 7.85% p.a.
  • Maximum loan amount : 7.5 lakh for (degree courses) 1.5 lakh for (vocational, certificate, diploma and skill loan)
  • Must be an Indian resident with physical disability to the extent of 40% or more
  • Can be availed for pursuing special devices courses in the country
  • Repayment tenure upto 15 years
  • No processing fee
Vidya Sahay Scheme
  • Interest rate : 9.85% p.a.
  • Maximum loan amount : 1 lakh
  • Can be availed by an Indian citizenship who have created the previous qualifying exams
  • Loan granted jointly with the parent/guardian
  • No processing fee

Eligibility Criteria for Canara Bank Education Loan

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:

  • The applicant should be an Indian citizen.
  • The applicant should be qualified in 10+2 from a recognized institution.
  • The applicant should have a co-borrower.
  • The applicant should be applying for the eligible course and institution in India or abroad.

Documents Required for Canara Bank Education Loan Application

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)

  • Identity Proof 
  • Address Proof
  • Bank Statement for last 6 months
  • Admission Letter by the Institute with the fee structure
  • Marksheets
  • Certificates of SSC, HSC, Degree Courses

Documents required for education loan (for self employed individuals)

  • Identity Proof 
  • Address Proof
  • Bank Statement for last 6 months
  • Admission Letter by the Institute with the fee structure
  • Marksheets
  • Certificates of SSC, HSC, Degree Courses

Compare other bank interest rate:

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%

How to Apply for Canara Bank Education Loan

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. 

Canara Bank Customer Care Contact

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 : [email protected]

FAQs On Canara Bank Education Loan

Q.1 Do I need a co-applicant for a Canara education loan?

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.

Q.2 Canara bank offer the interest concession for girl students?

Yes. Canara bank does offer the interest concession for girl students. 

Q.3 What is the Canara bank repayment tenure under the IBA Model education loan scheme?

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

Canara Bank Education Loan

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

Canara Bank Education Loan Interest Rates

Updated on 25 Nov 2017

Canara Bank Education Loan Details
Interest Rate (Monthly reducing balance) 11.35% - 0%
Processing Fees NA
Loan Tenure 1 year to 15 years
Pre-closure Charges Varies with bank
Guarantor Requirement Varies with bank

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