Canara bank is one of the largest and oldest public sector banks owned by the government of india. It’s headquarters at Bengaluru and established in 1906. In June 2006, the bank completed a century of operation in the Indian Banking Industry. Today, Canara Bank occupies a premier position in the committee of Indian Banks.
While searching for an education loan, you can come across Canara Bank that offers you the loan at an attractive interest rate. It also offers a very basic scheme for education loans for courses in both India and Abroad. It provides an easy loan disbursal and fast processing facilities which make it one of the most sought banks for education loan. Every individual dreaming of higher studies can make it true with a Canara Bank Education Loan.
Here, we talk about all the things above that are quite normal but there is a change in it, now everyone has to get an education loan with ease..You all think that “how it is possible? To overcome this issue Canara Bank came with an exciting opportunity i.e. Canara Bank Education Loan.
1. Affordable Interest Rate :
Canara Bank Education loans are offered at affordable interest rates. The interest rate of Canara Bank Education loan is 11.35%. Basically the rate of interest will be decided by the bank according to the customer age, employment type, overall profile etc. So, there will be a very good chance for the applicant to get an education loan at an attractive and affordable interest rate.
2. Minimal documentation :
Canara Bank Education Loan provides less and minimal documentation for the customers. It is not required to submit so many documents for an education loan. The process of documentation is very simple and fast.The documents submitted by the customers are KYC, address proof and income proof, mark sheets starting from class 10th to the latest qualifying exam with the loan application form.
3. No processing fee :
There is no processing fee charged by Canara Bank to avail a loan for education. Canara bank also does not provide any charges for education loan.
4. Faster disbursal :
The education loan should be disbursed from Canara Bank within 15 working days from the date of complete submission of all documents required for proper appraisal.
Schemes of Canara Bank Education Loan :
Types of schemes |
Eligibility |
IBA Model Education Loan Scheme |
|
IBA Skill Loan Scheme |
|
Vidya Turant Scheme |
|
Vidya Shakti Scheme |
|
Vidya Sahay Scheme |
|
1. Letter of admission
2. Filled in Loan Application Form
3. 2 passport size photographs
4. Statement of cost of study
5. PAN Card of the student and the parent/guardian
6. Aadhaar Card of the student and the parent/guardian
7. Id proof : Driving license, passport, aadhaar card, ant photo identity
8. Address proof : Driving license, passport, electricity bill, telephone bill
9. Student/co-borrower/guarantor’s bank account statement for last 6 months.
10. IT Return/ IT assessment order, of previous 2 years of parent/ guardian/ other co-borrower(If IT payee)
11. Brief statement of assets & liabilities of parent/ guardian/ other co-borrower
12. Income proof : Salary slip, form 16 of parent/ guardian/ other co-borrower
Expenses covered under Canara Bank Education Loan :
1. Tuition fees
2. Cost of books, uniforms and stationeries
3. Cost of laptop or computer ( If required)
4. Examination Form
5. Library/ Laboratory fees
6. Hostel fee
7. Travel expenses ( for Abroad)
8. Miscellaneous Expenses
BANKS |
INTEREST RATE |
13.70% to 15.20% |
|
9.55% to 13.50% |
|
9% to 14% |
|
11.5% to 24% |
|
8.30% to 10.41% |
|
Starts from 8.50% |
|
14.15% to 16.15% |
|
7.50% to 9.75% |
|
7.25% to 9.75% |
|
11.35% |
|
10.99% |
|
9.30% |
|
8.80% |
|
8.30% to 9.95% |
|
9.30% |
|
9.30% |
1. Offline Method : By visiting the nearest bank branch.
2. Online Method :
Visit the official website of loan.
Click on apply now
Fill out the form with essential details.
Upload the mandatory documents required
Submit the form and take out a print out of the applications
Visit the bank branch for further formalities.
How to contact with Canara Bank :
By customer care contact number : 18004250018
By customer care email id : cansecuresupport@canarabank.com
Financials products offered by Bank :
The maximum tenure period of Canara Bank education loan is up to 15 years.
The maximum loan amount is upto Rs 20 lakh provided by Canara Bank education loan.
There is no processing fee charged by Canara Bank education loan.
The interest rate charged by Canara Bank education loan is 11.35% p.a.
There are nil charges applied to Canara Bank education loan.
Last Updated on : 10/Aug/2020Know 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% |
Processing Fees | NA |
Loan Tenure | 1 year to 15 years |
Pre-closure Charges | Varies with bank |
Guarantor Requirement | Varies with bank |
Education Loans EMI Calculator