Canera Bank Education Loan: Interested Rate, Eligibility, Customer Care

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About Canara Bank Education Loan :

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.

Benefits of 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


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

Documents required for Canara Bank Education Loan :

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

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%

Canara Bank Education Loan


Standard Chartered Bank Education Loan


SBI Student Loan Scheme


SBI Skill Loan Scheme


SBI Scholar Loan Scheme

8.30% to 9.95%

SBI Takeover of Education Loan


SBI Global Ed-Vantage


Other products of Canara Bank :

1. Canara Bank Car Loan 

2. Canara Bank Education Loan 

3. Canara Bank Home Loan

4. Canara Bank EMI Calculator   

How to apply for Canara Bank Education Loan :

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 :

  1. By customer care contact number : 18004250018

  2. By customer care email id :

Financials products offered by Bank :













Canara Bank Education loan Frequently Asked Questions

Q1. What is the maximum tenure of Canara Bank education loan?

The maximum tenure period of Canara Bank education loan is up to 15 years.

Q2. 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.

Q3. How much processing fee is charged by Canara Bank education loan? 

There is no processing fee charged by Canara Bank education loan.

Q4. What is the interest rate charged by Canara Bank education loan?

The interest rate charged by Canara Bank education loan is 11.35% p.a. 

Q5. Is, there any charges applied to Canara Bank education loans?

There are nil charges applied to Canara Bank education loan.

Last Updated on : 10/Aug/2020

Know More About

Canera Bank Education Loan

You're eligible for a Canera 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

Canera Bank Education Loan Interest Rates

Updated on 25 Nov 2017

Canera 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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