Canara Bank Education Loan In India 2024-Canara Bank education fund offer services to Candidates for their every academic Money demand. In the times when Indian Education is becoming more expensive day-by-day, Canara Bank Candidates loans cover maximum expenses for the Candidates. Canara Bank education loan eligibility even includes Concessional Programs (diploma, ITI, etc.), Education Fund for Vocational Training, and Overseas Education Loans for Minorities. While other banks reject education Fund applications for extremely low education Fund amount, Canara Bank doesn’t. It also provides education Credit for lesser loan amounts (as low as ₹20,000). Here we have enlisted complete Information of Canara Bank Education Loan Plane from application to subsidy claim for your convenience.
The need for higher education from a reputed college is increasing, which in score, increases the chance of getting a well-paid job. However, a university with a good rank is expensive due to its premium faculties and facilities. To overcome this, Education Fund plays a vital role in a Candidates life!
Canara Bank Education Loan In India 2024
Education loans help those Candidates who have the capabilities and potential. The loan covers their expenses for education, such as tuition Cost etc. The Fund can be availed to study in India or even abroad. Whatever the case, Canara Bank is there to help the Candidates. Every Candidates can apply for the Canara Bank education loan by following the specific criteria and producing the correct documentation.
As Candidates know, education loans are one of the best ways to Search your higher education abroad. Canara bank is one of the top Government banks in India that Given collateral education loans to individuals having different funding requirements. Canara Bank even offers multiple schemes for Candidates who aim to pursue their dream of studying abroad. In this Page, you’ll acknowledge all the Canara bank education loan Information like the latest interest rate, loan documents Needs, education loan schemes, repayment terms, and many Information.
Overview of Canara bank education loan scheme
IBA Model education loan Scheme for pursuing higher studies in India and abroad
| Parameters | Canara Bank Education Loan In India 2024 |
| Objective of the scheme | The IBA Model Education Loan Scheme aims to Given meritorious students to pursue their higher education in India or Abroad. |
| Category | Current Affairs |
| Loan Amount | Need-based finance |
| Rate of Interest | Up to 7.5 Lakh: 9.3% Above 7.5 Lakh: 8.9% |
| Loan Margin | Upto Rs.4.00 Lakhs – Nil Above Rs.4.00 Lakhs – Studies in India-5% Studies abroad – 15% |
| Official Website | canarabank.com |
About Canara Bank
Canara Bank Private Ltd was Open in 1993 as UTI Bank in Mumbai. It is the third Beigest private sector bank in India, Given a wide range of Money services to its customers, covering Large and Mid-Corporates, MSME, Agriculture and Retail Businesses. The bank has 3300 branches and around 14,000 ATMs and 9 international offices. Education is one area where everybody is willing to spend a lot of money to live a prosperous life in the After. Being one of the major education loan Given, Canara Bank understands the needs of the Candidates and offers extremely competitive education Fund at better interest rates. Every year, many Candidates secure admissions in top universities and colleges in India and abroad with Canara Bank education Funds.
What is Canara Bank Education Loan Interest Rate?
Candidates can take the Vidya Sagar education fund up to 7.5 lakhs at an interest rate of 8.90%. Those who take the Vidya Sagar education Fund for more than INR 7.5 lakhs have to pay an interest of 8.50%. Those who take the Vidya Turant Part with a co-borrower have to pay an Return of 6.90% while those who take it without a co-Taker have to pay an interest of 7.50%.
Eligibility Criteria For Respective Canara Bank Education Loan In India 2024
The requirements to apply for a Canara Bank education Fund are:
- The Candidates should be an Indian national
- The Candidates should have received admission to a recognized university abroad
- The Candidates should be willing to submit acceptable collateral and its Needs documents
Below are the eligibility criteria for the respective Funds stated above:
- IBA MODEL Education Loan Scheme – Applicable to Candidates wanting to pursue higher education both, in India or abroad.
- Model Loan Scheme for Vocational Education and Training: Applicable to those wanting to pursue vocational programmed and training courses in India from institutions recognized by UGC or AICTE.
- Canara Bank Vidya Turant: Candidates to those wanting to pursue professional and technical courses from reputed Indian institutes
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Education Loan Schemes Canara Bank
The primary purpose of the Canara bank education Funds provision is to help Candidates with,
- Payment of tuition fees, hostel fees, and examination fees
- Purchase books, course material, instruments, and uniforms
- Assist with the travel and passage expenses in cases of abroad studies
Canara Bank offers four popular Candidates loans, which are tabulated below.
| Scheme Name | Maximum Loan Amount | Interest Rate (p.a.) |
|---|---|---|
| IBA Model Education Loan Scheme | INR 7.5 Lakh and Above | Up to INR 7.5 Lakh
Above INR 7.5 Lakh
|
| Canara Bank IBA Skill Loan Scheme | INR 1.50 Lakh | 8.85% p.a. |
| Canara Bank Vidya Sahay Scheme | INR 1 Lakh | 10.15% p.a. |
| Canara Bank Vidya Turant Loan | INR 40 Lakh | 7.35% p.a. |
IBA Model Education Loan Scheme
The Indian Banks Association (IBA) has put a standardized model educational Fund scheme implemented by all nationalized banks across the country. The main objective of this exercise is the provision of Money support from the banking sector to the deserving and meritorious Candidates for pursuing higher education in India and abroad.
IBA Model Education Loan Courses Covered and Eligibility
Here is a list of the courses covered under the Plane and eligibility.
- For Planes in India, courses such as under graduation courses, post-graduation courses inclusive of the technical and professional courses with employment potential are eligible.
- Courses Taken by colleges or universities approved by the University Grants Commission (UGC), the state or the central Government, the All India Council for Technical Education(AICTE), IMC, or autonomous institutions like IIM, IIT, etc. are considered eligible.
- For courses abroad, it is Needs for the course chosen to be either job-oriented, technical, or professional courses. In addition, it can either be a graduate course or a post-graduation Subject.
IBA Model Education Loan Amount and Margin
Given below is the Fund amount and margin for various courses offered by IBA Model Education Loan Plane.
- The maximum Total of loans given for courses in India is INR 10 lakh, and for courses abroad, it is INR 20 lakh.
- If the borrowed Total is below INR 4 lakh, there will be no margin charged.
- If the Total is above INR 4 lakh for courses in India, then the margin charged is 5%.
- For pursuing courses abroad, and the Total borrowed is more than INR 4 lakh, the margin is 15%.
- No security will be asked for loans below INR 4 lakh; however, a third-party guarantee is Needs for the loan amount above INR 4 lakh and below INR 7.5 lakh.
- For the Total above INR 7.5 lakh, 100% collateral is Needs.
Repayment of IBA Model Education Loan Scheme
Here are the guidelines for the repayment of the IBA Model Education Fund Scheme.
- The repayment commences after 6 months or 1 year after the completion of the course.
- For amounts below INR 7.5 lakh, the repayment Time is 10 years.
- For amounts above INR 7.5 lakh, the period of Return is 15 years.
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IBA Skill Loan Scheme Canara Bank Education Loan In India 2024
IBA skill loan helps Candidates who wish to get admission to technical courses from training institutes and polytechnic schools or colleges Taken by the Central or State Government for technical or vocational education.
The latest important Update concerning Canara Bank Model Scheme Loan is Given below.
Given below are the criteria for student eligibility for the Model Loan Plane.
- The Candidates should be an Indian national.
- The Candidates should have passed class 10.
- The Candidates should have secured admission in a course conducted by the ministry, department of Central/State Government, or an Organization recognized and authorized by the government to Taken courses.
IBA Skill Loan Courses Eligibility
Only the below-mentioned courses are eligible for the Plane.
- The courses should be development courses that can be Full in 2 months to 3 years.
- It is preferred if the course leads to other certificate courses, diploma courses, or degree courses.
- The institute conducting this course should be authorized and Taken by the government.
IBA Skill Loan Amount and Margin
Given below is the loan Total and margin for various durations.
- For courses of Complete up to 3 months – INR 20,000
- For courses of Complete 3-6 months – INR 50,000
- For courses of Complete 6 months to 1 year – INR 75,000
- For courses of Complete above 1 year – INR 1.50 Lakh
Note: There is no margin charged on this Fund, and no security has to be produced either.
Repayment of IBA Skill Loan
Below are the guidelines for the repayment of the Canara Bank education Fund.
- For the courses to be completed before a year, the repayment Time commences after 6 months.
- For the courses that Needs more than one year for completion, the repayment period commences after 12 months or a year.
- Courses up to 3 months – In 2 to 5 years
- Courses up to 3 to 6 months – In 2 to 5 years
- Courses 6 months to 1 year – In 2 to 5 years
- Courses above 1 year – In 3 to 7 years
Vidya Sahay Scheme Canara Bank
Vidya Sahay is introduced for assisting the meritorious Candidates who require Loan that have to be paid to the CET/counselling Authorities at the time of selection.
Below are the Information of the Canara bank Vidya Sahay scheme.
Here are the eligibility criteria for Candidates who want to avail themselves of the Canara Bank Vidya Sahay Scheme.
- The Candidates who have written the Common Entrance Test (CET) conducted by respective state governments, CBSE, IIT, and other all India examinations and selected for counseling are eligible.
- The Candidates should be of Indian National.
- The Candidates should have completed the qualifying exam.
- Address and identification proof must be Given at the sanction of Bridge Loans for complying with KYC norms.
Vidya Sahay Loan Amount and Margin
Following is the Fund amount and margin for the Canara Bank Vidya Sahay Scheme.
- The maximum Total is INR 1 Lakh or the initial payment proposed by the CET authorities, whichever is less.
- There is no marginal charge.
- There is no security Needs.
Repayment of Vidya Sahay Loan
This bridge should be cleared immediately after the education Credit is sanctioned.
Vidya Turant Loan
This Fund is designed to assist the needy and meritorious Candidates who need education loans and pursue their higher studies in select reputed institutions such as IIMs, IITs, NITs, IISc, or ISB (Hyderabad & Mohali) and other reputed institutes.
This table gives you an overview of the Funds and limits for students from different financial institutions under the Vidya Turant Educational Fund.
| Category | Institutions | Limit |
|---|---|---|
| Candidates of IIMs | Up to INR 25 lakh | |
| Candidates of ISB, Hyderabad & Mohali | Up to INR 36 lakh | |
| All other institutions except the categories A and B | Up to INR 20 lakh |
Eligibility to Avail Vidya Turant Education Fund
Here are the eligibility criteria to avail Vidya Turant Education Fund.
- The Students should be an Indian Citizen.
- The Students must have cleared the previous qualifying exam conducted by the competent authorities.
- Admission to premier Institutes viz. IIMs, IITs, NITs, IISc, and other such institutes.
Vidya Turant Loan Limits
The Fund has to be paid back within 15 years irrespective of the amount borrowed. There is no security Needs for loans for certain universities or institutions. The MCLR interest is 0.20%. A concession of 0.50% will be given to female Candidates.
Security Required for Vidya Turant Loan
The following is the security or collateral Needs for Vidya Turant Loan of Canara Bank.
- No Security is Needs up to limits for institutions designated category-wise, i.e., IIMs Limits up to INR 25 lakh, ISB Limits up to INR 36 Lakh, all other institutions limit up to INR 20 lakh.
- The parent/guardian will have to join as co-Taker.
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Education Loan Interest Rate Canara Bank Education Loan In India 2024
Canara Bank takes nil margins and offers 100% Money for loans up to INR 4 Lakh. It allows multiple co-Taker for the Fund to procure the maximum Fund. Loans up to INR 4 lakh are Ready without security or collateral and up to INR 7.5 lakh with a third-party guarantee.
The specific interest rates and information for the 4 education loans offered by the bank have been tabulated below.
| Canara Bank Loan Schemes | Interest Rate (p.a.) |
|---|---|
| For Vidya Turant Loan Scheme | 6.60% |
| Up to INR 4 Lakhs | 10.40% |
| INR 4 Lakhs to INR 7.50 Lakhs | 10.40% |
| Loans above INR 7.50 Lakhs | 10.40% |
And loans above INR 7.5 lakh can be availed by submitting the adequate collateral asked for. For all Funds types and amounts, the average Canara bank education loan Return rate is in the range of 9.90% and 10.70%
Documents required for students loan applicants
- Duly filled Canara bank education loan application form.
- 2 Passport size photographs.
- Passport: compulsory for education Fund for abroad studies.
- Identity Proof: Pan Card, voter ID card.
- Address proof: Aadhar card, Driving license, a recent copy of telephone bill, electricity bill, water bill
- Academic Number sheets of 10th, 12th, Undergraduate Degree (if applicable)
- Eligibility test Result: SAT/GRE/GMAT/TOEFL/IELTS scorecards.
- University ranking printout. To get the correct university ranking, contact our team.
- Admit letter from the university
Documents required by the Co-applicant
- Relevant proof of Residence like an Aadhar Card or Electricity Bill
- Identity Proof (Drivers Licence or PAN card)
- Form 16 of the last 2 years at least
- Latest salary slips (for the last 3 months)
- ITR of the Last 2 years
- 2 Passport size photos
- Balance Sheet for the last 3 years and Profit and Loss Statement (only if self-employed)
- If self- employed- Proof of Business Address
- If employed- Employer’s ID Card
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How to Apply Canara Bank Education Loan?
Candidates can either chose to apply for the education loan online or offline at the bank branch. Every Canara Bank Education Fund is also enlisted on Government’s Vidyalakshmi Portal for easier application. The Information procedure for both online and offline application are:
Offline Canara Bank Education Loan Application Process
- Go To the Canara Bank Branch Official Webpage online canarabank.com
- Find for your nearest branch by Going your current location
- Collect the needs identification documents, academic records and financial proofs (collateral/bank statements/Form 16/IT returns as applicable)
- Go to the Branch and apply for the Canara bank Education Fund by filling up the education Fund application form
Canara Bank Education Loan Online Application process
- Go To the official website of Canara Bank for Education Loan canarabank.com
- Scroll down to the section which enlists the Canara Bank ‘banking/Taken/invest/insurance’ tabs
- Select the option ‘Educational Fund’ from ‘Borrow’ tab. It’ll lead you to ‘Vidyalakshmi Education Fund Website’
- Register with your email address and mobile number. Confirm your signup from Save email
- Login and Enter you CELAF (Common Education Fund Application Form)
- Find for Canara Bank Education Loan Scheme from the ‘Search Education Fund’ option
- Apply for the requisite Canara Bank Education Fund
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