Education Loan

Canara Bank Education Loan 2023

Canara Bank Education Loan 2023

Canara Bank Education Loan 2023 –Hi Everyone! Hope you are all doing well. Welcome back to another blog. Today I will tell you about Canara Bank opportunities. It provides chances to students to complete vocational training or any degree course. They also provide a chance to study outside the country. Canara Bank Education Loan offers opportunities to students to complete their higher education at their dream university. It provides education loans ranging from INR 20,000 to INR 36,00,0000. Along with the least interest rates, easy processing, and suitable refunding methods. So read the whole blog thoroughly to get all the details related to education loan opportunities by Canara Bank. Also in this blog, I will tell you about the offered schemes, available courses and institutes, eligibility conditions, required documents, and repayment methods.

Canara Bank Education Loan 2023
Canara Bank Education Loan 2023
Maximum Loan Limit INR 40 Lacs +
Margin Up to 4 lacs – Nil
Above 4 lacs 5%
Security Up to Rs. 4 lacs no collateral
Rs. 4 Lacs to 7.5 Lacs – Third-party guarantee
Above Rs.7.5 Lacs – 100% loan amount tangible collateral
Processing Fee Nil
Interest Rate 7 – 10 %
Loan Repayment 10 – 15 years

About Canara Bank

Canara bank is considered the largest banking network in India, established in 1906. Its headquarters are located in Bengaluru. It provides education loans with the least interest rates and a 7 -9% discount for female students.

Offered Sub-Schemes

Now I will tell you about the education loan schemes offered by the Canara Bank to facilitate and to share the expenses burden of the students. The following schemes are announced by the Canara Bank;

  • IBA Skill Loan Scheme-Education Loans
  • IBA Model Education Loan Scheme for Pursuing Higher Studies in India and abroad
  • Vidya Turant-Education Loan Scheme
  • Vidya Shakti-Education Loan
  • Vidya Sahay-Education Loan Scheme

IBA Skill Loan Scheme-Education Loans

Purpose Skill Loan Scheme is announced to support the national wits for skill development.
Student Eligibility Indian Nationality holders
Eligible Courses Courses started by Training Institutes aligned to National Skill Qualification Framework (NSQF) are included in the Skill Loan. There is no least course period.
Quantum of Finance Need-based Finance in the assortment of Rs.5000 to Rs.1,50,000/-
Rate of Interest Click Here for the latest ROI
Margin Nil
Security future income of the student
The loan is settled jointly with the parent/guardian of the student.
The loan will be roofed under the Credit Guarantee Fund Scheme for Skill Development (CGFSSD)
No collateral or third-party assurance is obligatory
Moratorium If the Course duration is up to 1 year: Moratorium is 6 months from the completion of the course.
If the course duration is above 1 year: Moratorium is 12 months after completion of the course.
Repayment Loan amount up to Rs 50000: up to 3 years
Loan amount above Rs 50000 and up to Rs 100000: up to 5 years
Loan amount above Rs 100000: up to 7 years

IBA Model Education Loan Scheme for Pursuing Higher Studies in India and abroad

Purpose Payment of Course fees, Hostel, Boarding, Examination, Library& Laboratory fees and for Purchase of books, equipment, instruments, uniforms, computers if it is important for the completion of the course, Caution deposit, building fund reinforced by Institution bills. Travel costs for studying outside the country. Other expenditures are compulsory to complete the course subject to a maximum.
Eligibility Indian National
NRI students holding valid Indian passports
Eligible courses INLAND STUDIES: Graduation, post-graduation, including technical/professional courses from reputed colleges/universities certified by UGC/Government, AICTE/Department of Electronics/IMC, autonomous institutions like IIM, IIT, etc. Any courses are important to degree/diploma from reputed Institutes/Colleges/Universities for studies in India.
ABROAD STUDIES: Courses that lead to undergraduate, Ph.D., Post Graduate Diploma, etc. are eligible.
Quantum of finance Need-based finance
Students can submit applications either near the students’ residency or near the university.
Margin Up to Rs.4.00 Lakhs – Nil
Above Rs.4.00 Lakhs – Studies in India – 5%
Studies abroad   – 15%
Security Estimation of future income of the student
Merit Quota:
Loan amount up to Rs.7.50 Lakhs:  No collateral Security, the loan will be covered under Credit Guarantee Fund Scheme for Education loans(CGFSEL) scheme subject to the circumstances
The loan is granted jointly with the parent/guardians of the student.
Loan amount above Rs.7.50 Lakhs: Perceptible Collateral security to cover at least 100% of the loan amount.
The loan is granted jointly with the parent/guardians of the student.
Management Quota:
Loan amount up to Rs.4.00 Lakhs:  No collateral Security
The loan is granted jointly with the parent/guardians of the student.
Loan amount above Rs. 4.00 Lakhs: Perceptible Collateral security to cover at least 100% of the loan amount
The loan is granted jointly with the parent/guardians of the student.
Repayment Refunding of the loan will be in associated monthly Installments up to a maximum of 15 years excluding the suspension period ( i.e., course period plus one year).

Vidya Turant: Education Loan Scheme

Purpose To offer disturbance-free education loans to worthy students who are following their higher studies in excellent institutions viz., Selected IIMs/IITs/NITs/IISc /ISB (Hyderabad & Mohali) and other reputed institutes
Student Eligibility Indian Nationality holders
Quantum of Finance Category A Institute: Students of ISB, Hyderabad & Mohali Limit up to Rs50.00 lacs. Category B institute Students of IIMs. Limit up to Rs40.00 lacs.
Category C institute: All other institutions other than A and B Limit up to Rs30.00 lacs.
Rate of interest Click Here for the latest ROI
Margin Up to Rs. 4.00 lakhs – Nil
Loan above Rs. 4.00 lakhs – 5%. Scholarship/assistantship will be involved in the margin
Security No collateral Security for institutions chosen category-wise ( i.e. For students of IIMs Limits  up to Rs 25.00 lacs,  For students of ISBs,  Limits up to Rs 40.00 lakhs, and for students of other institutions Limits up to Rs 20.00 lakhs)
estimation of the future income of the student
The loan is settled jointly with the parent/guardian and student.
Upfront / Processing Fee Nil
Repayment Refunding of the loan will be in associated monthly Installments up to a maximum of 15 years excluding the suspension period  ( i.e., course period plus one year).

Canara Bank Education Loan Interest Rate

Now I will tell you the interest rates of several Canara Bank education loan schemes;

Scheme Name Maximum Loan Amount Interest rate (p.a.)
IBA Model Education Loan Scheme Need-based finance Contact the bank
IBA Skill Loan Scheme Rs. 5000 to Rs.1.5 lakh 8.40%
Vidya Turant Up to Rs.40 lakh (based on the category of institutions) 6.90% – 7.50%
Vidya Shakti Degree courses – Up to Rs.7.5 lakh
Vocational, certificate, diploma, and skill loan – Up to Rs.1.5 lakh
6.90%
Vidya Sahay Up to Rs.1 lakh 8.90%

Documents Required

The following documents are necessary to attach with the application form to apply for the education loan in Canara Bank;

  • Evidence of Residency
  • Government-issued identity card
  • Application form
  • Two Passport-size photographs
  • Admission Letter issued by the university
  • Income evidence of the supporter
  • Collateral Security documents
  • GRE/IELTS/TOEFL/GMAT Scores
  • 10th and 12th exam mark sheets

How to apply for a Canara Bank education loan?

To apply for the Canara Bank education loan, follow the following given steps;

  • Visit the official website of the bank of Baroda.
  • Select the Loans option & click on the education loan from the drop-down menu.
  • Click on “Apply Now”.
  • Then, you will be transmitted to a new web to fill out the application form.
  • Fill out all the required slots in the application form.
  • Submit the Canara Bank Education Loan Application Form.

Click Here for the Offline Bank of Baroda Education Loan Application Form

Canara Bank Education Loan Calculator

If you are willing to apply for the education loan scheme at Canara Bank, then first calculate the monthly payment that you have to repay after the completion of your degree or course.

Click Here for the Bank of Baroda Education Loan Calculator

College List

Canara Bank provides education loans to the following colleges or institutes. The institutes decide the amount of money included in the loan. Category A loan is limited to up to INR 40 lakhs, category B loan is limited to up to INR 25 lakhs, and category B loan is limited to up to INR 20 lakhs. Now look at the categories given below;

Category A Category B Category C
Indian Institute of Management, Ahmedabad
Indian Institute of Management, Bangalore
Indian Institute of Management, Indore
Indian Institute of Management, Kozhikode
Indian Institute of Management, Kolkata
Indian Institute of Management, Lucknow
Indian Institute of Management, Ranchi
Indian Institute Management, Rohtak
Indian Institute Management, Trichy
Indian Institute Management, Udaipur
Indian School of Business, Mohali, Sector 8A, SAS Nagar, Mohali
Indian School of Business, Hyderabad
Rajiv Gandhi Indian Institute of Management, Shillong
IIT Madras
IIT Roorkee
IIT Guwahati
IIT Delhi
IIT Kanpur
IIT Patna
IIT Mumbai
NIT Srinagar
NIT Kurukshetra

Click Here to Check Out the Complete List

Subsidy

The government of India provides a subsidy scheme on the interest rates of education loans to students belonging to very weak financial backgrounds. During the suspension period, this scheme provides full subsidy on interest rates. These schemes are for students that want to get vocational, and professional education after class 10+2. While the other two subsidy schemes are given below;

Dr. Ambedkar Central Sector Scheme of Interest Subsidy For OBC & EBC Maximum family income Rs. 6 Lacs (OBC)Rs. 2 Lacs (EBC)
Higher education from abroad
Padho Pradesh – Scheme of Interest Subsidy on Educational Loans For minority Communities Higher education from abroad Maximum family income Rs. 6 Lacs

 

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