Canara Bank Education Loan Interest Rate and Benefits

Many Indian students rely on Canara Bank student loans as a reliable financial solution for pursuing higher education. The bank offers different student loan schemes, which open doors to academic prospects. These customised loan solutions help students meet the different educational demands of its customers.

Discover the Canara Bank's education loan interest rate, features, benefits, and application process.

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Overview of Canara Bank Student Loan

Canara Bank student loan distinguishes itself as a top option for financing. It offers many student loan advantages that meet the various demands of students.

Canara Bank education loans provide 100% coverage of the whole cost of education. The bank's flexible terms, attractive interest rates, and encouraging conditions have made its education loan programs more well-liked. Consider these main benefits when using Canara Bank for your college loan:

1. Competitive Interest Rates: Canara Bank Student loan competitive interest rates start at 8.60% annually. 
2. Flexible Repayment Alternatives: Canara Bank student loan offers students flexible repayment alternatives that are catered to their financial needs. A moratorium of up to 12 months following course completion may be included in the payback term of up to 15 years.
3. Collateral-free Loans: Canara Bank makes it easy for students to obtain financing for their studies without requiring collateral or security for loans up to ₹7.5 lakhs.
4. Reduced Interest Rates for Girl Students: Across all education loan programmes, the Canara Bank student loan provides a 0.50% interest rate reduction to female students.

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Canara Bank Education Loan Interest Rate

Canara Bank provides 5 student loans for studies in India and abroad. These student loan schemes include the following:

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Canara Bank Student Loans for Abroad Studies

Here is a list of all the student loan schemes that Canara Bank offers, along with its features:

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Canara Bank Student Loans for Study In India

Here is a list of all the student loan schemes that Canara Bank offers for study in India along with its features:

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Canara Bank Education Loan Documents Required

Canara Bank requires you to submit the following documents for the loan application process. Canara Bank education loan documents required are as follows:

Identity Proof

1. PAN
2. Passport
3. Driver’s Licence
4. Voter ID card 
5. Government-issued identification document

Education loan application form

• You must submit the Canara bank loan application form

Address Proof

1. Telephone bill
2. Electricity bill
3. Water bill
4. Driving Licence
5. Aadhaar card
6. Passport

Education and Academic

1. Past academic record
2. 10th standard mark sheet 
3. 12th standard mark sheet
4. Under graduate result (semester-wise) 
5. Entrance exam results (CAT, GMAT, GRE)
6. Proof of admission
7. Statement of expenses

Bank and Financial

• 2 passport-size photographs
• Loan A/C statement of one year
• Bank account statement

Co-applicants Documents

1. PAN/ Passport/ Driver’s licence/ Voter ID card
2. Telephone bill
3. Electricity bill
4. Water bill
5. Driving Licence
6. Aadhaar card
7. 2 passport-size photographs
8. Bank account statement
9. Legal documents of the collateral
10. Property documents

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Canara Bank Education Loan Eligibility Criteria

The Canara Bank has set certain criteria to ensure student's eligibility for the education loan. Here are the top eligible criteria for Canara bank education loan you must adhere to:

General Eligibility Criteria

• Applicant Nationality: The applicant must be an Indian national.

Specific Eligibility Criteria for Abroad Studies

• Admission to a Recognized University: The applicant must have received admission to a recognized university abroad, preferably to a professional or technical course.
• Competitive Exam Scores: For abroad studies, the applicant must have qualified any of the competitive exams such as SAT (score more than 1250), ACT (score more than 26), GRE (score more than 300), or GMAT (score more than 650).

Specific Eligibility Criteria for Studies in India

• Eligible Courses: Courses leading to undergraduate, postgraduate, PhD, or diploma degrees are eligible for education loans in India.
• Eligible Institutions: The loan is designed to provide financial assistance to meritorious students pursuing higher education in top-tier institutions such as select IIMs, IITs, NITs, IISc, ISB (Hyderabad and Mohali), and other highly regarded institutions

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Courses Covered in Canara Bank Student Loan

The Canara Bank education loan is available for a variety of courses, both in India and overseas. Here are the important points of the courses covered by Canara Bank's student loan schemes:

• For Study in India: Canara Bank's education loan is available for courses leading to undergraduate, postgraduate, PhD, and diploma degrees at reputable institutions and universities accredited by the UGC, AICTE, and the government.
• For Study Abroad: The loan also covers courses at leading universities worldwide, including professional and technical programs. Competitive tests such as the SAT, ACT, GRE, and GMAT are used for international study.
• Canara Bank's IBA Skill Loan: Scheme supports skill development projects that are connected with the National Skill Qualification Framework (NSQF). This scheme offers financing for skill-based courses in India with no minimum course duration.

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Canara Bank Student Loan Processing Fee

Canara Bank charges processing fees on student loans that range from one to two per cent of the approved loan amount. Nonetheless, the bank waives processing fees for a number of its student loan programs, including the Vidya Turant program. However, if you are taking a study loan with collateral, you will also need to spend between Rs. 7,500 and Rs. 10,000 more for valuation and legal reports.

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Canara Bank Education Loan Interest Rate Calculator

Canara Bank education loan emi calculator allows you to determine the loan EMI and interest you are going to pay. The student loan EMI calculator is available on the Canara Bank website. This allows you to plan and arrange your EMI repayment strategy based on the information you've learned from the payback data.

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How to Apply for a Canara Bank Student Loan?

You can apply for the Canara Bank student loan by visiting the nearest branch. First, choose the best student loan option based on your qualifications. Next, meet the student loan officer at the Canara Bank branch to complete the loan application.

To begin the loan application procedure, ask for the list of necessary papers. Return to the bank to turn in your paperwork and begin the loan application procedure.

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Enjoy Hassle-free and Quicker Application Process at Propelld

If you wish to experience a hassle free and quicker loan process, Propelld can be your reliable companion. Propelld streamlines the loan application process by offering individualized support and knowledgeable direction. We will also assist you in navigating the intricacies of loan alternatives, documentation, and application procedures.

• Step 1: Get in touch with Propelld's financial officer by requesting a callback or filling up the SBI education loan form.
• Step 2: Share your needs and details with your financial officer.
• Step 3: Gather all the documents and upload all of them online on our portal.
• Step 4: After analyzing your eligibility, your financial officer will connect you to the best education loan lender.
• Step 5: Your financial officer will take care of the process from here.

Benefits of Propelld Education Loan

FAQs About Canara Bank Education Loan

What is the highest loan amount that may be obtained under the education loan programme offered by Canara Bank?

The course and institution you are pursuing will determine the maximum loan amount. The maximum student loan amount for studies in India is ₹20 lakhs. For studies overseas, the maximum loan amount is ₹30 lakhs.

Who is eligible to apply jointly for an education loan from Canara Bank?

The student's parent or legal guardian may co-apply for the Canara bank student loan. Depending on their financial standing, the bank may occasionally accept co-applicants who are not blood relations.

Does the Canara Bank Education Loan come with any tax benefits?

Under Section 80E of the Income Tax Act, interest paid on the Canara Bank Education Loan is deductible from taxes. This can lower your total tax obligation and lower the cost of the loan.

What is the interest rate on education loans from Canara Bank?

The amount, course, and institution of Canara bank student loan determine the interest rate. Generally speaking, the rates fall between 8.50% and 11.00%. Contacting the bank directly or going to their website will yield specific rates.

Canara Bank education loans are available for which kinds of courses?

Undergraduate, postgraduate, professional, and technical courses given by accredited Indian and foreign universities are among the many courses for which Canara Bank offers education loans.

What is Canara Bank's highest loan amount available for educational purposes?

For studies in India, Canara Bank provides up to ₹10 lakhs; for studies overseas, it grants up to ₹20 lakhs. More may be taken into consideration depending on particular standards and specifications.

How long are the education loans from Canara Bank to be repaid?

Canara bank student loan repayment terms can go up to 15 years, beginning after the course is over, plus a moratorium period that lasts for one year or six months after landing a job, whichever comes first.

Canara Bank education loans have a moratorium period?

Yes, the moratorium lasts for the length of the course plus an extra year or six months after landing a job, whichever happens first.

Canara Bank education loans require what kind of collateral?

Up to ₹4 lakhs, loans are free of collateral. A third-party guarantee is needed for loans of more than ₹4 lakhs and up to ₹7.5 lakh. Over ₹7.5 lakh loans are usually needed for physical collateral.

Do any processing fees for the education loans offered by Canara Bank exist?

Up to ₹4 lakhs, Canara Bank typically does not charge processing costs for Canara bank student loans. Nominal processing fees may apply for larger loan amounts; these fees will depend on the loan amount and particular conditions.