Canara Bank Education Loan

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Rates as low as 9.33%
Pre-Admission Loans
Study in India / Abroad
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Unsecured Loan Available

Canara Bank Education Loan

Canara Bank Education Loan Summary Table

Canara Bank Education Loan Limit

For India – INR 10 Lakhs

For Abroad – 20 Lakhs
(Up to ₹ 7.5 lakh without collateral)

Canara Bank Education Loan Interest Rate 9.45% per annum for girls and 9.95% for boys
Canara Bank Education Loan Margin For loan above INR 4 Lakhs

In India: 5%

In abroad: 15%

Canara Bank Education Loan Processing Fee Up to INR 4 Lakhs: Nil

Above INR 4 Lakhs: INR 5000

Canara Bank Education Loan Security

Up to 7.50 Lakhs: Only Parent/ Guardian as co-borrower. No Collateral Security or third party guarantee.

Above INR 7.50 Lakhs: Tangible security along with parents as co-borrower

Canara Bank Education Loan Repayment Starts After 1 year of course completion or 6 months after getting a job

Canara Bank Education Loan

Canara Bank Education Loan Features

The need for higher education from a reputed college is increasing, which in result, 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 Loan plays a vital role in a student’s life!

Education loans help those students who have the capabilities and potential. The loan covers their expenses for education, such as tuition fees etc. The loan can be availed to study in India or even abroad. Whatever the case, Canara Bank is there to help the students. Every student can apply for the Canara Bank education loan by following the specific criteria and producing the correct documentation.

Canara Bank Education Loan Eligibility

Parameters  Eligibility Criteria
Applicant’s Age
  • Non-employed personnel: Up to 35 years
  • Working employees / Executives: Up to 45 years
Who Can Apply?
  • An Indian National: With secured admission to professional/technical courses in recognized institutions.
  • Permanent employees: Who are employed for not less than three years with any organization and have secured admissions in a reputed institute or intend to acquire higher professional qualifications.
Maximum Loan Amount
  • For studies in India: Up to Rs. 1,000,000
  • For studies Abroad: Up to Rs. 2,000,000
  • For studies at IIT’s, IIM’s and ISB’s: Upto Rs. 4,000,000
Frequency Of Repayment
  • Quarterly or monthly.
  • Starts 1 year after completing the course or six months after getting a job, whichever is first.
  • Loan interest re‐payment will start immediately after disbursement of the first instalment of the loan.
Repayment Period
  • Tenure: Education Loan consists of Duration of Study, Grace Period after the Study, and Repayment Period.
  • For Indian courses: Repayment tenure is a maximum of 12 years after the commencement of repayment.
  • For Abroad courses: Repayment tenure is a maximum of 12 years after the commencement of repayment.

Canara Bank Education Loan Interest Rate

Canara Bank Education loan interest rates range from:

Loan Amount Rate of Interest
Up to 4 Lakhs 11.35% and for girls 10.85%
Above 4 Lakhs and up to 7.5 Lakhs 11.35% and for girls 10.85%
Above 7.5 Lakhs 11.15% and for girls 10.65%

Canara Bank Education Loan Schemes with Detailed Features, Documents, Max Loan, Courses

Schemes Maximum Loan Amount Interest Rates
IBA Model Education Loan scheme for pursuing higher studies in India and abroad


  • Studies in India: Max. ₹10 Lakhs
  • Study Abroad: ₹20 Lakhs

Up to 7.5 Lakh:   ongoing  One Year MCLR+2.00 %

Above 7.5 Lakh:  ongoing One Year  MCLR+1.50 %

(RoI is subject to change)

0.50% concession in ROI extended to girl students.

0.50 % concession for prompt repayment of interest during the moratorium.

Model Loan Scheme For Vocational Education And Training Rs. 1.5 lakh MCLR+1.50%
Canara Bank Vidya Turant
  • IIMs Applicants: ₹25 Lakhs
  • ISBs Applicants: ₹36 Lakhs
  • All other institutions: ₹20 Lakhs
Canara Vidya Sahay Education Loan Scheme Rs.1 lakh or Initial Institution payment (whichever is less)  MCLR+2.00%
Canara Bank Take Over of Education Loan Rs.1.5 crore 10.05%

Canara Bank Education Loan Documents Required

Under Know Your Customer Policy (KYC), the bank requires certain documents. These documents are required from both the student and co-borrower:

Identity Proof One of any mentioned documents for Identity proof:
  • Passport
  • PAN Card
  • Aadhaar Card
  • Voter’s ID Card
  • Driving Licence
  • Photo Credit Card
  • Central and State Govt. issued Photo ID Proof
  • Defence ID Card.
Residence Proof One of the following documents for Residence proof (It should not be more than 3 months old):
  • Aadhaar Card
  • Ration Card
  • Passport
  • Bank Account Statement
  • Voter’s ID Card
  • Letter from any recognized public authority
  • Telephone Bill
  • Electricity Bill
  • Water Bill
Income Proof in case of salaried co-borrower
  • Salary Slips (not more than 3 months old)
  • Bank Statements (not more than 3 months old)
  • ITR
  • Form-16 (for the last 2 years)
  • bank account statement (for the last 6 months of salary account)
Income proof for self-employed co-applicant
  • Business address proof
  • IT returns for the last two years (If IT payee)
  • TDS certificate
  • Form 16A, if applicable
  • Certificate of qualification (for CA, doctor, and other professions)
  • Bank account statement for the last 6 months.

Additional documents: Aside from KYC documents:

  Student Applicant Mandatory Passport submission
Academic Records: X, XII grade results. Graduation results semester wise. Entrance Exam results that formed the basis of admission
Proof of admission: A conditional application letter may be considered
Cost of education, schedule of expenses.
2-passport size photographs
If the loan was taken out before then, loan account statement for the last 1 year.
Co-applicant 2-passport size photographs
If the loan was taken out before then, loan account statement for the last 1 year.

Canara Bank Education Loan Offered Courses

The Education Loan covers courses that are only regular full-time Degree or Diploma courses that the student secured through selection or merit. Canara Bank Education Loan also considers Full-time Executive Management Courses like PGPX.

EMI Calculator

You can check the EMI for Canara bank education loans by clicking on EMI Calculator.

Canara Bank: Takeover of Education Loan

An Education Loan is Transferable, it is basically a process of transferring high-interest debt from one another lender and with a lower interest rate and better repayment policies.

The Canara Bank Takeover Of Collateralised Education Loans Scheme can be availed at an interest rate of 1Year MCLR + 1.50% spread. In addition, Canara Bank also gives a 0.50% concession in the interest rate for girls.

How To Apply For Canara Bank Education Loan

  • Visit Dialabank for an education loan.
  • Go to the Canara Bank Education Loan page.
  • Check out all the eligibility and documents criteria for an education loan.
  • Fill out all the details required in the Education Loan application form.
  • Once done, our representative will soon contact you for a further stress-free process.

List of Approved Institutes

  • Architecture college
  • Law college
  • Medical college
  • Pharmacy college
  • Engineering college
  • Bio-technology
  • college
  • Management college
  • Science, Commerce, and Arts college
  • Physical education college
  • B.ED college

FAQs For Canara Bank Education Loan

✅ In whose name is the loan granted?

The loan is specially made for a student’s education, and therefore, it is granted in the student’s name.

✅ What is the age limit for availing of an education loan in Canara Bank?

There is no age limit restriction in education loans. However, the student must clear all the eligibility criteria’s stated by the bank.

✅ What does margin on any loan mean?

The margin amount means that a borrower has to pay from their own income sources in the form of a down payment as their contribution towards the education.

✅ Is scholarship or assistantship included in the margin?

Yes, any scholarship or assistantship will be a part of the margin charged on education loans.

✅ What does MCLR stand for?

MCLR stands for the Marginal Cost of Funds based Lending Rate. It is the minimum interest rate of the bank below which it cannot lend.