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Canara Bank Education Loan: Application, Eligibility, Interest Rate, Documents & Much More.

The Canara Bank is one of the oldest and largest Public Sector Bank Currently owned by Government of India. It established their International division in 1976. Canara Bank provides various kind of Loans in different sectors. If you want Educational Loan to complete your education or pursue higher studies from Abroad, You are at the right place to collect every aspect of information related to Educational Loan in India.

Canara Bank
Canara Bank

Read this full post on Canara Bank Education Loan for information Like Eligibility, How to apply, Interest Rates, Documents Needed, Different aspects of Educational Loan, Interest Rates, Return Policy, General Instructions etc. Throughout the article, we will share information regarding Canara Bank Educational Loan it’s Process to Apply and full detailed Information.

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Canara Bank Education Loan

The major aim of the bank is to ensure anywhere and any time banking for the customer with the latest state-of-the-art technology. The Bank is very serious about its Education Loan Facility and by developing an effective customer-centric relationship it promises to emerge as a world-class education Loan provider. Before we share further, let us first have a brief review of the Bank.

Brief Review

Profile Description
Name of Bank  Canara Bank
Founded on 1906
Headquarter Bangalore, Karnataka
Type of Bank  Nationalised Bank
Number of Employees 1,00,000 (March 2020)
CEO Name Rakesh Kumar Sharma till 31st July 2018
Maximum Loan Amount  Rs 20 Lacs
Timeline for Loan Disposal Maximum 15 Working days
Annual Revenue Δ ₹48,942 Crores (US$6.8 billion) (2017)
Processing Fees No Processing Fee will be charged
Other Subsidiaries
  • Canfin Homes Limited (CFHL)
  • Canara HSBC Oriental Life Insurance Company Limited.
  • Canbank Venture Capital Fund Limited
  • Canbank Computer Services Limited
  • Canbank Factors Limited
  • Canara Robeco Asset Management Company Limited
  • Canbank Financial Services Limited
  • Canara Bank Securities Limited
Category  Education Loan in India

Types of Canara Bank Education Loan Types of Loan Description
1. IBA Model Loan Scheme This scheme is to avail a loan for pursuing higher studies in India and abroad. Expenses considered will be course fees, purchase of books, equipment, instruments etc. under this scheme One can Avail Loan from 10 lacs to 20 Lacs
2. Model Loan Scheme For Vocational Education And Training Under this Scheme, one can Avail loan for Development Courses of Duration from 2 months to 3 years Preferably leading to a certificate/ Diploma/ Degree, etc issued by a government Organization or Organization Authorized by Government to do so. The loan amount will vary from Rs 20,000 to 1.5 lacs (depending upon Course)
3. Vidya Turant This Scheme is to assist the needy and meritorious students who are in need of education loans who are pursuing their higher studies in select reputed institutions like IIMs/IITs/NITs/IISc /ISB (Hyderabad & Mohali) and other reputed institutes only. Amount f loan will vary from 20 Lacs to 36 Lacs.
4. Vidya Sahay (Bridge Loans) This Scheme is to assist the needy and meritorious students who are in need of the down payment to be made to the CET/ counselling Authorities at the time of selection/ counselling.

How to Apply


  • Visit official Web Site of Canara Bank (Click Here)
  • Find the Educational Loan Section Apply Now Button
  • Fill the Online Application Form


  • Visit the nearest branch of Canara Bank to get offline Education Loan form.
  • You may also download the form from official web handle.
  • Submit the Application Form to Nearest Branch along with document needed.


  • The applicant should be an Indian National.
  • Applicant should have obtained admission in any recognized institute approved by the State or Central Government.

Documents Needed

  • Identity cards (Passport, Voters ID, Driving License etc.)
  • Mark sheet of last qualifying examination for school and graduate studies in India
  • Proof of admission: Offer Letter or Admission Letter from the Institution.
  • Schedule of expenses for the course
  • Copies of the letter confirming scholarship, etc.
  • Copies of foreign exchange permit, if applicable.
  • 2 recent passport size photographs
  • Statement of Bank account for the last six months of the borrower

Expenses Considered

  • Tuition and course fee
  • Examination, library and laboratory fees
  • Cost of books, Uniforms, Equipment and other instruments.
  • Travel Expenses, Study trips are Considered

Return Policy

  • In the case of Canara Bank Education Loan, repayment will commence, One Year After completion of the course or Six Months after getting the job, Whichever is earlier.

EMI Calculator

EMI Calculator is used for calculating the periodic payment amount due on a loan. For calculating EMI one must input data like Amount, Interest Rate, tenure, Processing Fee etc.

  • If you want to calculate EMI for Canara Bank Educational LoanClick Here


  •  Up to Rs. 4 Lacs
    • A loan is given jointly to the student and parent/guardian
    • Assignment of Future Income of the Student is required
  •  Above Rs. 4 lacs and up to Rs.7.50 Lacs
    • No Security and no third party guarantee
  • Above 7.5 Lacs
    • 100% Collateral Security

Contact Details

Head office  The Chairman Canara Bank, 112, Jayachamarajendra Road Post Box No.6648 Bangalore-560 002.
Official website
Apply for Loan  Click Here
Contact Number 1800-425-1906

Educational Loans FAQs

We hope that the information furnished above will guide you to get the best education loan for your studies. In case of any doubt regarding the loan procedure and other related terms, read our FAQ’s session.

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Q1. Who can be my co-borrower?

Ans. Your parents/guardian can be a co-borrower as well as the spouse in case of a married applicant. The co-borrower should have a steady source of income and a good credit history in order to improve the applicant’s chances of a successful loan application.

Q2. How long does it take to process Educational Loan?

Ans. Generally, the time taken for the education loan to process is somewhat between 7-10 working days. Often, the whole process can be easily completed within 3 to 5  Working days, once the student fulfils all documentation.

Q3. What all expenses will be covered by education loans?

Ans. Apart from the tuition fees, other aspects of expenses such as hostel charges, equipment purchases and other course-related expenses may also be covered by the education loan.

Q4. What are the courses for which an education loan can be availed?

Ans. An education loan can be availed for all courses recognized by the UGC in case of India and all regular courses abroad. Each lender has its own list of educational institutions and courses that they would provide a loan for whether overseas or within India.

Q5. Can a student avail another loan for further studies?

Ans. Yes, this is possible. You can borrow a loan for a bachelor’s degree followed by one for master’s without repaying the first loan. This loan can be taken as a top-up loan against the already existing loan; however, it is subject to the lending bank’s discretion and the internal rules and regulations of the lender.

Q6. Do education loans have any Income Tax benefits?

Ans. Loan borrowers can avail tax benefits on interest paid on education loan under Sec 80E of the Income Tax Act. This benefit is available over and above the Rs. 150,000 deduction allowed under Section 80C. Tax benefits can be availed once the borrower starts paying the interest on the education loan. Further, the deduction is available until the borrower pays off the full interest amount on the loan or for a maximum period of 8 years, whichever is earlier.

Q7. Why do banks require an insurance policy?

Ans. Banks usually prefer that students avail a life insurance policy equivalent to, or more than, the loan amount. The policy acts as a security feature and forms a part of the collateral. In case of the untimely demise of the borrower, the bank recovers the outstanding loan amount from the student’s life insurance policy and the remaining amount, if any, is paid out to the beneficiary of the policy.

Q8. Is any incentive available for a girl student applying for education loan?

Ans. Banks generally provide a 0.5% concession on the applicable education loan interest rate to girl students pursuing higher education in India and abroad.

Q9. Are there any special privileges for students of SC/ST category who avail education loans?

Ans. Yes, eligibility criteria and loan margins on education loan are relaxed for Scheduled Caste/Scheduled Tribe students availing education loans in India. The eligibility criteria are lowered from first/second class to pass class for SC/ST category students seeking education loan for graduate and postgraduate studies, while, margin money is sometimes lowered than the regular percentage or nil.

Q10. Where can I avail on a Canara Bank education loan?

Ans. The loan is available from all branches in metro/urban areas as well as those having personal banking divisions.

Best of Luck..!!


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