Canara Bank Education Loan

If students are planning to study abroad, the Canara Bank Education Loan is one of the best options with flexible repayment terms, competitive interest rates, and specific education loan schemes. The purpose of these loans is to help with basic expenses such as tuition, books, travel, accommodation, and the rest, enabling students to fund their education.

Depending on your need for a smaller unsecured loan or a bigger loan with collateral, Canara Bank has various schemes for everyone, ranging from specific schemes for skill development and students with disabilities. These loans are structured with maximum convenience for students and their families, as they are flexible with co-application and a simple application process.

Canara Bank offers three schemes for education in foreign countries. It ranges from 5 lakhs to 100 percent of the collateral value, with the interest rates starting from 8.25%. The Vidya Sagar Scheme provides loans of up to Rs. 7.5 lakh without any guarantor and up to 100% of the pledged asset’s value with interest rates as low as 9.50%. The Vidya Shakti Scheme for disabled students offers up to Rs 7 lakhs for the student’s extra expenses and Rs 5 lakhs without any guarantee, and the interest rates begin from 8.25%. All schemes are protected with a moratorium period of the course duration plus one year, and the repayment period for the loan is up to 15 years.

Scheme For Pursuing a Master’s Degree Abroad

In the table below are the features offered by this scheme to pursue a master's degree abroad:

Processing fee for the scheme for pursuing a Master’s degree

Vidya Sagar Scheme

In the table below are the details of the Vidya Sagar scheme offered by Canara Bank:

Vidya Shakti Scheme 

This scheme is to provide financial assistance to persons with disabilities (PwD) so that they can fly abroad to pursue higher education.

The interest rate for a Canara Bank education loan for Study Abroad varies by scheme. However, the Canara Bank's overseas education loan interest rates start from 8.25% to make overseas education more affordable for students. Keep reading to know more about the Canara Bank education loan for study abroad. The table below features the interest rates and loan amounts of various Canara Bank student loan schemes.

Now, let’s look at the Canara Bank student loan schemes for study abroad in detail.

According to Canara Bank Education Loan Requirements:

• Applicant should be an Indian National
• Applicant should have received admission to a recognized university abroad, preferably to a professional or technical course
• For abroad studies applicant should have qualified for any of the competitive exam like - the SAT (score of more than 1250), ACT (score of more than 26), GRE (score of more than 300), GMAT (score of more than 650)
• Applicant should be ready to submit acceptable collateral

The processing fees charged on student loans in Canara Bank are around 1-2% of the sanctioned loan amount. However, the bank does not charge any processing fee for some of its student loan schemes likethe  Vidya Turant scheme. But, if you are takinga study loan with collateral then you will have to pay an additional amount of Rs 7500 - Rs 10,000 for legal and valuation reports.

But WeMakeScholars does not charge anything from students, being a government-funded initiative, all our premium services related to loan sanctioning are totally free of cost. Reach out to your financial officer at WeMakeScholars, to start your loan process

The study loan insurance charges for Canara bank are around 1-2% of the loan. We recommend students take the loan insurance because then, in case of any unprecedented situation, resulting even in the death of the applicant, the responsibility to repay the outstanding loan will be of the insurance company, not the parents or co-borrower of the loan.

Here are the details of the Canara Bank Education Loan Margin Calculation for abroad studies.

Transferring your education loan to Canara Bank has benefits like lower interest rates, better repayment plans, and student-friendly terms. Here's how to do it:

• Get proof of your outstanding loan from your current lender.
• Talk to your WeMakeScholars financial officer about transferring your loan.
• Submit the necessary documents to Canara Bank as per your financial officer's checklist.
• Once approved, your existing loan shifts to Canara Bank, and you follow their repayment conditions.

Canara Bank does have its own loan EMI calculator which is available on its website. But we suggest you use the WeMakeScholars loan EMI calculator because it offers the following advantages:

• Strategic advantage - After getting an idea from the repayment statistics, you can plan and organize your EMI repayment strategy accordingly.
• 100% accuracy - The calculator is specially designed to consider every factor while calculating. Therefore it gives 100% accurate results
• Detailed Explanation - You get a separate division of interest amount and the principal amount deducted from your EMI, along with the semester-wise division of disbursement. 
• No cost - The education loan EMI calculator is free of cost, just like all other services of WeMakeScholars. 

With WeMakeScholars, you get:

• Minimal Processing time - WeMakeScholars financial officers can get your education loan sanctioned within 15-20 days from government banks and within 7 days from private banks & NBFCs, which is almost 50% less than the usual processing time
• Expert guidance - Your financial officer will guide you through the complete education loan process, as per your loan profile analysis, to choose the best lender according to your eligibility and bank policies.
• End-to-end support - We will be available at your service, even after getting your loan sanctioned, till the last repayment of your EMI to provide you with help in the disbursement and repayment process.
• Support for negotiations - Whenever feasible, we go above and beyond to bargain on your behalf with the bankers and lenders team on the interest rate and loan terms.
• Better Interest rates - Banks offer special interest rate discounts of 0.5% to 2% on the usual interest rate for students processing their education loan with WeMakeScholars
• Free-of-cost services - All of our prime loan sanctioning services are free for all students because we are a government-funded program backed by the IT Ministry under the Digital India Campaign.
• Digitized application process - The online education loan process and WeMakeScholars online documents portal empower students with the power of digitalization and reduce the stress of going multiple times to the bank, thus reducing the loan processing time by 50%.
• Cashback offer - A cashback of Rs 3,000 could be won by you at the time of your loan disbursement

Apply for your abroad education loan in Canara Bank through WeMakeScholars. Request a callback or fill out the common application form to get the process started.

A Canara Bank Education Loan is a reliable and affordable choice for students aspiring to study abroad. With competitive interest rates, government interest subsidy schemes, and flexible repayment options, it provides the financial support you need to focus on your academic goals. The loan covers all major educational expenses and offers transparent terms, low processing fees, and simple documentation. Applying through WeMakeScholars ensures expert guidance, quick processing, and access to the best loan benefits. Choose Canara Bank Education Loan to make your overseas education journey smooth, secure, and worry-free.