Canara Bank Abroad Education Loan

✓ Education Loan to Study Abroad

✓ At starting interest rate of 10.4% P.A.

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Canara bank provides education loans with collateral and even without collateral to study abroad study aspirants at rate of interest starting from 9.25% for an amount upto 100% of the value of collateral.

Education loan products of Canara bank to study abroad

- Scheme for pursuing Master’s Degree
- Vidya Sagar Scheme
- Vidya Shakthi

Scheme For Pursuing Master’s Degree

This scheme provides education loans to students taking admission in STEM courses in any university among the bank's top universities list.

Loan Parameters


Loan Limit

Maximum amount up to - 100% value of the collateral

Minimum amount - Rs 7.5 lacs

Higher amounts can also be offered depending on loan profile of student

Expenses covered

Upto 100% coverage of:

- Living expenses
- Passage coverage
- Tuition fees

Accepted co-applicant


Canara bank education loan interest rate/rate of interest

Starts from 10.40%

Loan Margin

10% of loan amount

Moratorium Period

Course duration + 1 year

Repayment Duration

Upto 15 years after moratorium period

Eligibility Criteria

- Students studying in STEM courses are eligible
- Student should be an Indian national
- The college or university must be there in banks prime institute list 

Acceptable collaterals

Liquid securities - LIC policies, FD, Government bond, 

Immovable properties - Non-agricultural land, House, Flat, 


- Assignment of future income of the student
- Collateral security of a minimum up to 50% and a maximum of upto 100% of the loan amount is mandatory


Processing fee for scheme for pursuing Master’s degree

Value of Collateral

Processing fee

If less than 100%

0.50% of sanctioned amount 


If 100% or above

0.50% of sanctioned amount 



Let us take care of the education loan process for you, so you can focus on your studies

Vidya Sagar Scheme


Loan Parameters


Loan Limit

With no collateral upto Rs. 7.5 lacs

With collateral upto - 100% value of collateral

Higher amount can also be offered, according to student’s loan profile

Expenses covered

- Purchase of equipments, books,, instruments & uniforms
- Payment of Course fee
- Travel Expenses
- Cautionary deposit cost
- Insurance Premium expenses
- Purchase of Laptop or computer
- Examination fees

Accepted co-applicant

Parents, Parents in law, Siblings, Spouse

Canara bank education loan interest rate/rate of interest

Starts from 9.25%

Interest rate discounts are available for girl students or early repayment of loan

Loan Margin

Up to Rs. 4 lacs - 0%

Above Rs 4 lacs - 15%

Moratorium Period

Course duration + 12 months

Repayment Duration

Up to 15 years after moratorium period

Eligibility Criteria

- NRI students with Indian passport are accepted
- Only Indian students are eligible for this scheme

Acceptable collaterals

Liquid security - Fixed deposits, Govt. bonds, LIC policies 
Immovable property - Non-agricultural land, house, flat


- For loan greater than Rs 7.5 lacs - It is mandatory to pledge a tangible collateral of 100% value of asked loan
- For loan up to Rs 7.5 lacs - No requirement of collateral


We understand the challenges of funding education. Let us help you with our hassle-free services.

Vidya Shakthi

Through the Vidya Shakti scheme, Canara bank offers financial aid to students with disabilities, so that they can pursue higher education from abroad.

Loan Parameters


Loan Limit

Without collateral upto Rs. 7.5 lakhs 

With collateral upto - 100% of the collateral value

A greater amount can also be offered, depending on student’s loan profile

Expenses covered

- Cautionary deposit charges
- Payment of Course fee
- Purchase of equipments, uniforms, books & stationery 
- Insurance Premium charges
- Travel Expenses
- Examination fees
- Cost of computer or Laptop

Accepted co-applicant

Parents, Parents in law, Siblings, Spouse

Canara bank education loan interest rate/rate of interest

Starts from 9.25%

Discount in interest rate is available for girl students and on early repayment of loan

Loan Margin

Up to Rs. 4 lacs - 0%

Above Rs 4 lacs - 15%

Moratorium Period

Course duration + 12 months

Repayment Duration

Up to 15 years after moratorium period

Eligibility Criteria

- Physical disability of student should be 40% or more, verified by responsible authority
- Only Indian students are eligible to get loan under this scheme

  Acceptable collaterals

Immovable property - Flat, building, Non-agricultural land
Liquid security - LIC policies, Govt. bonds, Fixed deposits


- For loan up to Rs 7.5 lacs - No requirement of collateral as it will come under CGFSEL
- For loan greater than Rs 7.5 lacs - It is mandatory to pledge a collateral of value equal to 100% of asked loan amount

Let us help you navigate the education loan process, so you can focus on your studies.

Documents required to get Abroad education loan from Canara bank

The list of documents required to get abroad education loan from Canara bank is very long, checkout the list of mandatory documents to start your loan process:

Section 1: Application form 

- The hard copy of online application form filled through WeMakeScholars website with 2 passport size photographs.

Section 2: Basic documents for Applicant (student) and co-applicant and/or Guarantor

- Last 6 months bank account statements(Personal/ Salary). For co-applicant, it should show credited salary if salaried or business transactions of 1 year if self-employed.
- Statement of personal asset & liability (assessed by the branch professional)
- Proof of Residence – Electricity Bill/ Bank account statement/ Voter ID Card/  Passport/ Telephone Bill/ Ration card/ Aadhar card. (2 different proofs are required if current and permanent residence are not same)
- Proof of identity – PAN Card and Passport (of the student if going abroad)

Only self-attested documents will be accepted

Section 3: Applicant academic documents

- Entrance exam score card - to study in India and abroad, accordingly
- Education marksheets and qualifying certificates- 10th, 12th, Degree
- Admission proof for the course (mentioning total duration of the course)
- Fee structure as provided by the university or college 

Section 4: Income documents of Co-applicant

If Salaried

- Last 2 yrs details according to Form 16 
- Company’s ID card 
- Latest salary slips (for last 3 months)
- Last 2 yrs ITR

If Self-employed

- Business’s address proof
- Last 3 yrs Profit & Loss account and balance sheet (only if self-employed)
- Last 3 yrs ITR

Section 5: Other Documents

Notarized Joint affidavit with the co-applicant and student as per bank’s format, which WeMakeScholars financial officer will provide.
Declaration from co-applicant’s side stating that left over other expenses, apart from loan amount will be paid by them according to the format provided by the Financial officer at WeMakeScholars. 

Section 6: Additional docs (if applicable)

- Payments made previously in the last 6 months, if any.
- Loan account statements of any pending loans in the past 1 year.
- Gap certificate if the students had a break or failure in studies on Rs. 100 stamp paper as per the format provided by WeMakeScholars Financial officer

Section 7: Collateral documents (Optional)

Only applicable for students taking education loans with collateral. Each state has different documents requirements, ask your financial officer to provide you with a specific documents checklist for your state.

You can submit your documents in the bank or directly upload them on the WeMakeScholars documents portal online to quickly start your education loan application process. To get your documents checklist ask for a callback or fill the common application form

We provide tailored education loan solutions. Request a callback to learn more.

Canara Bank Abroad Education loan repayment policies

Students can choose to return their school loans even sooner by considering the following repayment schemes; nonetheless, the typical payback length for abroad education loans received from Canara bank is 15 years after the moratorium period finishes.

- Shorter repayment period
- Transferring their education loan
- Pre-payment or part payment

NOTE: Students who choose to prepay or partially prepay their education loans are given extra interest rate breaks on top of the standard rate.

suppose, a student takes an education loan of say Rs 40 lacs at 10% rate of interest for 15 years of duration to study abroad. Then the student will have to pay their EMI as per the following amortization schedule



Interest portion

Principal portion

Loan Outstanding

Start of loan EMI





End of year 1





End of Year 2





End of Year 3





End of Year 4





End of Year 5





End of Year 6





End of Year 7





End of Year 8





End of Year 9





End of Year 10





End of Year 11





End of Year 12





End of Year 13





End of Year 14





End of Year 15






This could be your amortization schedule if you take an abroad education loan from Canara bank as per the conditions mentioned above. After every EMI you will be informed about your loan repayment cycle by the lender's side.


How to apply for an abroad education loan from Canara Bank?

Offline application process

- Visit the Canara bank’s branch near your home and ask for the student loan products
- As per your eligibility and coverage decide the best loan product for your abroad education needs
- Get the documents checklist to start the loan process
- Go to the bank again to submit your necessary documents and get your abroad education loan process started

Online Application process via WeMakeScholars

Step 1: Fill out the abroad education loan form online for Canara bank 

Step 2: Give your loan details upon receiving a callback from your financial officer

Step 3: From the suggested lender options, choose your lender and inform your financial officer.

Step 4: Upload your documents online on WeMakeScholars document portal, as per the shared documents checklist

Step 5: After submitting your papers the bank will log your loan profile in their system. You will receive a confirmation regarding the same.

Step 6: Sign and collect your education loan sanction letter, once the loan is approved.

The loan sanctioning process will not be this seamless if you visit the banks and try to process your abroad education loan from Canara bank directly. You are sure to encounter the following issues:

- Too much of documentation 
- Insufficient information regarding loan schemes
- Numerous visits to the bank
- Improper customer service
- Delay in processing
- No specific documents checklist

WeMakeScholars can promise you to get the best interest rate for your profile.

Why choose WeMakeScholars?

With WeMakeScholars you get:

Minimal Processing time - WeMakeScholars financial officers have the capability to get your education loan sanctioned within 15-20 days from government bank and within 7 days from private bank & NBFCs, which is almost 50% less than 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 help in 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 the 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 programme backed by the IT Ministry under the Digital India Campaign.

Digitized application process - Online education loan process and WeMakeScholars online documents portal empowers students with the power of digitalization and reduces 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 you, at the time of your loan disbursement 

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

Education Loan FAQs

  • What are Canara bank education loans for abroad schemes?

    The abroad education loan schemes offered by Canara bank are: - Scheme for pursuing Master’s Degree - This scheme is for students who have taken admission in to top universities around the world (according to the Top university list of the bank) and are pursuing any of the STEM courses - Vidya Sagar Scheme - This scheme provides both collateralized and non-collateralized education loan to students, students can get abroad education loan of up upto 100% value of the collateral under this scheme. - Vidya Shakthi - Students with disabilities are eligible to apply for abroad education loan under this scheme and can get up to 100% loan amount, depending on the value of the collateral

  • What is the Canara bank education loan interest rate?

    The Canara bank education loan interest rate for abroad starts from 9.25%, however it depends upon the scheme under which a student is applying for an education loan. Moreover there is an interest rate discount for girl students and also for students who opt to repay their education loan earlier.

  • How does the canara bank education loan emi calculator work?

    The bank has its own EMI calculator, which is available on its website, but we suggest students to use WeMakeScholars education loan EMI calculator, as it is highly accurate and provides detailed analysis of your EMI repayment schedule.