Education Loans from Canara Bank
Being one of the largest public sector banks in India, Canara Bank is a key player in education loans. The bank offers five different education loan products, each for a particular student group or purpose. Some of the study loan products such as the Canara Bank Vidya Shakti Loan Scheme are unique to this financial institution.
The five education loans from Canara Bank are:
- IBA Model Education Loan Scheme for Pursuing Higher Studies in India and Abroad
- Vidya Turant Education Loan Scheme (to students of premier institutions)
- Vidya Shakti Education Loan Scheme (for students in the People With Disabilities – PWD category)
- Vidya Sahay Education Loan Scheme
- IBA Skill Loan Scheme
In addition, the bank offers three Government of India Interest Subsidy Schemes on education loans for meritorious and deserving students. These three schemes are:
- Central Scheme of Interest Subsidy for Education Loans for Inland Studies
- Padho Pardesh: Interest Subsidy on Education Loans for Overseas Studies for Minorities
- Dr. Ambedkar Central Scheme of Interest Subsidy on Educational Loans for Overseas Studies for OBC and EBC candidates
We give you a brief intro to each below. If you need more information, you have the option to click further and read in detail about each loan on a specific page of its own. This specific page has been made specifically for you to get the summary information you need on Canara Bank study loans in an uncluttered and easy-to-read format.
Canara Bank IBA Model Education Loan Scheme for Pursuing Higher Studies in India and Abroad
This loan helps students pursue higher education in India and abroad. The quantum of loan is not directly defined by the bank since this is a need-based loan. The loan amount is decided on a case-to-case basis.
Features of IBA Model Education Loan Scheme
Why this Loan?
- The loan is meant for you if you want to pursue higher education in India or abroad
- The bank disburses the IBA Model Education Loan as a series of payments over the required number of terms or years to pay the fees or other approved charges
- The loan is directly disbursed to the institution
Canara Bank Vidya Turant Education Loan Scheme
Canara Bank offers education loan under this scheme for meritorious students who wish to pursue higher studies in premier institutes in India. The quantum of loan is capped at Rs. 20 lakh, Rs. 25 lakh and Rs. 40 lakh depending on the categorisation of institutes by the bank. The list of the institutes and categories can be found on the bank’s website.
Features of Vidya Turant Education Loan Scheme
Why this Scheme?
- This scheme helps meritorious students pursue higher education in premier institutes in India
- It is designed for meritorious and deserving students who want to pursue higher education from a premier institute in India and need financial assistance in paying for the fees and related expenses
- The quantum of the Vidya Turant Education Loan Scheme can range anywhere from Rs. 20 lakh to Rs. 40 lakh
Canara Bank Vidya Shakti Education Loan Scheme
This education loan scheme offered by Canara Bank is designed for students with disabilities (called Persons with Disabilities or PWD category) who want to pursue special device courses in India. The quantum of loan is capped at Rs. 7.5 lakh for degree courses and Rs. 1.5 lakh for vocational, certificate or diploma courses.
Features of Vidya Shakti Education Loan Scheme
Why this Scheme?
- This scheme helps PWD category students pursue special device courses in India
- Students with physical disability to the extent of 40% and more are eligible for this Canara Bank Vidya Shakti Education Loan Scheme
- The quantum of loan can range anywhere from Rs. 1.5 lakh to Rs. 7.5 lakh depending on the type of course
Canara Bank Vidya Sahay Education Loan Scheme
Canara Bank offers student loan to meritorious students who wish to pursue higher studies and are in need of financial help for down payment to be made to the CET or counselling authorities at the time of selection. The quantum of loan is capped at Rs. 1 lakh. It must be repaid once the education loan has been sanctioned.
Features of Vidya Sahay Education Loan Scheme
Why this Scheme?
- This loan scheme helps students make down payment to CET or counselling authorities after selection. It is perfect for making down payment while waiting for the education loan to be sanctioned
- The quantum of the Canara Bank Vidya Sahay Education Loan is Rs. 1 lakh or initial payment required by the CET authorities, whichever is less
Canara Bank Skill Loan Scheme
This loan helps students who have gained admission into technical courses offered by industrial training institutes, polytechnics, etc. to pay for their course fees. The loan amount starts from Rs. 5,000 and can go up to Rs. 1.5 lakh depending on the duration of the course. This loan scheme supports the various initiatives under the Skill India campaign run by the Government of India.
Features of IBA Skill Loan Scheme for Technical Courses
Why this Loan?
- The loan is meant for you if you have gained admission into a technical course offered by a polytechnic, Industrial Training institute (ITI), government-accredited training centres, etc. in India
- The bank disburses the IBA Skill Loan as a series of payments over the required number of terms or years to pay the course fees or other approved charges
- There is no minimum course duration to apply for the loan
- Canara Bank Website: www.canarabank.com and www.canarabank.in(net banking)
- Headquarters: Bengaluru, Karnataka
- Call Centre Toll-Free Number: 1800 4250018
IMPORTANT: Thousands of smart students and their parents lose lakhs of money every year by choosing a costlier education loan.
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