Education and Career Forum

I want to take an education loan from Canara Bank. Kindly let me know about the interest rates which will charge in this Bank’s Education Loan Scheme because I want to take an education loan for my Diploma Engineering course.

Degree courses up to 7.5 lacs , vocational course , certificate, diploma and skill loan upto 1.5 lakh is 6.90%

Different scheme have different rates of interest.
The interest rate ranges from 6.90% to 8.40%

°°°
Individuals can apply for a canara bank educational loan to help them pursue higher education in India or abroad.
The loans have low interest rates and can be repaid in as little as 15 years.

IBA skill loan scheme - 8.40%

Vidya Turant - 6.90% - 7.50%

Vidya Shakti - 6.90%

Vidya Sahay - 8.90%

Canara Bank Education Loan Scheme for Diploma Engineering courses is Vidya Shakti. Vidya Shakti is given for degree courses up to Rs.7.5 lakhs and for vocational, certificate, diploma, and skill loans up to Rs.1.5 lakhs with a rate of interest per annum is 6.90%. These rates of interest are last updated on 7th February 2022 and are subject to change at the discretion of the bank.

About Vidya Shakti Loan-

--> No processing Fees
--> No Collateral Security is required up to a limit of Rs.7.5 lakh.
--> It can be availed for pursuing special devices courses in the country.
--> Applicant must be an Indian National with Physical disability to the extent of 40% or more.
--> The repayment tenure can go up to 15 years depending on the course.

Following are some of the advantages of applying for an education loan with Canara Bank.

Low interest rate

Less paper work

No processing fees

Faster disbursal

No repayment charges

No pre-closure charges



Loan tenure - upto 15 years

Loan amount - upto 20 lakhs

Interest rate - 11.35%

Interest rates against Canara Bank Education Loan Scheme for Diploma Engineering course?

Scheme Name Maximum Loan Amount Interest rate (p.a.)

Vidya Shakti Degree courses – Up to Rs.7.5 lakh Vocational, certificate,

diploma and skill loan - Up to Rs.1.5 lakh 6.90%

Vidya Sahay Up to Rs.1 lakh 8.90%.

Interest rates against Canara Bank Education Loan Scheme for Diploma Engineering course?

Margin

Upto Rs.4.00 Lakhs - Nil.

Above Rs.4.00 Lakhs - Studies in India - 5% .
Studies abroad - 15%.

Interest rates against Canara Bank Education Loan Scheme for Diploma Engineering course?

Scheme Name Maximum Loan Amount Interest rate (p.a.)

Vidya Shakti Degree courses – Up to Rs.7.5 lakh Vocational, certificate, diploma and skill loan - Up to Rs.1.5 lakh 6.90%
Vidya Sahay Up to Rs.1 lakh 8.90%