Together We Can
Interest Rate
10.70%
Max Loan
₹1.5 Crore
Max Tenure
15 years
Processing Fee
NIL
Canara Bank is one of India's top nationalized banks offering the IBA Model education loan scheme. With nil processing charges and competitive rates, Canara Bank is a popular choice among students seeking government bank education loans.
| Parameter | Details |
|---|---|
| Bank Name | Canara Bank |
| Bank Type | Govt Banks |
| Interest Rate | 10.70% – 11.20% |
| Maximum Loan Amount | ₹1.5 Crore |
| Maximum Tenure | 15 years |
| Processing Fee | NIL |
| Moratorium Period | Course period + 12 months |
| Eligible Schemes | Padho Pardesh, CSIS |
| Loan Category | Interest Rate (p.a.) |
|---|---|
| Up to ₹4 Lacs | 10.70% p.a. |
| ₹4L – ₹7.5 Lacs | 11.00% p.a. |
| Above ₹7.5 Lacs | 11.20% p.a. |
| Premier institutions | 10.50% p.a. |
Rates are indicative. Final interest rate depends on applicant profile, course, institute, and collateral provided.
IBA Model Scheme coverage
Nil processing charges
Moratorium: course + 1 year
Covers all expenses including travel
0.5% concession for female students
Special schemes for SC/ST students
Advantages
Disadvantages
Indian national with valid admission
Co-applicant with stable income
Minimum 50% in qualifying exam
CIBIL score 650+ for co-applicant
Visit nearest Canara Bank branch
Collect and fill loan application form
Submit all required documents
Loan officer processes application
Disbursement within 10–15 days
Pro Tip: Apply at least 4–6 weeks before your course fee payment deadline to avoid last-minute delays.
Together We Can
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Eligible Government Schemes
Padho Pardesh, CSIS
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