Canara Bank Education Loan

Canara Bank offers education loans for studying abroad. The loan amount ranges from 5 lakhs to 100 percent of the collateral value, with varying interest rates.

Students must understand the Canara Bank education loan eligibility requirements before starting the application process. They are simple; however, you need to meet all of them without fail:

Canara Bank requests the submission of documents in the areas of student, co-applicant, collateral, and additional categories for verification of identity, admission, and repayment capacity. Students need to go through the Canara Bank education loan rules regarding collateral, repayment, and moratorium very carefully. Here is the list of documents required for applying to Canara Bank education loan abroad

The loan repayment process in Canara Bank can last up to 15 years, as that is the maximum repayment period for an educational loan taken from Canara Bank. Suppose a student has applied to take a loan of Rs 30 lacs without collateral at a 12% interest rate and decides to pay back the loan in 10 years, then their amortization schedule will look like the following table: Repayment cycle EMI Interest portion Principal portion Loan Outstanding Start of loan EMI 42897 24507 18390 3441407 End of year 1 42897 23022 19874 3230318 End of Year 2 42897 21265 21631 2980555 End of Year 3 42897 19353 23543 2708715 End of Year 4 42897 17273 25624 2412847 End of Year 5 42897 15008 27889 2090828 End of Year 6 42897 12542 30354 1740344 End of Year 7 42897 9859 33037 1358881 End of Year 8 42897 6939 35957 943700 End of Year 9 42897 3761 39136 491821 End of Year 10 42897 302 42595 0 However, students can opt to repay their loan earlier by applying the following methods: Opting for shorter repayment periods (as done in the above example) Considering transferring your study loan Part repayment or Prepayment Tip : While repaying your outstanding loan amou

Apply → document verification → credit decision → sanction → disbursal.