Canara Bank Education Loans: The Quick Overview You Need
Canara Bank offers five different education loans, viz.
- IBA Model Education Loan Scheme
- Vidya Turant Education Loan Scheme
- Vidya Shakti Education Loan Scheme
- Vidya Sahay Education Loan Scheme
- IBA Skill Loan Scheme
Let’s find a few more details than the names, shall we?
IBA Model Education Loan Scheme
An Indian Banking Association (IBA) model loan scheme, this loan helps students pursue higher education in India and abroad. It is a need-based loan and the amount you get is decided on a case-to-case basis.
Vidya Turant Education Loan Scheme
Canara Bank offers this education loan to meritorious students who wish to pursue higher studies in premier institutes in India. The bank has classified institutions into different categories and accordingly the loan amount is capped at Rs 20 lakh, Rs 25 lakh and Rs 40 lakh depending on this classification. The list of the institutes and categories can be found on the bank’s website.
Vidya Shakti Education Loan Scheme
This education loan is designed for students with disabilities (Persons with Disabilities or PWD) who want to pursue special device courses in India. The loan is capped at Rs. 7.5 lakh for degree courses and Rs. 1.5 lakh for vocational, certificate or diploma courses.
Vidya Sahay Education Loan Scheme
This is a bridge loan and is given to meritorious students who wish to pursue higher studies and are in need of financial help for the down payment to be made to the 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.
IBA Skill Loan Scheme
The IBA model education loan for skill development. The loan helps students who have gained admission in technical courses offered by industrial training institutes, polytechnics, etc. 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.
To wind up, a small message:
If you are looking for a personal or business loan, you can use our form here to apply to 40+ banks and FIs.
Don’t worry, we don’t send your application to 40+ banks and FIs as it will mess up your credit score. We offer free custom applications where we check your application in-house first and then check it with a bank or FI that is more likely to give you a loan. If they say no, we update you and check with a second bank or FI. We do this three times and if all applications are rejected, we give you free suggestions on the next best steps.
For your information, we don’t do instant loans. They are stupid.
Here is the link to apply again: Click to apply to 40+ Banks / FIs in a single form.