Canara Bank Students Personal Loan

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Canara Bank offers student loans to support educational expenses. The Canara Bank education personal loan covers tuition fees, accommodation charges, and other related costs for various courses in recognised institutions.

The loan amount can go up to Rs.10 lakh for studies in India and Rs.20 lakhs for overseas education. Repayment starts after the completion of the course, with flexible terms. Interest rates are competitive, and there’s a provision for a moratorium period.

The loan aims to assist students in pursuing higher education by providing financial aid to ease the burden of educational expenses. For loan approval, the applicants need to meet the eligibility criteria.

Canara Bank Personal Loan for Students – Highlights

Take a look at the highlights of Canara Bank’s student instant loan.

Loan Amount	Up to 10 lakhs
Student Personal Loan Interest	9.25% to 11.35%
Type of Interest Rate	Reducing balance
Processing Fee	NIL

Compare Student Personal Loans from other Banks

Here is a comparison between Canara Bank’s student personal loans and other banks.

Lender	Rate of Interest (p.a.)	Processing Fee
Canara Bank	9.25% onwards	1% of the loan amount
State Bank of India	11.15%	NIL for loans up to 20 Lakh Rs 10,000+taxes for loans above 20 Lakh
Kotak Mahindra	10.50% to 16.99%	1% of the loan amount
ICICI	9.40% to 14%	2% + GST
HDFC	9.50%	NIL

Canara Bank Personal Loan for Students – Fees and Charges

Following are the fees & charges required for a Canara Bank personal loan for students.

Processing Fee: Vary from 1% to 3.50% of the loan amount plus GST.
Goods and Services Tax (GST): A standard 18% GST applies to all loan-related services.
Penal Interest: A 2% penalty is charged on the outstanding loan amount.
Other Charges: Additional fees such as stamp duty, verification charges, and similar fees may be applicable.

Canara Bank Personal Loan for Students- Documents Required

Canara Bank’s student personal loan document requirements are as follows:

Duly filled application form
2 passport-size photographs
Co-obligation wherever required
Proof of admission to the course
PAN card

Canara Bank Personal Loan for Students – Eligibility Criteria

Canara Bank student personal loan eligibility criteria are as under:

Age Eligibility: Individuals aged between 21 and 60 years
Credit Score: The minimum credit score should be 650
The student should be an Indian National

Frequently Asked Question (FAQs)

Can I apply for the Canara Bank student personal loan to pursue higher education in India?

Yes, students who want to pursue higher education in a recognized institution in India can apply for the Canara Bank student personal loan.

What is the age requirement to opt for Canara Bank personal loan for students?

You must be 21 years (minimum) of age to be eligible to apply for this loan scheme. Make sure you have a good credit score before you apply for a student personal loan from Canara Bank.

What is the interest rate for Canara Bank's student personal loan?

The rate of interest ranges between 9.25% and 11.35%, while the type of interest is reducing balance, which is calculated on diminishing principal amount.