Balance transfer on education loans is one of the best options to save money in a rising interest rate environment. Most banks provide education loans at floating interest rates which can increase as per the economic conditions of the country. Canara Bank education loan interest rate is less as compared to other banks. Canara Bank loan balance transfer is offered to students who have taken an education loan from any other bank or financial institution with flexible repayment terms, low rates of interest etc.
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Canara Bank Education Loan Balance Transfer: Major Features
Canara Bank is one of the best public sector banks in India that is known for its services like education loans to study abroad, forex cards, Canara Bank international money transfers etc. Check some of the major features of Canara Bank education loan balance transfer in the table below:
| Canara Bank Education Loan | Major Features |
| Maximum Loan Amount | Need-based Finance |
| Rate of Interest | 9% to 11% (may vary based on loan amount) |
| Collateral Requirement | Required above INR 7.5 lakh |
| Application Process | Canara Bank Vidya Lakshmi Education Loan |
| Repayment Period | Up to 15 years |
How to Apply for Canara Bank Education Loan Balance Transfer?
Canara Bank education loan application is usually submitted through the Vidya Lakshmi portal, as per the directions of the government. However, in the case of loan refinance or balance transfer, the application shall be made directly on the official website of Canara Bank. The best option for of availing this service is by visiting the nearest branch or the bank. Check the steps involved below:
- Visit the nearest branch of the Canara Bank
- Go to the nodal officer for loans and advances
- Get a loan application form and enter the necessary details
- Submit the form along with the necessary documents
- The bank will verify all the details and approve the loan refinance request
- After loan approval, the bank will pay off your existing loan and set the new EMI amount and repayment period
Also Read: Check here all the major details on Canara Bank Education Loan Repayment
Eligibility Criteria
The eligibility criteria for Canara Bank education loan balance transfer are similar to the usual education loan criteria. However, there are some extra requirements which are necessary to be fulfilled. Check the details below:
- The refinance must be a first-time refinance which means the loan shall not have been transferred to any other bank previously
- The payment of EMI must be regular in the books of the existing bank
- The CIBIL score of the applicant must be good i.e. above 750
Also Read: Check here all the details about RBI Guidelines on Education Loans
Documents Required
Documents required for Canara Bank education loan balance transfer shall be kept handy. All the documents must be self-attested or as per the directions of the bank. Check all the details regarding the documents below:
- Loan application form
- Two recent passport-sized photographs
- Student and co-applicant PAN Cards
- Aadhaar Cards for both the student and co-applicant
- Valid photo identity proof (such as Driving Licence, Passport, Aadhaar, or other government-issued ID)
- Residential proof (Driving Licence, Passport, Electricity bill, or equivalent)
- Bank statement of the past six months for the student and/or co-applicant
- Co-applicants Income Tax returns for the last two years (if applicable)
- Statement of assets and liabilities for the co-applicant
- Proof of income for the co-applicant
FAQs
A balance transfer allows students to shift their education loans from another bank to Canara Bank to secure a lower interest rate and flexible repayment terms.
Canara Bank offers education loan balance transfers at an interest rate ranging from 9% to 11%, depending on the loan amount.
To apply, visit the nearest Canara Bank branch. Submit a duly filled application form along with the required documents.
The repayment period for a balance transfer can extend up to 15 years. However, a shorter repayment period makes the loan cheaper.
Yes, the loan should be a first-time refinance and the applicant’s CIBIL score must be above 750. Also, the EMI payments to the previous bank must be regular.
To know more about education loans, the best bank accounts for students, forex and banking experience for global students or international money transfers, reach out to our experts at 1800572126 to help ease your study abroad experience.
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