The Vidya Lakshmi portal is a single-window platform that helps students in applying for education loans. The platform was launched in 2015 under the joint initiative of the Ministry of Finance, the Ministry of Education, and the Indian Banks Association (IBA). Today, 44 banks are registered with the Vidya Lakshmi Portal Education Loan, providing around 138 loan schemes for students.
Like many other banks, Canara Bank also provides the Vidya Lakshmi Education Loan for students planning to study abroad. Read this blog to understand some of the important details about the Canara Bank Vidya Lakshmi Education Loan such as the interest rates, eligibility criteria, etc.
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How to Apply for Canara Bank Vidya Lakshmi Education Loan?
These days it is easier to apply for educational loans for studying abroad as most of the platforms provide both options i.e., applying online or visiting the bank branch. In the case of the Canara Bank Vidya Lakshmi Education Loan, you can simply apply for the loan on the Vidya Lakshmi portal. Here are the steps:
- Start the online application through the Vidya Lakshmi Portal.
- While filling out the application, select Canara Bank as the lender.
- After selecting the bank, mention the required loan amount.
- Provide the necessary details and the supporting documents.
Also Read: Vidya Lakshmi Portal Documents Required: Check Complete List
Eligibility Criteria
Canara Bank offers the ‘IBA Model Education Loan Scheme’ for students considering higher education in India or abroad. The eligibility criteria for availing of this loan are listed below:
- The student should be an Indian national.
- The student should have secured admission to a higher education course in recognised institutions in India or abroad through an Entrance Test or Merit Based Selection process after completion of HSC (10 plus 2 or equivalent).
- If the student is directly getting admission into a college without undergoing any selection process, (i.e., Entrance Tests/ scoring in eligibility tests/ merit-based selection process) then an educational loan can be considered if the student has scored a minimum of 60% marks in the previous qualifying examination.
Interest Rates for Canara Bank Vidya Lakshmi Education Loan
The interest rates charged on the Canara Bank Vidya Lakshmi Loan depend largely on the loan amount. An interest rate of 11.35% is charged on loans up to Rs. 7.5 Lakhs and loans above 7.5 Lakhs attract an interest rate of 11.15%. For girl students concession of 0.50% in the rate of interest is also available.
Documents Required
To apply for an education loan you must submit a list of documents. Below is the list of documents that you need to submit:
- PAN card
- Aadhaar card
- Application form
- Passport size photographs
- Offer letter
- A valid passport and visa
- Academic mark sheets from Xth standard to highest education
- Income proof of the guarantor/ Income certificate
- Collateral security documents
- Assets and liabilities statement of co-applicant and guarantor
- Sources of funds to repay the amount of the loan
Expenses Covered
This education loan will cover both the university and accommodation fees. The below-mentioned list will help you in understanding the expenses that will be covered under the loan.
- Tuition fee and exam fee
- Living expenses and passage money
- Books, uniform, and laptop requirements
- Lodging and boarding expenses
- Academic and maintenance expenses, as per the requirement
Also Read: Vidya Lakshmi Education Loan Interest Rate: Know The Details Here
FAQs
Vidya Lakshmi portal is a single window platform that allows you not only to apply for a loan but also to track the status of your application. So, you are not required to visit the bank branch, the bank itself will reach out to you while processing your application.
The maximum moratorium period is counted as the study period plus 1 year or six months after getting a job, whichever is earlier.
The repayment period for these loans is 10-15 years.
The information mentioned above has been taken from the Vidya Lakshmi portal and the Canara Bank’s website and has been written to only give an overview of the Canara Bank Vidya Lakshmi Education Loan. As these details may change over time, it is recommended that the students go through these sources carefully before applying for their education loan. Visit your bank’s website, or your nearest bank branch to understand the various terms and conditions before you finally apply for an education loan.
To know more about the Vidya Lakshmi Education Loan, 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. Follow our social media handles on Twitter, LinkedIn and Instagram.
