Canara Bank Vidya Turant Education Loan Scheme

BY: DALIP SINGH

July 27, 2024

Mission Statement

Canara Vidya Turant aims to facilitate academic success by providing hassle-free education loans to top students at prestigious institutions such as IIMs, IITs, NITs, IISc, ISB.

Margin Requirements 

There is no margin required. Scholarships or assistantships included in the margin are also covered. 

Loan Amount Limits

Category A: Up to Rs. 50 lakhs for ISB Hyderabad & Mohali.  Category B: Up to Rs. 40 lakhs for IIMs, IITs, Symbiosis Groups, BITS, IIFT, IMI, IRMA, ISM, 

Loan Amount Limits

IMT, KJSIMSR, MDI, SPJINMR, NMIMS, RGIIM, XIM, XLRI, and others. Category C: Up to Rs. 30 lakhs for all other institutions not included in Category A and B.

Processing Charges 

None; there are no processing charges associated with the loan. 

Security Requirements 

No security required for Group “A,” “B,” and “C” institutions up to specified limits. The loan is secured by an assignment of future income. 

Repayment Tenure 

Repayment can be made over a period of up to 15 years in equated monthly installments, excluding the moratorium period. 

Prepayment Penalty 

There is no prepayment penalty during the repayment period. 

Expenses Covered 

Includes fee, examination/library/laboratory fees, travel expenses, insurance premiums, caution deposits, books, equipment, uniforms, computer purchases, and other course-related expenses. 

CSIS Scheme Eligibility 

The CSIS program can cover all Vidya Turant education loans if the borrower meets the qualifying criteria based on income and other standards. 

Application Process 

Interested candidates should apply directly through Canara Bank’s designated loan application channels, ensuring they meet all eligibility criteria and documentation requirements.