Canara Vidya Sagar Scheme

About the Canara Vidya Sagar Scheme

The Canara Vidya Sagar Scheme provides financial support for the down payment required during the Common Entrance Test or counselling process. This loan has low interest rates, minimal processing charges, and no collateral requirements, making it easy to access higher-quality education. This educational loan scheme also offers financial tax benefits under section 80 E of the Income Tax Act.

Canara Vidya Sagar Scheme - Rate of Interest

Below is the interest rate offered when you apply for the Canara Vidya Sagar Loan:

• Loans above or equal to INR 7.50 lakhs = 10.25% - 11.25%

Features of the Canara Vidya Sagar Scheme

The following are the features of the Canara Vidya Sagar Scheme:

1. Loan Amount:

   The maximum loan amount offered is INR 7.5 lakh, with no collateral requirement.

2. Repayment:

   The repayment period is up to 15 years, which is done in equal monthly instalments.

3. Penalty:

   There is no penalty for prepaying the Canara Vidya Sagar Loan.

4. Courses:

   The courses covered by the education loan include a Masters Degree in science, technical, engineering, and management.

5. Expenses covered:

   The education loan covers course fees, travel expenses, insurance premiums, examination fees, book purchases, caution deposits, uniforms, instruments, equipment, and computers.

6. Co-applicants:

   The co-applicants include siblings, parents, parents-in-law, or spouses.

7. Moratorium:

   The moratorium period is for the course duration with an additional 12 months.

8. Child support:

   The Canara Vidya Sagar Loan supports parents in effectively planning their children's education through its Child Education Plan.

Investment

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Secure your child’s future with or without you

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₹10,000/Month

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₹1 Crore^*

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Eligibility of the Scheme

For you to be able to apply for the Canara Vidya Sagar Loan Scheme, the following criteria are considered:

1. Nationality:

   You have to be an Indian citizen

2. Admission:

   You have to be admitted to a recognised institution

3. Academic scores:

   Depending on the course, you may be needed to qualify for specific entrance exams

4. Proof of income:

   You may be required to provide proof of income, such as Form 16 or ITR

Documents Required

You will need to submit the following documents to be able to access the education loan:

1. Application form:

   A completed application form

2. Identity proof:

   Voter ID, PAN card, driver's licence, Aadhar card, passport

3. Passport-size photo:

   Two passport-sized photos

4. Residence proof:

   Telephone bill, electricity bill, driver's licence

5. Admission proof:

   Admission certificate of the enrolled institution

6. Expenses schedule:

   Schedule the costs of the course

7. Income proof:

   if applicable

8. Qualifying exam proof:

   A mark sheet of the last qualifying exam

Most Important Terms and Conditions

The following are the relevant terms and conditions you need to note while applying for the Child education allowance loan:

1. Loan Amount

   The maximum loan amount offered is INR 7.5 lakh

2. Collateral

   There are no collateral requirements for loans up to INR 7.5 lakh. Collateral requirements are imposed for Child investment plan loans exceeding INR 7.5 lakh.

3. Interest

   The interest that is accrued during the moratorium period can be capitalised or paid.

4. Disbursement

   The bank is entitled to the approval process once all the necessary conditions are met.

5. Repayment period

   The repayment of the Canara Vidya Sagar Loan is up to 15 years after the moratorium period.