Canara Vidya Sahay

About the Vidya Sahay Scheme

Vidya Sahay is an assistance loan scheme that pays the counselling fee incurred after clearing an entrance exam. This credit has a rate of interest of 9.25 percent and provides financial support of up to ₹ 1 lakh. There are no processing charges, and no collateral or margin requirements, making it a very accessible option. The loan amount is sanctioned based on the counselling fee. Once approved, the funds are disbursed directly, ensuring you can make the necessary payment within the timeframe.

Rate of Interest

The interest rate under the Canara Vidya Sahay scheme is 9.25% and is applicable on the amount sanctioned towards counselling fees.

Features of the Scheme

The most important characteristics of the Canara Vidya Sahay Scheme are as follows:

1. Processing Charges Free

   Students don't have to pay extra fees for this loan.

2. No Collateral

   Any kind of property need not be given as security.

3. No Margin

   The full amount sanctioned does not require any contribution from the student.

4. Parent or Guardian as co-borrower

   The legal guardian must co-sign the loan.

5. Repayment Flexibility

   The repayment has to happen only after the regular education loan has been availed.

Investment

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₹10,000/Month

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₹1 Crore^*

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Eligibility of the Scheme

The following eligibility criteria will have to be fulfilled by the candidates to qualify under this scheme:

• An applicant must have taken and passed any entrance examination conducted for a state or country, such as the CET, CBSE, IIT, etc.

• Should have possessed qualification for the counselling process.

• The applicant must be an Indian citizen.

• The applicant must have passed the preceding qualifying examination.

Documents Required

The following documents are necessary for the application for Canara Vidya Sahay Loan:

• Submission of an application form is duly filled out and complete in all details. 

• Recent passport-size photographs for identification.

• Identity proof, such as an Aadhaar card, PAN card, voter ID, driving licence, or passport.

• Address proof could be through an Aadhaar card, voter ID, driving licence, or any valid document.

• Date of birth proof in certificates or other legitimate documents to clear proof of age.

• Academic records mean marks and certificates for any level of 10th, 12th, or other qualifying examinations.

• Documents related to the admission process include the admission letter or proof of admission by the institute. 

• A copy of the land records can be requested if applicable.

Most Important Terms and Conditions

Before the borrower's application, be fully informed about the following terms and conditions:

• The loan amount is limited to ₹1 lakh or the fee determined by the counselling authority, whichever is lower.

• The loan requires a co-borrower who should be a parent or legal guardian.

• The bank reserves the right to ask for any additional documentation if required.

• The interest paid on the loan may be eligible for tax benefits under Section 80 E, helping students manage their expenses more optimally.

• Borrowers can also use an income tax calculator to evaluate the sums that will be saved and budget accordingly for repayment.