Canara Vidya Shakthi

About the Canara Vidya Shakthi

The Canara Vidya Shakthi scheme enables you as a special needs student to access education loans under the PWD category, providing the requirements to pursue a specialised course in India. This education loan is crucial in offering you the essential assistive devices required throughout your study course. Additionally, the Canara Vidya Shakthi loan offers tax benefits under Section 80 E of the Income Tax Act, making it the ideal choice for families with financial needs.

Canara Vidya Shakthi - Rate of Interest

The following are the interest rates offered when you apply for the persons with disabilities education loan:

• Degree courses with loans up to INR 7.5 lakhs = 9.25%

• For loans in vocational, certificate, diploma, and skill-based institutions up to INR 1.5 lakhs = 9.25%

Investment

Secure

Secure your child’s future with or without you

Start Investing

₹10,000/Month

& Get

₹1 Crore^*

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*Standard T & C Apply

Features of the Canara Vidya Shakthi

The following are the features of the Canara Vidya Shakthi Loan scheme:

1. Loan amount:

   The education loan amounts range from INR 1 lakh to INR 7.5 lakh.

2. Repayment:

   The Canara Vidya Shakthi loan can be repaid in 15 years with equal monthly instalments, excluding the moratorium period.

3. Processing:

   There are no processing fees when applying for the Canara Vidya Shakthi Loan.

4. Security:

   Your parent or guardian should become a co-borrower when applying for an education loan.

5. Collateral:

   There are no collateral requirements when you apply for loans up to INR 7.5 lakh.

6. Child support:

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

Eligibility of the Scheme

For you to access the Child investment plan, you have to be eligible for the following:

1. Nationality:

   You must be an Indian citizen

2. Admission:

   You have to be admitted to a recognised institution

3. Exam:

   You have to meet the minimum entrance exam requirements

4. Course:

   You must pursue a course that leads to an undergraduate, postgraduate, PhD, or Diploma degree.

Documents Required

Below are the essential documents you need to submit while applying for the special needs education loan:

1. Proof of identity:

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

2. Proof of address:

   Telephone bill, electricity bill

3. Proof of income:

   Income proof of the guarantor or co-applicant if applicable

4. Admission proof:

   Admission documents for the institution enrolled

5. Mark sheet:

   Mark sheet of the last qualifying exam

6. Application form:

   A completed application form

7. Disability Certificate:

   A certificate from the medical authority regarding your disability

Most Important Terms and Conditions

The following are the important terms and conditions that you need to note while applying for the Canara Vidya Sakthi loan:

1. Loan Amount

   The education loan amount offered under the Canara Vidya Shakthi scheme ranges from INR 1.5 lakhs to INR 7.5 lakhs.

2. Security

   You must co-sign your Child education allowance loan with a guardian or parent when applying for it.

3. Collateral

   Collateral requirements are implemented if you apply for loans exceeding INR 7.5 lakhs.

4. Moratorium period

   The moratorium is throughout the course duration, with an additional one year.