Canara Vidya Turant

About the Canara Vidya Turant Scheme

Students funded by Canara Vidya Turant's education loan pay for top-notch colleges including IITs, IIMs, and NITs. You can get up to ₹50 lakh; in certain institutes, where you do not require security. The education loan addresses books, travel, tuition, and other study-related costs. Along with a 15-year repayment term and no prepayment penalty, it provides flexible payments free of processing fees. Furthermore, benefiting eligible loans from the CSIS program is the accessibility of education.

Rate of Interest

• For its Vidya Turant education loan, Canara Bank's interest rate runs from 8.60% to 11.35% yearly.

• The institution's categorisation and the Repo Linked Lending Rate (RLLR) help decide the relevant rate.

For families organising a child education plan, this loan can be a major financial tool securing access to quality higher education.

Features of the Canara Vidya Turant Scheme

Designed to give students seeking higher education at top universities financial support, the Canara Vidya Turant plan has these main elements:

• The program offers an education loan for students accepted into top universities including IIMs, IITs, NITs, IISc, ISB (Hyderabad & Mohali), and other approved institutions.

• The Canara Vidya Turant plan education loan covers books, equipment, tuition, travel expenses, and other course-related charges.

• This loan does not have a processing fee.

• The loan repayment term is up to 15 years, not considering the moratorium period.

This scheme helps families plan for higher education, making it a valuable part of a child investment plan to secure a strong academic future.

Investment

Secure

Secure your child’s future with or without you

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₹10,000/Month

& Get

₹1 Crore^*

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Eligibility for the Canara Vidya Turant Scheme

• Students accepted into a qualified major Indian university qualify for the loan.

• Making the loan available does not call for margin money.

• The margin incorporates that information, such as if the student has a scholarship or an assistantship.

Documents Required

• Applicants must submit valid KYC documents, including Aadhaar and PAN.

• A confirmed admission letter from the institution is required.

• Academic records of previous education must be provided.

• A detailed fee structure or schedule of expenses issued by the institution is needed.

• If applicable, the co-applicant's bank statements and proof of income must be submitted.

Most Important Terms and Conditions

• Institution determines the highest loan limit; ISB (Hyderabad & Mohali) has ₹50 lakhs, select institutes have ₹40 lakhs, while others have ₹30 lakhs.

• Loans within the designated limits call for no collateral security.

• The loan is guaranteed against the borrower's future income, guaranteeing repayment is determined by wages following course completion.

• Subject of eligibility, loans could be covered under the Central Sector Interest Subsidy (CSIS) plan.

• Borrowers can claim tax benefits on the interest paid under Section 80E of Income Tax Act.