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  • Canara

  • Vidya Turant
Rate of Interest: 7.10% p.a. *T&C Apply.
  • Loan to pursue higher studies.
  • NIL Processing Charges.
  • High Quantum of Loan.
  • No Collateral Security.
  • Lower Rate of Interest.
  • Reducing Balance Interest Rate.
  • No Prepayment penalty
Purpose To provide hassle-free education loans to meritorious students pursuing higher studies in select institutions (Selected IIMs/IITs/NITs/IISc/ISB and others).
Loan Quantum

The maximum eligible loan limits based on the institution category are as follows:

  • Category A: Students of ISB, Hyderabad & Mohali – Limit up to Rs. 50.00 lakhs
  • Category B: Students of Symbiosis Groups (4), BITS (3), IIFT (1), MGUMST (1), IMS (1) – Limit up to Rs. 40.00 lakhs
  • Category C: All other institutions not in Category A or B (43 institutions) – Limit up to Rs. 30.00 lakhs
Margin NIL
(Scholarship/assistantship if any to be included in margin.)
Processing Charges NIL
Security
  • Assignment of future income of the student.
  • No security up to specified limits for institutions as per the maximum limit:
    • Rs. 50.00 Lakhs – Group A (e.g., ISB)
    • Rs. 40.00 Lakhs – Group B (e.g., IIMs, other premier institutes)
    • Rs. 30.00 Lakhs – Group C (e.g., IIITs, other reputed institutes)
Repayment Tenure
  • Repayment in EMIs up to 15 years excluding the moratorium period (course duration + 1 year).
  • No prepayment penalty during repayment period.
Expenses Considered for Loan
  • College/school/hostel fees
  • Examination, Library, Laboratory fees
  • Travel expenses for studies abroad
  • Student insurance premium (if applicable)
  • Caution/building fund or refundable deposits (with proof)
  • Books, equipment, instruments, uniforms
  • Computer (if required for the course)
  • Other course-related expenses: study tours, thesis, etc.
  • Reasonable lodging and boarding (if staying outside campus)
Eligibility under CSIS Scheme Loans under Vidya Turant are eligible under the CSIS (Central Scheme of Interest Subsidy) based on income and other criteria.
  • Student should be an Indian National.
  • Students should have cleared the previous qualifying exam and selected through Entrance Test conducted by Competent Authorities
  • Stipulated Loan Application with 2 passport size photos of applicant / Co-applicants or guarantor
  • KYC documents of applicant/ Co-applicants or guarantor
  • Proof of Identity

    PAN CARD/Driver’s License/Voter ID /Passport/ Aadhar Card etc.

  • Proof of Residence

    Driver’s License/Voter Id/Passport / Aadhar Card / Electricity Bill/Telephone Bill etc., /Business Proof related GST and others.

  • Age proof of the applicant/ Co-applicants.
  • PAN card (photo copy)
  • Proof of admission to the course.
  • Schedule of expenses for the course
  • Mark sheet of last qualifying examination.
  • Proof of income/assets (if any).
  • Income Proof for Co-applicant/guarantor (if any).
  • Copy of land records.
  • Any other documents as required by Bank..
1. What is Vidya Turant Education Loan?

Vidya Turant is a premium education loan product of the Bank where collateral free education loans are granted to students of premier institutions in India with collateral free and concessional Rate of Interest.

2. Who is eligible to apply for the Canara Vidya Turant loan?

Any Indian student who has cleared the previous qualifying exam and selected through Entrance Test/merit; has secured admission in eligible education institutions under Vidya Turant Scheme conducted by Competent Authorities are eligible to apply under the Vidya Turant Scheme.

3. What is the interest rate under Canara Vidya Turant?

The Interest rate starts from 6.85%* under the scheme. (* T&C apply)

4. What is the maximum loan amount available under Vidya Turant?

The maximum loan quantum under the scheme depends on the Institution category:

Sl No Category Loan Quantum
01 Category “A” 50.00 Lakh
02 Category “B” 40.00 Lakh
03 Category “C” 30.00 Lakh
5. Is collateral security required for Vidya Turant loan?

No, Loans under this scheme are collateral free and Guarantor free, irrespective of the loan amount.

6. Is there any margin requirement for this loan?

No margin is required to be brought in by the Applicant. Scholarship/ assistantship if any to be included in margin.

7. Whether any processing charges are applicable for Vidya Turant loan?

No processing charges are applicable under the scheme. However, the applications are applied through PM-Vidyalaxmi portal, only portal fees of Rs.200+GST is applicable.

8. What expenses are covered under the Vidya Turant loan?

The education loan under the scheme may cover the following expenses:

  • Tuition fees
  • Hostel charges
  • Examination / Library / Laboratory fees
  • Cost of books and equipment
  • Laptop / computer (if required for course)
  • Insurance premium (if applicable)
  • Other reasonable academic expenses
9. What is the repayment period for Vidya Turant loan?

Repayment period is permitted up to 15 years excluding moratorium period ( Course period + 1Year).

10. Is the Vidya Turant loan eligible for the Government Interest Subsidy Scheme (CSIS)?

Eligible students may receive interest subsidy during moratorium period for loan quantum up to Rs.10.00 lakh.

11. What documents are required to apply for the Vidya Turant loan?

The following documents (illustrative) are required for applying the education loan under the scheme:

  • Admission letter
  • Fee structure
  • Aadhaar card
  • PAN (if available)
  • Income certificate
  • Bank account details
  • Academic records
  • Entrance exam results
  • Co-borrower documents
12. Does the Vidya Turant loan have prepayment charges?

No. There is no prepayment penalty at any stage of the loan.

13. Can I get Vidya Turant for studying abroad?

No. Vidya Turant scheme does not cover Education loan for studying abroad.

14. How is the loan amount disbursed?

The Loan is disbursed directly to the Institutions in stages after submission of the demand letter and other requisite documents, wherever applicable.

15. Do I need a co-borrower?

Yes, co-borrower is required for the education loan under the scheme. Generally, parent/guardian is required as co-borrower. However, Joint borrowership can be waived and loan can be disbursed based on execution of loan documents by student alone, if availing the loan at designated branch, subject to additional RoI.

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01-04-2026 01:15 AM

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