Name of the bank
Loan amount limit
Interest rate
Processing Fees
Loan tenure
Moratorium period
Margin Money
State Bank Of India
For India - Upto INR 20 Lakhs
For abroad - Upto INR 1.5 crore
For India - 9.55%
For abroad - 8.8% (Men); 8.3% (Women)
INR 10,000 + GST
Maximum 15 years
Course period + 6 months
10%
Bank of Baroda
For India - Upto INR 60 Lakhs
For abroad - Upto INR 80 lakhs
For India - 8.85% (Men); 8.35% (Women)
For abroad - 7.75% (Men); 8.25% (Women)
INR 10,000 + GST
Maximum 15 years
Course period + 12 months
Above INR 4 lakhs - 10%
Canara Bank
Upto INR 40 lakhs
6.90% - 8.90%
Nil
Maximum 15 years
Course period + 12 months
5% to 15%
Bank of India
For India - INR 10 lakhs
For abroad - INR 20 lakhs
8.85% - 9.85%
For India - NIL
For abroad - INR 5000
Maximum 15 years
Course period + 12 months
15%
Central Bank of India
No upper limit
9.0% (Men); 8.50% (Women)
Loans upto INR 10 lakhs - INR 500
Loan above INR 10 lakhs - INR 1000
10 - 15 years
Course period + 6 or 12 months
15%
Indian Overseas Bank
For studies in India - INR 30 lakhs
For abroad studies - INR 40 lakhs
10.05%
Nil
15 years
Course period + 12 months
5% to 15%
IDBI Bank
INR 20 lakhs
8.65% - 9.15%
For India - NIL
For abroad - INR 5000 (refundable)
10 - 15 years
Course period + 6 months
upto 15%
Karur Vysya Bank
For India - INR 10 lakhs
For abroad - INR 20 lakhs
10.75% to 11.75%
Nil
Upto 7 years
Course period + 6 or 12 months
upto 15%
United Bank of India
For India - INR 10 lakhs
For abroad - INR 20 lakhs
10.65% - 11.40%
Nil
10 - 15 years
Course period + 6 or 12 months
upto 15%
Union Bank of India
No upper limit
Up to Rs.7.50 lakhs: 12.25%
Above Rs.7.50 lakhs: 12.00%
Nil
15 years
Course period + 12 months
15%
Indian Bank
For India - INR 15 lakhs
For abroad - INR 25 lakhs
12.50%
-
10 - 15 years
Course period
5% to 15%
UCO Bank
For India - INR 10 lakhs
For abroad - INR 20 lakhs
Up to Rs.7.50 lakhs: 11.20%
Above Rs.7.50 lakhs: 12.20%
Nil
Up to 15 Years
Course period + 1 year
For India - 5%
For abroad - 15%
Punjab National Bank
INR 40 lakhs to INR 60 lakhs
8.80% to 9.55%
1% of the loan amount
15 years
Course period + 12 months
15%
Oriental Bank of Commerce
For premium colleges - INR 20 lakhs
For others - INR 10 lakhs
7.30% - 9.30%
-
Up to 15 Years
Course period + 12 months
15%
Andhra Bank
INR 20 lakhs
11.15% to 11.45%
-
5-7 years
Course period + 12 months
upto 15%
This is a companion discussion topic for the original entry at https://www.gyandhan.com/blogs/public-sector-bank-education-loan
Hi Gyandhan Team,
I have a question regarding Canara bank education loan. I want to apply for education loan for my studies abroad in Canada through Canara bank, but I have heard some counsellors telling Canara doesn’t disburse amount for GIC. They only reimburse it after visa if needed. Is this true?
Hi @Shreyas_Shetty
The consultants are right. Third-party fund transfer is allowed. However, it will be a difficult and lengthy process, and the student has to give prior authorization to the bank.
Banks that provide GIC and meet the eligibility criteria are -
[Student Direct Stream: Who can apply - Canada.ca - Find more financial institutions here.]
HSBC Bank of Canada
Scotiabank
SBI Canada Bank
ICICI Bank Canada
Royal Bank of Canada
It would be easier to go through them. Again, I would suggest researching if the bank has enough branches in Canada. For example, ICICI Bank has limited branches in Canada.
Useful links -
GyanDhan
Student’s Guide to SBI Canada Guaranteed Investment Certificate (GIC)
Know everything about SBI Canada Guaranteed Investment Certificate. Read about the SBI student GIC application process and requirements and apply via GyanDhan now!
GyanDhan
Open GIC Account at CIBC With Zero Service Fee & Earn Exclusive GyanDhan...
You can open your Canada Student GIC account with no service fee with CIBC. With GyanDhan referral code, you get an exclusive 25 CAD bonus! Read on to know more.
I hope this answer helps you. For any further questions or doubts, do post on this thread and I will get back to you. All the best!