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Education Loans for Canada

Updated on Nov 15, 2022
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Using a student loan to pay for higher education is challenging. You must pick a product that not only covers your expenses but also does not burn a hole in your wallet. After all, an education loan is a ten-year financial commitment, so you should pick a package that will allow you to pay for your bachelor's degree while saving money.

Bank

Loan amount limit

Processing Fees

Loan tenure

Moratorium period

Margin Money

State Bank Of India

In India - up to 20 Lakhs

For education outside India - up to INR 1.5 crore

INR 10,000 + GST

Maximum 15 years

Course period + 6 months

10%

Bank of Baroda

For India - Up to INR 60 Lakhs

For education abroad - Up to INR 80 lakhs

INR 10,000 + GST

Maximum 15 years

Course period + 12 months

Above INR 4 lakhs - 10%

Canara Bank

Up to INR 40 lakhs

Nil

15 years maximum 

Course duration plus 12 months

5 to 15%

Bank of India

For India - INR 10 lakhs

For education abroad - INR 20 lakhs

For India - NIL

For education abroad - INR 5000

15 years max

Course duration plus 12 months

15%

Central Bank of India

No upper limit

Loans up to INR 10 lakhs - INR 500

A 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

Nil

15 years

Course period + 12 months

5% to 15%

IDBI Bank

20 lakhs

In India - Nil

For education abroad - INR 5000 (refundable)

Up to 15 years

Course duration plus 6 months

10 to 15%

Karur Vysya Bank

For India - 10 lakhs

For education abroad - 20 lakhs

Nil

Up to 7 years

Course period + 6 or 12 months

up to 15%

United Bank of India

For India - 10 lakhs

For education abroad - 20 lakhs

Nil

10 - 15 years

Course period + 6 or 12 months

up to 15%

Union Bank of India

No upper limit

Nil

15 years

Course period + 12 months

15%

Indian Bank

For India - INR 15 lakhs

For education abroad - INR 25 lakhs

-

10 to 15 years

Course duration

5 to 15 percent 

UCO Bank

In India - 10 lakhs

For education abroad - 20 lakhs

Nil

Up to 15 Years

Course duration plus 1 year

India - 5%

Abroad - 15%

Punjab National Bank

INR 40 lakhs to INR 60 lakhs

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

-

Up to 15 Years

Course period + 12 months

15%

Andhra Bank

INR 20 lakhs

-

5-7 years

Course period + 12 months

up to 15%

Some public banks provide loans in merger with other banks, see below the mergers.

Name of the bank

Merged with

Oriental Bank of Commerce 

Punjab National Bank 

Vijaya Bank

Bank of Baroda

Syndicate Bank

Canara Bank

Dena Bank

Bank of Baroda

Allahabad Bank

Indian Bank

Corporation Bank

Union Bank of India

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