University of Manchester
United Kingdom
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| Interest Rate | Starts at 9.50% |
| Loan Amount (Collateral) | Upto ₹100 Lac |
| Loan Amount (Without Collateral) | Upto ₹7.5 Lac |
| Processing Fees | starts 0.5% |
| Processing Time | 7 working days |
| Loan Tenure | up to 15 years |
| Margin | 90% Funding |
| Prepayment Charges | Zero |
| Moratorium Period | Course + 1 year |
| Admit Letter | Required |
| Tax Benefits | Yes |
| Type | Bank |
The Canara Bank has launched a dedicated scheme for students planning to pursue a Master's degree from top-ranking universities across the Globe. The scheme requires a minimum of 50% of the Collateral of the required Loan amount, and the Unsecured Loan Option is not available. The interest rate depends on the Collateral value and ranges between 9.5% to 10.35%.
| Unsecured Loan Amount | Rs 7.5 Lacs |
|---|---|
| Secured Loan Amount | Rs 1 Crore |
| Interest Rate | 9.50% - 10.35% |
| Moratorium Period | Course Duration + 1 year |
| Course Level | Masters Only |
| Course Types | STEM (Science, Technology, Engineering, Management) |
| Loan Tenure | 15 yrs + Course Duration + 1 year |
Here is the Eligibility Criteria of the Canara Bank Education Loan for the Study Abroad scheme
The Canara Bank covers nearly all expenses expected while studying abroad under New Loan Scheme
The optional Term-Life Insurance cost is included in the Sanctioned Amount and will be deducted from the Disbursed Loan amount.
Here is the list of basic charges involved in Canara Bank Study Abroad Education Loan
| Description | Charges & Fees |
|---|---|
| Processing Fees | 0.50% (Max ₹20,000) |
| Legal & Technical Charges | ₹7500 - ₹10,000 |
| Term Insurance Cover | 1% - 2% of Loan Amount |
*Charges may vary
Under the new scheme for a Master's degree at a Selected Top-Ranking University, the processing fee is set at 0.50% of the Sanctioned Amount. You may be eligible for a Processing Fees Waiver based on ongoing offers and promotions.
| Scheme | Collateral Value | Charges |
|---|---|---|
| Selected Universities For Masters |
100% and above | 0.50% (Max ₹10,000) |
| Less than 100% | 0.50% (Max ₹20,000) |
The Canara Bank have a margin requirement of 10-15% for Study Abroad Education Loan. So, you are expected to bear at least 10-15% of your total cost of education from your pocket.
For example, the total cost of education is Rs 50 Lacs, including University Fees, Living, and travelling expenses. You have to bear at least Rs 5 Lacs of the costs, and the bank will provide you with a maximum of Rs 45 Lacs.
| Course Type | Loan Amount | Margin Money |
|---|---|---|
| All Universities | up to ₹4 Lacs | NIL |
| All Universities | Above ₹4 Lacs | 15% |
| Selected Universities | Above ₹4 Lacs | NIL |
Canara Bank offers a special Interest Rate Scheme for Master's Students at Selected Top-Ranked Universities across the globe. The Floating rate starts at 9.50% and goes up to 10.35% based on the Collateral Value. For Masters at Selected Top Ranking Universities (New Scheme)
| Collateral Value | Floating Interest Rate | Fixed Interest Rate |
|---|---|---|
| Above 100% | 9.50% | 10.60% |
| Between 75% to 100% | 10.10% | 10.85% |
| Between 50% to 75% | 10.35% | 11.10% |
*As of 1st July 2025
The Canara Bank has selected the 50 Top-Ranking Universities for Master's in Countries such as the United States, the United Kingdom, Singapore, Switzerland, France, Canada, China, the Netherlands, Japan, Germany, Belgium, South Korea, and Hong Kong. Here is the List of Universities. The eligible courses are STEM (Science, Technology, Engineering, and Management).
| University | Country |
|---|---|
| Massachusetts Institute of Technology (MIT) | United States |
| Stanford University | United States |
| ETH Zurich - Swiss Federal Institute of Technology | Switzerland |
| Harvard University | United States |
| University of Cambridge | United Kingdom |
| University of California, Berkeley (UCB) | United States |
| University of Oxford | United Kingdom |
| Imperial College London | United Kingdom |
| Georgia Institute of Technology | United States |
| Columbia University | United States |
| Princeton University | United States |
| National University of Singapore (NUS) | Singapore |
| Carnegie Mellon University | United States |
| The University of Warwick | United Kingdom |
| University of Chicago | United States |
| University of Michigan-Ann Arbor | United States |
| University of California, Los Angeles (UCLA) | United States |
| University PSL | France |
| University of Pennsylvania | United States |
| Cornell University | United States |
| University of Toronto | Canada |
| Tsinghua University | China (Mainland) |
| University of Wisconsin-Madison | United States |
| Institut Polytechnique de Paris | France |
| Duke University | United States |
| University of Washington | United States |
| University College London (UCL) | United Kingdom |
| The London School of Economics and Political Science (LSE) | United Kingdom |
| Delft University of Technology | Netherlands |
| Sorbonne University | France |
| The University of Tokyo | Japan |
| Technical University of Munich | Germany |
| KU Leuven | Belgium |
| University of Southampton | United Kingdom |
| Yale University | United States |
| Peking University | China (Mainland) |
| University of Paris-Saclay | France |
| Nanyang Technological University (NTU) | Singapore |
| University of Montreal | Canada |
| Johns Hopkins University | United States |
| Erasmus University Rotterdam | Netherlands |
| New York University (NYU) | United States |
| Northwestern University | United States |
| Purdue University | United States |
| The University of Manchester | United Kingdom |
| The University of Edinburgh | United Kingdom |
| Seoul National University | South Korea |
| The University of Hong Kong | Hong Kong SAR |
| University of Texas at Austin | United States |
| Eindhoven University of Technology | Netherlands |
Connect with our Education Loan Expert and get your application processed within 3-4 working days*
Check Eligibility For FreeWhen applying for an education loan through Abroad Cube, you can expect higher chances of approval as our expert will verify the documents before submission and suggest better alternatives for higher approval.
Using the latest technology and years of experience, we expedite the application process by 65%, reducing overall processing time. Applying using the exact required documents with the eligible lender is the key to getting an application processed in record processing time.
Our Education Loan Expert will send you a Personalized Document Checklist, removing all unnecessary documents, easing the process and giving you peace of mind.
We will help you get Comparable, Negotiated and best-suited Education Loan deals, saving you up to Rs 3 Lakhs. The major negotiable components are Interest Rate and Processing Fees.
We are not charging any service fees for helping with the Study Abroad Education Loan. Also, there are no hidden fees involved, which is guaranteed. For each approval, we get paid a referral fee by Canara Bank without any additional charge to students.
Here is the standard document checklist for getting an education loan from Canara Bank or other lenders. The bank or NBFC might ask for additional documents or information based on the application to ease the process.
The Education Loan documents may vary based on individual applications. If you are missing any required documents, please contact our Loan Expert for help!
Start by checking your eligibility on Abroad Cube's website or reach out to us via WhatsApp or phone. The Eligibility criteria include Country acceptance, University and course ranking, Academics, Credit Score and history, co-applicant and Collateral requirements, etc.
Once you pass the basic Eligibility Criteria, the next step will be Documentation. Our Education Loan Expert will send you a personalized Document Checklist of Canara Bank and help you arrange, sort and suggest alternatives, if any. Before sending documents to the Canara Bank, we ensure that all documents are in order according to the required Checklist to expedite the application login process.
Our Education Loan Expert will choose the best lenders from the pool of 12+ options to get you the best-suited deal. They will follow up with concerned Lender Relationship Managers for Application Login and further processing. The lender process will include getting consent, address verification, and a small telephonic interview with the Credit Manager before the final decision.
The sanction letter will be released within 24 hours once you pay the processing fee to the Bank via acceptable payment methods. Afterwards, you may proceed with the Study Visa process or request Pre-Visa disbursement. You can also ask for reimbursement if you have already paid the Tuition Fees or Living Expenses via other means. Once you complete the banking formalities, the loan amount will be disbursed into the Bank Account
You may apply for Canara Bank Education Loan by visiting their local bank branch or contacting their customer support team. But Abroad Cube will help you get a hassle-free Education Loan from your comfort at the best Interest Rate and record processing time at Zero Service Charges.
Abroad Cube is an Online Study Abroad Marketplace that has onboarded 12+ Banks and NBFCs to ease the process of getting the best deal for an Education Loan in minimal processing time. To get started, Check your Eligibility and share your Documents by Email or WhatsApp to expedite your application process.
Get your Education Loan Eligibility checked within 5 minutes
Sorting, Verifying and Submitting Documents as per Checklist
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Get Sanction Letter in record time and proceed for Disbursement
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