Canara Bank Education Loan EMI Calculator
Pick one of the 7 Canara Bank education loan schemes we read from the bank's own website, or type the rate you are offered. Add the course length and grace period to see the interest that builds up before EMIs start.
Official Rate Formula & Benchmark:
EMI = P × r × (1 + r)^n ÷ ((1 + r)^n − 1), where P is what you owe when the moratorium ends and r is the monthly rate.
Current official starting rate: 10.25% p.a. (Range: 10.25% – 10.25% p.a.). Read from Canara Bank's own website; your rate depends on your profile.
Borrowing ₹10,00,000 at 10.25% with a moratorium of 3 years, ₹3,07,500 of interest is added to the loan before EMIs start. You then owe ₹13,07,500, an EMI of ₹17,460 for 10 years, and ₹10,95,247 in total interest.
Picking a lender fills in its lowest published figure for that scheme. Your rate depends on your profile, course or vehicle, and can be higher. Compare all education loan rates
Canara Bank · Public sector bank
Vidya Sagar, up to ₹7.5 lakh (India / abroad, no collateral)
10.25%
Concession for girl students / women: 0.50%
Effective: 9 Oct 2026 · Last verified 21 Oct 2026 · Lender’s rate page
The amount disbursed. Interest during the moratorium is worked out for you.
Check your sanction letter for the exact repayment holiday.
Interest during the moratorium
Assumption: Canara Bank's rate page we read does not say how it charges interest during the moratorium. If interest compounds monthly instead, the moratorium interest would be ₹3,58,246.
Your tax slab (old regime)
Plus 4% cess. Surcharge is not included.
EMI after moratorium
₹17,460
for 10 years, from month 37
Moratorium interest
₹3,07,500
over 3 years, added to the loan
Owed when EMIs start
₹13,07,500
Total interest
₹10,95,247
₹7,87,747 in EMIs + ₹3,07,500 moratorium
Total payment
₹20,95,247
Est. 80E tax saving
₹2,32,791
old regime, 30% slab + cess, 8 years
Amount borrowed vs interest
- Principal
- 47.7%
- ₹10,00,000
- Total interest
- 52.3%
- ₹10,95,247
Section 80E estimate by year
| Year | Interest paid | Tax saved |
|---|---|---|
| Year 4 | ₹1,30,369 | ₹40,675 |
| Year 5 | ₹1,21,864 | ₹38,021 |
| Year 6 | ₹1,12,444 | ₹35,083 |
| Year 7 | ₹1,02,013 | ₹31,828 |
| Year 8 | ₹90,461 | ₹28,224 |
| Year 9 | ₹77,668 | ₹24,232 |
| Year 10 | ₹63,499 | ₹19,812 |
| Year 11 | ₹47,809 | ₹14,916 |
| Year 12 | ₹30,432 | Outside limit |
| Year 13 | ₹11,188 | Outside limit |
Years are 12-month periods from the first disbursement, not financial years. Interest added to the loan during the moratorium is repaid inside the principal part of later EMIs; this estimate counts only interest you pay as interest, which is what your lender’s interest certificate shows. The saving also needs enough taxable income to absorb the deduction. ₹41,620 of interest falls after the 8-year window.
Compare repayment tenures
| Tenure | EMI | Interest in EMIs |
|---|---|---|
| 5 years | ₹27,942 | ₹3,68,990 |
| 7 years | ₹21,875 | ₹5,30,039 |
| 10 years | ₹17,460 | ₹7,87,747 |
| 15 years | ₹14,251 | ₹12,57,726 |
Amortisation Schedule
How each instalment splits between interest and principal over time.
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EMI
₹17,460
Canara Bank education loan schemes
7 schemes, each read from Canara Bank's own website. Pick any of them in the calculator above.
PM-Vidyalaxmi (AAA / AA / A institutes)
7.5% – 8.5%
Only for listed/rated institutesIndiaPM-Vidyalaxmi
- Girl students / women
- 0.50%
- Benchmark
- RLLR 8.25% -0.75% to +0.25%
- Processing fee
- Not published on the page we checked
- Effective
- 9 Oct 2026
- Source
- Canara Bank's page ↗
- Last verified
- 21 Oct 2026
Vidya Turant, premier institutes in India (collateral-free)
7.6% – 8.85%
Only for listed/rated institutesIndiaWithout collateral
- Girl students / women
- 0.50%
- Benchmark
- RLLR 8.25% -0.65% to +0.60%
- Processing fee
- NIL Processing Charges.
- Effective
- 9 Oct 2026
- Source
- Canara Bank's page ↗ · fee page ↗
- Last verified
- 21 Oct 2026
Conflict: the Vidya Turant product page says 'Rate of Interest: 6.85% p.a. *T&C Apply.' while the dated rate table shows 7.60% minimum; the dated table is used. Limits: Cat A ₹50 lakh, B ₹40 lakh, C ₹30 lakh, no collateral.
Vidya Sagar, abroad, above ₹7.5 lakh (with collateral)
9.5%
Only with collateralAbroadWith collateral
- Girl students / women
- 0.50%
- Benchmark
- RLLR 8.25% + 1.25%
- Processing fee
- Not published on the page we checked
- Effective
- 9 Oct 2026
- Source
- Canara Bank's page ↗
- Last verified
- 21 Oct 2026
Master's abroad at select top universities (with collateral)
9.5% – 10.35%
Only for listed/rated institutesOnly for master's degreesOnly with collateralAbroadWith collateral
- Girl students / women
- 0.50%
- Benchmark
- RLLR 8.25% + 1.25% to 2.10%
- Processing fee
- 100% and above collateral: 0.50% of sanctioned limit with Maximum of Rs.10,000/-; Less than 100%: 0.50% of sanctioned limit with Maximum of Rs.20,000/- (Bank is celebrating Retail Loan Festival and waiver of 100% processing charges from 01.10.2026 to 31.12.2026)
- Effective
- 9 Oct 2026
- Source
- Canara Bank's page ↗ · fee page ↗
- Last verified
- 21 Oct 2026
IBA Skill Loan (max ₹7.5 lakh)
9.75%
Only for skill coursesSkill course
- Girl students / women
- 0.50%
- Benchmark
- RLLR 8.25% + 1.50%
- Processing fee
- Not published on the page we checked
- Effective
- 9 Oct 2026
- Source
- Canara Bank's page ↗
- Last verified
- 21 Oct 2026
Vidya Sagar, India, above ₹7.5 lakh (with collateral)
9.85%
Only with collateralIndiaWith collateral
- Girl students / women
- 0.50%
- Benchmark
- RLLR 8.25% + 1.60%
- Processing fee
- Not published on the page we checked
- Effective
- 9 Oct 2026
- Source
- Canara Bank's page ↗
- Last verified
- 21 Oct 2026
The IBA model page says loans above ₹7.5 lakh need tangible collateral covering at least 100%.
Vidya Sagar, up to ₹7.5 lakh (India / abroad, no collateral)
10.25%
India and abroadWithout collateral
- Girl students / women
- 0.50%
- Benchmark
- RLLR 8.25% + 2.00%
- Processing fee
- Not published on the page we checked
- Effective
- 9 Oct 2026
- Source
- Canara Bank's page ↗ · fee page ↗
- Last verified
- 21 Oct 2026
No collateral up to ₹7.5 lakh (CGFSEL) per the IBA model scheme page; moratorium course + 1 year, repayment up to 15 years. A further 0.50% concession if interest is serviced during the course.
The rate you are offered depends on the bank's assessment and can be higher than the starting rate. Compare education loan rates across lenders →
Canara Bank education loan (study in India or abroad) rates
Verified on 21 October 2026 from Canara Bank's site ↗
- Starting from
- 10.25% p.a.
- Published range
- Only the starting rate is published
- Processing fee
- Not published
The rate you are offered depends on your credit score, income and employer and can be higher than the starting rate. RBI rules do not allow foreclosure or part-prepayment charges on floating-rate loans to individuals (other than for business purposes).
How Canara Bank compares
Canara Bank's education loan starting rate of 10.25% is the 13th lowest of 18 banks with a verified rate. The lowest is Bank of Maharashtra at 8.8%, and the median is 10%.
- Canara Bank
- ₹13,354
- Bank of Maharashtra
- ₹12,560
- Median bank
- ₹13,215
Monthly EMI on ₹10,00,000 on a 10-year loan, at each bank's starting rate. Your own rate depends on the bank's assessment.
Rate Verification & Official Notice
10.25% p.a.
10.25% – 10.25% p.a.
Not published
Applicable Conditions & Eligibility Factors:
- The lowest rate open to all students the bank publishes (study in India or abroad); lower rates for listed institutes, specific courses or with collateral are not used. Your rate depends on the course, the institution and the co-borrower's credit profile
Source: Canara Bank education loan rates (official)
Rates subject to borrower risk-grade & RBI regulatory changes.How It Works
- 1Choose a Canara Bank scheme: its rate, processing fee, effective date and source fill in.
- 2Enter the course length and the grace period after it; together they make the moratorium.
- 3Canara Bank's pages we checked do not say how moratorium interest is worked out, so simple interest is an assumption; the compounded figure is shown alongside.
- 4The EMI is worked out on what you owe when repayment starts, and interest paid is estimated year by year for Section 80E (old tax regime).
Key Factors Influencing Your Rate
- •Where you study: Canara Bank publishes separate rates for courses in India and abroad.
- •Collateral: Canara Bank's rates differ with and without security.
- •PM-Vidyalaxmi: Canara Bank has a separate rate for students at institutions covered by the scheme, set by the institution's tier.
- •Skill and vocational courses have their own scheme.
- •Girl students: Canara Bank publishes a concession on some schemes (see the table).
- •Some Canara Bank rates come with conditions (only with collateral; only for master's degrees; only for skill courses); they are tagged in the table, and the calculator starts on a rate open to all.
- •Some Canara Bank rates are only for students at institutes on the bank's list or in its rating categories (PM-Vidyalaxmi (AAA / AA / A institutes); Vidya Turant, premier institutes in India (collateral-free); Master's abroad at select top universities (with collateral)); they are tagged in the table, and the calculator starts on a rate open to all students.
- •Your institution, course, co-borrower's income and credit score decide where in the range you land.
PM-Vidyalaxmi: interest subvention
- 3% interest subvention during the moratorium on loans up to ₹10,00,000, for students with annual family income up to ₹8,00,000 who get no other government scholarship or subvention. It goes to one lakh students a year, and from the second year it depends on satisfactory academic performance.
- Collateral-free and guarantor-free loans for admission to qualifying institutions (top 100 in NIRF rankings, state government institutions ranked 101-200, and central government institutions) through merit-based admission.
- A 75% credit guarantee for loans up to ₹7,50,000.
- Rates are capped at the bank’s external benchmark lending rate (EBLR) + 0.5%. Repayment up to 15 years after the moratorium (course period + 1 year).
- Under the related CSIS scheme, students with family income up to ₹4,50,000 on technical or professional courses get full interest subvention during the moratorium on loans up to ₹10,00,000.
The calculator does not deduct the subvention, because the official pages do not say how it is worked out. Apply and check eligibility on the official PM-Vidyalaxmi portal. Figures from PIB: Cabinet release, 6 Nov 2024, Lok Sabha reply, 27 Jul 2026 and press note, 29 Jul 2026; checked 21 Oct 2026.
Section 80E: what we confirmed
- The deduction is the interest paid on a loan for higher education of yourself or a relative, with no rupee limit. Principal repayment does not count.
- Available only under the old tax regime. It is not in the income tax portal’s new regime list.
- The loan must come from a financial institution or an approved charitable institution.
- Individuals only; HUFs cannot claim it.
- The 8-year limit is in the Act itself. We could not open the Act text on an official site, so it is shown as unverified and you can switch it off above.
The Income-tax Act, 1961 was repealed on 1 April 2026 and replaced by the Income-tax Act, 2025; the AY 2026-27 return pages still use the 80E name. Sources: income tax portal, deductions for AY 2026-27, ITR-4 instructions, ITR-2 instructions and new Act FAQ; checked 21 Oct 2026.
Worked Numerical Example: Canara Bank Education Loan EMI Calculator
For a ₹10,00,000 loan at the starting rate of 10.25% a year, with a 24-month course and a 12-month grace period, simple interest of ₹3,07,500 builds up before repayment starts, so ₹13,07,500 is repaid over 10 years (120 months). The EMI is ₹17,460, with total interest of ₹10,95,247. If you pay the interest while you study, the EMI is lower; the calculator above shows each option.
Frequently Asked Questions: Canara Bank Education Loan EMI Calculator
- What is Canara Bank's education loan (study in India or abroad) interest rate?
- Canara Bank publishes education loan (study in India or abroad) rates starting from 10.25% a year, checked on 21 October 2026. The rate you are offered depends on your credit score, income and employer.
- Which Canara Bank education loan schemes does this calculator cover?
- PM-Vidyalaxmi (AAA / AA / A institutes); Vidya Turant, premier institutes in India (collateral-free); Vidya Sagar, abroad, above ₹7.5 lakh (with collateral); Master's abroad at select top universities (with collateral); IBA Skill Loan (max ₹7.5 lakh); Vidya Sagar, India, above ₹7.5 lakh (with collateral); Vidya Sagar, up to ₹7.5 lakh (India / abroad, no collateral). Each rate was read from Canara Bank's own website; the table lists the source, effective date and date checked.
- How does Canara Bank charge interest during the moratorium?
- The Canara Bank pages we checked do not say. The calculator assumes simple interest during the course and grace period, shows the compounded figure for comparison, and lets you choose to pay the interest while studying instead. Ask the branch how it will be charged.
- Is Canara Bank's processing fee included in the EMI?
- No, a Canara Bank loan EMI covers principal and interest only. Canara Bank's processing fee, in the bank's own words, is listed against each scheme in the scheme table; it is usually paid upfront or deducted from the amount disbursed.
- Can I claim Section 80E on a Canara Bank education loan?
- Section 80E covers the interest (not the principal) on an education loan from a bank, under the old tax regime. The calculator estimates the saving from the interest you pay each year; see the Section 80E notes and official sources on the education loan EMI calculator.
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