Canara Bank Pradhan Mantri Vidyalaxmi Scheme Education Loan Guidelines

27 October 2026

Canara Bank offers education loans under the Pradhan Mantri Vidyalaxmi Scheme starting at an interest rate of 6.75% per annum with zero processing charges, no guarantor, and no collateral security for eligible courses in identified Quality Higher Educational Institutes (QHEIs). Loans up to Rs. 10 lakhs qualify for full interest subvention during the moratorium period for students with annual family income up to Rs. 4.5 lakhs, and a 3% subvention for incomes between Rs. 4.5 lakhs and Rs. 8 lakhs. For Category AAA institutions margin is nil, while for Categories AA and A margin is nil up to Rs. 4.00 lakhs and 5% above Rs. 4.00 lakhs, with a repayment tenure of up to 15 years excluding the moratorium period (course period plus 1 year).

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