An education loan is a financial aid given to students to help them cover the cost of their education, including tuition fees and other related expenses.

EMI (Equated Monthly Installment) is calculated using the loan amount, interest rate, and tenure. The formula used is EMI = P × r × (1+r)^n / ((1+r)^n-1), where P is the loan amount, r is the rate of interest, and n is the number of installments.

Canara Bank provides education loans up to ₹10 lakhs for studies in India and ₹20 lakhs for studies abroad.

Yes, a co-applicant is generally required, typically a parent or guardian, for the approval of the education loan.

The loan can be availed for graduate, postgraduate, or professional courses offered by recognized institutions in India and abroad.

The repayment period typically ranges from 5 to 15 years, depending on the loan amount and tenure.

Interest rates vary based on the loan amount, the course of study, and the applicant’s profile. Please check with the bank for updated rates.

Yes, you can pre-close the loan anytime with a small penalty charge as per the bank’s terms.

The processing time for an education loan can range from a few days to a few weeks, depending on the loan application and required documentation.

Yes, the interest paid on the education loan is eligible for tax deduction under Section 80E of the Income Tax Act.