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Canara IBA Skill Loan Scheme

Collateral-free skill-development finance from ₹5,000 to ₹7.50 lakh for courses aligned to the National Skill Qualification Framework, with up to seven-year repayment.

Interest rateLower reducing-balance rate is stated, but no numeric percentage or benchmark is published on the reviewed page.Maximum amountNeed-based finance from ₹5,000 to ₹7.50 lakh.TenureRepayment up to 3 years for quantum up to ₹50,000; up to 5 years above ₹50,000 to ₹1 lakh; and up to 7 years above ₹1 lakh. Moratorium is 6 months after courses up to one year and 12 months after longer courses.
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Quick eligibility check

Canara IBA Skill Loan Scheme

0 of 5 answered

Answer what you know. This guide compares your answers with the criteria published for this product; it is not an approval decision. Your answers stay on this device.

1Does your annual income meet this requirement: No student-income threshold is published?

Published source: Minimum income

2Does your annual income meet this requirement: the loan is jointly granted with a parent or guardian, with co-applicant income proof where applicable?

Published source: Minimum income

3Do you meet this requirement: Training-institute course must align to NSQF?

4Do you meet this requirement: there is no minimum course duration?

5Do you meet this requirement: Loan is jointly granted with parent/guardian and covered by CGFSSD?

0 of 5 answeredAnswer the remaining questions to see your checklist result.
✓ Manually checked 30 Aug 2026 · active
Offered byCanara Bank

India; Canara branches

Key facts

What the official sources publish

Every value belongs to this exact product. Expand any fact to inspect its official evidence in place.

Loan typeSkill-development education loan for NSQF-aligned courses at eligible training institutes.View source
Canara says the scheme supports national skill development and NSQF-aligned training courses.
Source
IBA Skill Loan Scheme
Page / section
Purpose; Eligible Courses
Accessed
30 Aug 2026
Confidence
high
Open official source ↗
Interest rateLower reducing-balance rate is stated, but no numeric percentage or benchmark is published on the reviewed page.View source
The official page says lower rate and reducing balance without a numeric rate.
Source
IBA Skill Loan Scheme
Page / section
Benefits; complete page
Accessed
30 Aug 2026
Confidence
high
Open official source ↗
BenchmarkNot published on the reviewed page.View source
No benchmark or spread appears on the full page.
Source
IBA Skill Loan Scheme
Page / section
Complete page
Accessed
30 Aug 2026
Confidence
high
Open official source ↗
APRNot published on the reviewed page.View source
No is displayed.
Source
IBA Skill Loan Scheme
Page / section
Complete page
Accessed
30 Aug 2026
Confidence
high
Open official source ↗
Minimum incomeNo student-income threshold is published; the loan is jointly granted with a parent or guardian, with co-applicant income proof where applicable.View source
The page requires joint parent/guardian lending but does not state an income amount.
Source
IBA Skill Loan Scheme
Page / section
Security; Documents
Accessed
30 Aug 2026
Confidence
high
Open official source ↗
Maximum amountNeed-based finance from ₹5,000 to ₹7.50 lakh.View source
The official quantum row publishes ₹5,000–₹7,50,000.
Source
IBA Skill Loan Scheme
Page / section
Loan Quantum
Accessed
30 Aug 2026
Confidence
high
Open official source ↗
TenureRepayment up to 3 years for quantum up to ₹50,000; up to 5 years above ₹50,000 to ₹1 lakh; and up to 7 years above ₹1 lakh. Moratorium is 6 months after courses up to one year and 12 months after longer courses.View source
Canara publishes the course-length moratorium and quantum-based repayment bands.
Source
IBA Skill Loan Scheme
Page / section
Moratorium; Repayment tenure
Accessed
30 Aug 2026
Confidence
high
Open official source ↗
Processing feeNil processing charges.View source
The official page states processing charges are nil.
Source
IBA Skill Loan Scheme
Page / section
Processing Charges
Accessed
30 Aug 2026
Confidence
high
Open official source ↗
Prepayment / foreclosureNo prepayment penalty.View source
Canara states no prepayment penalty.
Source
IBA Skill Loan Scheme
Page / section
Benefits
Accessed
30 Aug 2026
Confidence
high
Open official source ↗

Benefits and features

  • ₹5,000–₹7.50 lakh need-based finance
  • Nil margin and nil processing charges
  • No collateral or third-party guarantee
  • 6–12-month moratorium after course completion
  • Repayment up to 3, 5 or 7 years by loan amount
  • No prepayment penalty

Eligibility

  • Training-institute course must align to NSQF; there is no minimum course duration. Loan is jointly granted with parent/guardian and covered by CGFSSD.

Passing a listed condition does not mean the bank will approve an application.

Documents the bank lists

  • Application, photographs, , identity, residence and age proof
  • Admission proof, course expense schedule and last qualifying mark sheet
  • Co-applicant/guarantor income proof where applicable

Related official documents

IBA Skill Loan Schemeofficial-product-page · current · accessed 30 Aug 2026
↗

Plan before applying

Try the numbers

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Loan repayment estimate

See what the loan could cost each month. Move any slider to try a different amount, rate or repayment time.

One monthly payment₹21,696twenty-one thousand six hundred ninety-six rupees
Interest paid over the full loan₹27,06,939twenty-seven lakh six thousand nine hundred thirty-nine rupees
Everything you repay₹52,06,939fifty-two lakh six thousand nine hundred thirty-nine rupees

This is only an estimate, not a bank or insurer offer. The final amount can change because of taxes, fees, rate changes and provider rules.

Use the published table

Find the exact published value

Choose a table, then pick its row and column. This shows the exact entry published by the bank or insurer without making you scan every cell.

IBA Skill Loan · Amount / income₹5,000–₹7.50 lakh; NSQF-aligned course

This value is copied from Canara education, healthcare, deposit-backed and personal-loan terms. Check the table notes before relying on it.

Source: Canara loan product pages · Quantum; Eligibility; Repayment; Charges; Security Open official source ↗

Published tables

Complete rates, limits and schedules

Tables preserve every reviewed row and column from the cited official source.

Table 1 · 4 rows · 4 columnsCanara education, healthcare, deposit-backed and personal-loan termsPublished limits, eligibility, fees and repayment terms from the four official Canara product pages.View tableHide table

Scroll sideways to view every column

Canara education, healthcare, deposit-backed and personal-loan terms
ProductAmount / incomeTenureFees / security
IBA Skill Loan₹5,000–₹7.50 lakh; NSQF-aligned course3–7 years by quantum; 6–12-month moratoriumNil margin, processing and collateral; CGFSSD cover
Canara Heal₹25,000–₹5 lakh; ₹50,000 salary credit or balance; CIC 700+; age 21–5512–36 months including 2-month moratoriumNil margin/security; charges as applicable; health insurance mandatory
Canara My Money₹50,000–₹10 lakh; up to 75% online term-deposit limitBullet one day before deposit maturity25% margin; nil processing and security; eligible deposits only
Canara BudgetPrime 25× salary up to ₹50 lakh; Delight 25× up to ₹40 lakh; NTH 25% or ₹10,000Term loan up to 84 months; overdraft renewal every 2 years0.50%, ₹1,000–₹5,000; co-obligation; no prepayment penalty
Canara loan product pages · Quantum; Eligibility; Repayment; Charges; Security · accessed 30 Aug 2026Open official source ↗

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