Preheat frying oil to 365 degrees, if not in a deep fryer make sure you have enough oil to float the toast.
Combine dry ingredients (without granola) in a mixing bowl.
Add milk, egg, and vanilla to the dry ingredients bowl and whisk until well blended.
If your mixing bowl is not flat enough to allow proper dipping of the toast pieces, transfer your mix to a pie pan or other flat bottom dish.
Place granola on a plate or other dish to make coating toast easier.
Using a bread or serrated knife, slice each toast piece in half diagonally. Press lightly and let the knife do the work to avoid squishing the bread.
Dip the toast in the batter mix, flipping to coat both sides. Depending on preference you can let some batter drip off or whip off on edge of dish before next step, but be sure to leave enough to coat the surface and pick up the granola.
The goal of this step is to pick up just a little granola. Place the battered toast on the bed of granola, press lightly. Flip and press lightly again. You can also sprinkle the granola on or spread it out with your fingers for an even coating.
Place prepared toast in fryer basket and when basket is full (mine allows 4 pieces) place in fryer oil. You could add one piece at a time, just personal preference here. Do not overlap or stack, leave room, this is not like frying fries. You need room for these to float in the oil and for the oil to cook the edges.
Allow bread piece to cook 2-3 minutes or until golden brown (on the side in the oil). Flip and cook on the other side for an additional 2-3 minutes.
Remove toast from frying and place on a plate covered with a paper towel. Optionally, sprinkle with powdered sugar while still fresh from the fryer.
Continue battering, coating, and frying until all pieces are done.