Central Bank is one of the major public sector banks in India with over 4493 branches across the country. The bank is known for its commendable services in context to education loans for overseas studies. You can apply for the loan through the Vidya Lakshmi portal Central Bank education loan. Like all other banks, the Central Bank has outlined a list of documents required to get an education loan. Let’s check out the complete list of documents required for a Central Bank Education Loan.
Table of contents
What are the Documents Required for Central Bank Education Loan?
When you apply for an education loan, you need to provide a lot of details like academic background, name and address, course and university, source of income etc. All these details are supported by relevant documents which you need to submit to the bank. Also, you need to submit the documents required for an education loan in two stages- before loan sanction and after loan sanction. Check the details below.
Academic Documents
Academic documents include the details of your secondary and senior secondary education and also the university where you want to pursue further education. Check some of the major academic documents for education loans from the Central Bank:
- Marksheet of secondary and senior secondary exam
- Details of university and course
- Marksheet of undergraduate course (if applicable)
- Scorecard of entrance exam (GRE, GMAT, IELTS etc if required)
- Proof of admission (if required before loan sanction)
- Details of scholarship or any other grants (if available)
Also Read: Want a quick education loan to study abroad? Check here all about SBI Education Loan Processing Time
KYC Documents
KYC documents are required to address the proof and personal identity of the borrower. The KYC documents should be any document issued by the government on which the name of the individual name of parents, photograph, address etc are mentioned. Check some of the major KYC documents required for Central Bank education loan to study abroad:
- Aadhaar Card of applicant and co-applicant
- PAN Card
- Voter ID Card
- Driving license (in case any of above mentioned KYC documents are not available except PAN Card)
- Passport of the student
- Passport size photograph
- Copy of ID Card issued by the College or University
- Telephone Bill/Electricity Bill/Ration Card/Property Card for address proof
Financial Documents
The bank asks for financial documents in order to check the loan repayment capacity of the borrower. In the case of a student loan, the co-applicant is supposed to submit the income and employment details to the bank. Check the details of the documents below:
- Last 6 months’ bank statement
- Last 3 months’ salary slip (in case of a salaried individual)
- Last 2 years IT return
- Statement of assets and liabilities
- Copy of sale deed (in case of a secured loan)
Also Read: Worried about rise in floating interest rate? Check here all about Inflation and its effects on education loan
Central Bank Education Loan: Documents Required After Loan Sanction
Once the bank completes the verification process, it will issue the education loan sanction letter. You can submit the same to the university also as proof of financial support. All the terms and conditions, total eligible loan amount, repayment period, Central Bank education loan interest rate etc will be mentioned in the loan sanction letter. If you are ready to go ahead and agree to all the terms and conditions, the process of Central Bank education loan disbursement will be initiated after receiving and verifying the following documents:
- Visa approval letter
- Air tickets of student
- Details of health and travel insurance
- Letter of admission to a recognised university
- Fee breakup
FAQs on Central Bank Education Loan Documents Required
To apply for an education loan from Central Bank, you need documents such as proof of identity (like an Aadhar card, passport, or driving license), proof of address (like utility bills or rental agreement), admission letter from the educational institution, mark sheets/certificates of previous academic qualifications, income proof of the co-applicant, and collateral documents if applicable.
Yes, the Central Bank offers education loans without collateral for certain loan amounts. Generally, loans up to INR 7.5 lakhs don’t require collateral. However, for higher loan amounts, collateral may be necessary. Documents related to collateral, such as property documents or fixed deposit receipts, might be required in such cases.
Central Bank accepts income documents such as salary slips for salaried individuals, income tax returns, audited financial statements for self-employed individuals, and pension statements for retired individuals. These documents are necessary to assess the repayment capacity of the co-applicant.
Yes, if you’re planning to study abroad, in addition to the standard documents, you might need to provide documents like visa documents, an admission letter from the university, and other relevant documents as per the Central Bank’s requirements. The specific documents may vary depending on the country and institution.
You can submit the required documents online through the Vidya Lakshmi portal. You can also submit it by visiting the nearest Central Bank branch along with your loan application form.
This was all the details on documents required for the Central Bank Education Loan. Always submit all the documents properly and do not forge any of them so that you can get the loan quickly without any hassle.
To know more about education loans, the best bank accounts for students, forex and banking experience for global students or international money transfers, reach out to our experts at 1800572126 to help ease your study abroad experience.
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