Canara Bank provides education loans to study abroad at affordable interest rates. In order to get the loan, you are required to submit various documents. These documents are related to income, academic performance, financial documents, etc. Based, on this the bank can verify the details and assess the creditworthiness of the applicant. It is important to keep these documents handy and submit them as per the bank’s guidelines. Let’s explore the list of documents.
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What are the Documents Required for Education Loan in Canara Bank?
The students can apply for a Canara Bank Education Loan through Vidya Lakshmi Portal as well. When you take a Canara Bank student loan, documents like the application form, bank statements, residence proof, academic documents, and proof of admission must be submitted to the bank. Let’s have a look at the documents in detail-
Basic Documents
- Duly filled education loan application form
- Passport-sized photographs of applicant/ co-applicants or guarantor
- KYC documents of applicant/ Co-applicants or guarantor
- Proof of Identity: PAN CARD/Driver’s License/Voter ID /Passport/ Aadhar Card etc.
- Proof of Residence: Electricity Bill/Telephone Bill/ Ration Card/ Passport/ Aadhar Card etc.
- Age proof of the applicant/ Co-applicants
- Proof of admission to the course
- Schedule of expenses for the course
- Mark sheet of last qualifying examination
- Proof of income/assets (if any)
- Income Proof for Co-applicant/guarantor (if any)
– For Salaried- Last three months’ salary slips, Form 16 (of 2 years), Employer’s Identification Card, ITR Filed for the last 2 years
– For self-employed- Profit and loss account and Balance sheet for the past 3 years, Evidence of a business address - Academic Documents- Class X, XII, and graduation result (if applicable)
- Copy of land records
Additional Documents (if applicable):
- Entrance exam scorecard
- Letter of recommendation
- Proof of financial need
- Collateral security (if required)
Recommended Read: Planning to study abroad via financial assistance? Check out our blog on the List of Approved Foreign Universities for Education Loans.
Important Suggestions
Here are some important points to keep in mind regarding document submission for educational loan approval. Keeping these points in mind will ensure faster and quicker loan processing time and disbursement.
- Make sure all the due documents are submitted on time to ensure they all can go through the verification process on a timely basis.
- Include all the documents without any unclarities to guarantee ease of reading.
- Provide actual certificates only; any kind of forgeries are prohibited under any circumstance. If found, the Canara Bank education loan application is immediately cancelled.
- Self-attest all attached documents for authenticity.
- Provide for the certificates to be signed by a gazetted officer in compliance with the law.
- Submit the supporting documents before the deadlines to avoid any delays or potential cancel the loan approval.
- Make sure that the admissible PDF files are saved and ready to submit if there is any need.
Also Read: Planning for study abroad loan from SBI? Read this and know the differences between the SBI Student Loan Scheme and SBI Global Ed-vantage Scheme
Canara Bank Education Loan Overview
Canara Bank is one of the most popular public sector banks in India providing education loans under the IBA Model education loan scheme to study in India and abroad. The Canara Bank education loan maximum amount is INR 20 lakhs for study abroad.
However, meritorious students can avail of higher amounts subject to the repaying capacity of the applicant/ co-applicant. Canara Bank’s education loan interest rates start from 11.35% and a concession of 0.5% is also provided to girl students.
This was all about the Canara Bank education loan documents required. Make sure to keep them ready and avail of faster loan disbursement from the bank’s side.
FAQs on Canara Bank Education Loan Documents Required
Along with the education loan application form, applicants must submit proof of acceptance to the course and university abroad, a class 10/12 mark sheet, graduation result, an Aadhar card, salary slips, ITR filing of the last three years, and many more.
Documents relating to identity, address, income, language proficiency, schedule of expenses, academic background, and application form are required for a Canara Bank education loan.
Canara Bank’s student loan interest rates start from 11.35% and a concession of 0.5% is also provided to girl students.
Canara Bank usually takes 15-20 days to process Canara education loans and sanction the loan amount.
Canara Bank provides a maximum of INR 20 lakhs to study abroad. However, meritorious students can avail of higher amounts subject to the repaying capacity of the applicant/ co-applicant.
For a Canara Bank education loan, collateral documents typically required include property title deeds, a valuation report, legal opinion, income proof of the co-applicant, and any additional supporting documents.
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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