To apply for a Canara Bank education loan, specific documents are required to verify the applicant’s financial background and academic details. These Canara Bank education loan documents required help the bank assess eligibility and ensure a smooth loan application process.
It is crucial to prepare the necessary Canara Bank education loan documents in advance. Submitting them properly, as per the bank’s guidelines, will help expedite the approval process and prevent delays. Let’s explore the list of basic and additional Canara Bank education loan documents required in detail.
Table of contents
What Are the Canara Bank Education Loan Documents Required?
The students can apply for a Canara Bank Education Loan through Vidya Lakshmi Portal Portal. Several Canara Bank education loan documents are required to be submitted to the bank during the loan application process. Canara Bank education loan documents include the completed application form, recent bank statements, proof of residence, academic qualifications, and admission confirmation from the educational institution.
Each of these Canara Bank education loan documents is essential for the bank to evaluate the loan application and verify eligibility. Let’s have a look at the basic Canara Bank education loan 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 Canara Bank Education Loan Documents (if applicable)
When applying for a Canara Bank Education Loan, in addition to the basic documents, you may be required to submit additional documents depending on your specific situation. These documents may include:
- 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.
Points to Consider for Canara Bank Education Loan Documents
Here are some important points to keep in mind regarding the submission of Canara Bank education loan documents for approval. Keeping these points in mind will ensure faster and quicker education loan processing time and disbursement.
- Make sure all the due Canara Bank education loan 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.
Tips for Submitting Canara Bank Education Loan Documents Without Delays
Submitting the required Canara Bank Education Loan Documents accurately and on time is crucial for the smooth processing of your loan. To ensure a seamless loan application process and timely disbursement, consider the following tips:
- Complete Documentation: Ensure that you have all the required Canara Bank Education Loan Documents ready and double-check that they are up-to-date and valid.
- Clear and Legible Copies: Submit clear and legible photocopies of all documents. Illegible or unclear documents may delay processing.
- Keep Originals Handy: Always have the original documents available for verification by the bank.
- Ensure Accurate Details: Make sure all details on the Canara Bank education loan documents match your loan application, including your name, address, and course details.
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 Canara Bank education loan application form, applicants must submit proof of acceptance to the course and university abroad, class 10/12 mark sheets, graduation results, an Aadhaar card, salary slips, ITR filings for the last three years, and other necessary documents.
Canara Bank’s student loan interest rates start from 11.35% and a concession of 0.5% is also provided to girl students.
After submitting the Canara Bank education loan documents, Canara Bank typically takes 15-20 days to process the loan 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.
For loans above ₹20 lakhs, the bank may require additional Canara Bank Education Loan Documents such as property documents to serve as collateral, depending on the loan’s terms and conditions.
Yes, the co-applicant’s income proof is necessary to evaluate the financial background for the loan repayment.
The applicant should generally be between 18 to 35 years of age, though the specific age limit can vary based on the course and loan type.
While some initial digital submissions are allowed, you will need to provide physical copies of the original Canara Bank Education Loan Documents for verification at the branch.
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.
Follow Us on Social Media
