Canara Bank Education Loan Documents Required: 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.
To apply for Canara Bank education loans, a list of documents must be submitted to the bank for them to verify your details and eligibility. In this blog, we will help you with the Canara Bank education loan documents required.
Table of contents
What are the Documents Required for Canara Bank Education Loan?
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-
- Duly filled education loan application form
- Passport-size photographs of applicant/ co-applicants or guarantor.
- Identity and Address proof Documents- Aadhaar Card, PAN Card, Voter ID
- KYC documents of applicant/ Co-applicants or guarantor.
- 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).
- Copy of land records.
- Income Proof Documents-
- 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)
- Any other documents as required by the Bank
Recommended Read: Planning to study abroad via financial assistance? Check out our blog on the List of Approved Foreign Universities for Education Loan.
Important Points
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
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.
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.
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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