Canara Bank loan application forms can be filled and submitted through both online and offline processes. The bank provides education loans to study abroad up to 1.5 crores at competitive interest rates. The application form can also be filled out through the Canara Bank Vidya Lakshmi portal. Canara Bank is one of the best public-sector banks in India and is quite preferred for financial services like education loans, international money transfers, forex cards etc. Let’s check all the details regarding the Canara Bank loan application form and how to fill it.
Table of contents
How to Fill the Canara Bank Loan Application Form?
The Canara Bank loan application form is available on the official Canara Bank website or at any Canara Bank branch. It is also available on the Vidya Lakshmi portal education loan as per the IBA model of education loan. Students can either download the form online or collect a physical copy from the branch. Before filling out the form, keep all required documents ready for a smooth process. Check the steps to fill Canara Bank loan application form below:
- Mention all the personal details required in the loan application form. It will include name, email ID, phone number, date of birth etc.
- There is a section that requires information about the co-applicant and guarantor. Ensure the details provided are accurate and match official records.
- Enter the parent or guardian’s information (co-applicant details), permanent and current address, academic background and university details.
Also Read: Check here all about BOI Student Account and start saving money early.
Course and Financial Details
After entering personal details and academic details, you will need to enter financial details and the details of the course for which you want an education loan. In this section, students need to fill out the course details and provide an estimate of financial requirements. Specify the full name and duration of the course and mention the full address of the foreign university or institution.
Loan Amount and Repayment Plans
Mention the loan amount you are requesting based on the expense breakdown. For the repayment plan, Canara Bank offers various options. Canara Bank loan repayment plan must be understood before taking out the loan. The loan repayment period provided is up to 15 years.
Co-applicant Financial Details
The co-applicant, usually a parent or guardian, must submit their financial details. They need to submit income proof like salary slips, bank statements, or income tax returns. Also, some documents will be required to show the current employment status and details of the employer. Any existing loans or obligations must also be presented so that the bank can determine the loan amount.
Declaration and Signature
Once you have reviewed all information, both the applicant and co-applicant must sign the declaration section. It shows the authenticity of the provided details and the documents. This is a very important step, as any inaccuracies could delay the loan approval process.
Submit the Form and Documents
After filling out the Canara Bank education loan application form, you need to submit it to the bank. The application form must be submitted along with the supporting documents attached. Ensure you get a receipt as proof of submission, which may be helpful for future reference. If you have applied for the loan through the Vidya Lakshmi portal, you can track the status of the loan online.
Also Read: Check here all about Bank of India education loans to study abroad
Why Choose Canara Bank for Education Loans?
Canara Bank offers student-friendly education loans with flexible repayment terms, competitive interest rates, and comprehensive coverage of academic expenses. Their specialised schemes are designed for international students seeking undergraduate, postgraduate, and doctoral courses abroad. Check some major features of Canara Bank education loan below:
- Canara Bank education loan interest rate is competitive and starts from 11.35% per annum with discounts for female candidates.
- No collateral is required for an education loan from Canara Bank up to INR 7.5 lakhs.
- The students will also get a moratorium period of course period + 1 year or 6 months after the employment.
The Canara Bank loan application process for education loans is straightforward if handled step-by-step. By following these guidelines, students aspiring to study abroad can ensure a hassle-free experience which will allow them to focus on achieving their academic goals.
FAQs
Canara Bank offers education loans up to INR 1.5 crore for studies abroad. The amount covers tuition fees, living expenses, travel, and other course-related costs.
Yes, Canara Bank provides a moratorium period which is the course duration plus an additional 6 to 12 months after completion. During this time, students are not required to repay the loan but they can pay the interest charged during that duration.
Yes, loans up to INR 7.5 lakhs do not require collateral. For amounts exceeding INR 7.5 lakh, Canara Bank may require tangible security, such as property or fixed deposits, based on the loan amount and the applicant’s financial background.
Interest rates may vary depending on the co-applicant’s income and the loan amount. As of recent terms, Canara Bank offers competitive rates of around 11% to 13%.
The repayment tenure provided by the Canara Bank education loan is up to 15 years.
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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