Education loans from Karnataka Bank can be availed up to INR 10 lakhs to study in India and up to INR 20 lakhs to study abroad. The interest rates range from 10.90% to 12.60%. Students can take collateral-free education loans of up to 4 lakhs. However, the applicant must submit documents to the banks for hassle-free loan sanction and disbursement. These documents are related to identity, income, academic qualifications, and collateral.
Let’s have a look at the list of documents required to avail Karnataka Bank education loans to study abroad.
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What are the Documents Required for Karnataka Bank Education Loan?
Banks require a lot of documents to sanction education loans to study abroad. The applicant is required to submit documents relating to your identity, address, income, academics, and collateral. This helps the bank in verification of your creditworthiness and the admission status of the student.
Documents verification is divided into two steps- before education loan sanction and before disbursement.
Education Loan Documents Before Sanction
Before the loan disbursement, banks require documents related to identity, KYC, address, financial documents, collateral documents, and generic admission documents. Here’s what is required.
- KYC
- Aadhaar and PAN card of applicant/borrower
- Last qualification mark sheets, score card, degree or diploma
- Basic qualification records (HSC/10th/12th passing records)
- NSDL application
- Passport
- Salary Slips
- Income Tax Return filing
- Documents of ownership of asset
- IELTS certificate (education loan outside India)
Pre-disbursement of Education Loan Documents
- Offer letter from the University
- Fee structure of the University
- Loan agreement signed by the applicant/ co-applicant
- Signed Sanction letter
- Disbursement request form
- Receipts of fee/ margin money paid to the university
Things to Keep in Mind Before Documents Submission
An applicant must be very careful while submitting documents along with the application form. They must ensure to submit bonafide certificates and self-attest the documents. Delays in submission or inauthentic documents will lead to education loan rejection. Have a look at what important things one must keep in mind before submitting the documents to the bank-
- Double-check the documents for visibility
- Self-attest all the documents
- Do not use fake documents
- Coordinate with the bank to ensure timely submission of necessary documents
- Do not overwrite the documents
Eligibility Criteria
Karnataka Bank education loans are provided only to deserving and eligible students. Unlike other private-sector banks, Karnataka Bank provides education loans to Indian residents as well as NRIs holding Indian passports. Let’s have a look at the eligibility criteria for Indian residents as well as NRIs.
For Indian Residents
- Applicants must be enrolled in recognized professional/technical courses
- Applicants must have proof of admission from the university
- Applicant must have exceptionally good academic performance and mandatory creditworthiness
For NRI’s
- Same as Indian residents with FEMA guidelines’ compliance
- Applicants must be enrolled in accredited courses
- Indian resident co-borrower must be listed
- Valid proof of income and residence abroad
- Applicants must show a valid and specified collateral
FAQs on Karnataka Bank Education Loan Documents Required
An applicant can take a Karnataka Bank education loan of up to INR 10 lakhs to study in India and up to INR 20 lakhs to study abroad. Study abroad education loans are provided under the KBL Vidyanidhi Quick Education loan.
The documents required for the Karnataka Bak education loan are an Aadhaar card, PAN card, academic qualification mark sheets, fee structure, NDSL application, passport, and admission letter from the university.
Documents that are required before education loan disbursement are an offer letter from the university, fee structure of the University, loan agreement signed by the applicant/ co-applicant, signed sanction letter, disbursement request form and the receipts of fee/ margin money paid to the university.
There is no minimum age limit to apply for a Karnataka loan education loan to study abroad under the KBL Vidyanidhi quick education loan scheme. However, the maximum age shall be 35 years.
Job-oriented technical and professional courses offered by reputed universities are considered eligible for graduation studies to study abroad. For postgraduation- MCA, MBA, MS, etc. courses conducted by CIMA- London, CPA in USA etc. are eligible courses.
This was all about the documents required for the Karnataka Bank education loan. Make sure to keep these documents handy to ensure quick and hassle-free education loan disbursement and submit all bonafide certificates for verification. Submitting fake or forged documents can lead to education loan rejection.
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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