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Education Loan Documents Required | Eligibility and Document Check list

Documents Required For Education Loan

In India the best way to provide financial Assistance to meritorious students is Education Loans. Here on this page we are going to discuss about the Education Loan Documents Required along with Eligibility requirements.

Sometimes, if you lack in producing a single document while applying for an education loan it can be a barrier. So, If you are going to apply for the Education loan then take a look over the Document Checklist and assure that you are fully prepared or now.

Several Banks Provide Education Loans:

Every year, several banks grant Education loans to students who get admission in recognized universities in India and abroad with no processing fee. Main motive of the Education Loan is to provide students a help of hand so that they can achieve their goad without any financial hurdles.

Education Loan Documents Required

The Education Loan Documents Required for Indian education is minimal, and includes academic records and references. Here in the below section of this page of we have stated all the Education Loan Documents Required. Check now….

Documents Required For Education Loan

Candidates, who want to continue their studies and need education loan are, required some documents. List of documents required is stated below:

  • Admission Letter from Institute.
  • Proof of Address
  • Identity proof
  • Proof of signature
  • Proof of age
  • Filled Application Form complete in all respects along with Photographs.
  • Affidavit confirming that you don’t have taken any loan from other Institution or bank.
  • Cost break up of program from Institution stating Tuition fees: term-wise, year-wise and any other expense.
  • Your entire academic record such as mark sheets starting from class X to last cleared qualified examination.

Documents Required For Studies Abroad:

Students, who want to continue their Studies in Abroad, require some additional documents. In the below part, you get list of some additional certificates:

  • Letter from Head of Department of University.
  • Progress reports in the form of mark sheets or a letter from Institute, while processing fresh disbursement tranche.
  • Travel papers
  • Visa approval papers
  • GMAT/GRE/SAT score
  • I-20 in case of applicant going to USA

Documents for Co-Applicant:

Basically, co-applicant is the people who need to fulfill basic criteria to apply for an education loan. In the below part, we are providing the list of documents required for Co-Applicant.

a) If Salaried:

  • Identity proof
  • Proof of address
  • Bank Statements of last 3 months.
  • Latest salary slip or current dated salary certificate with latest Form 16

b) If self employed (Professionals/Individual):

  • Identity proof
  • Proof of address
  • Bank Statements of last 6 months.
  • Latest ITR with computation of income, B/S & P&L a/c for last 2 years certified by CA
  • Proof of Qualification of highest professional degree
  • Proof of continuation of business: Trade license /Establishment /Sales Tax certificate.
  • Sole Proprietor Declaration or Certified Copy of Partnership Deed, Certified Copy of MOA, AOA & Board resolution.

How To Get Right Study Loan?- Get Best Answer

Alternative Documents:

Proof of Identity

An identity document is any document which is used to verify aspects of person’s personal identity. Students, you can give one of the identity proof for education loan from the documents mentioned below.

  • Passport
  • Pan Card
  • Voters Identity Card
  • Driving License
  • Photo Credit Card
  • Central & State Government ID Card
  • Defence ID card
  • Aadhar Card
  • Letter from recognized public authority or public servant verifying identity and residence of customer to satisfaction of e company ( should be a photo ID)

Proof of Residence:

From the below section, you can choose any of one proof of Residence for education loan.

  • Passport
  • Tax Paid Receipt
  • Bank Account Statement
  • Aadhar Card
  • Ration Card (except Maharashtra)
  • Letter from any recognized public authority.
  • Voter’s ID card
  • Letter from employer (Subject to the satisfaction of the Company)
  • Telephone bill / Electricity bill / Water Bill not more than 3 months old
  • Allotment letter issued by any government department
  • Copy of agreement to sale / sale deed
  • Provides any one documents to provide customer information to satisfaction of Company.

I. Identity/Address Proof issued by village Panchayat Officer/Telsildar/Block Development Officer

II. Pan card intimation/ allotment letter.

III. Students residing in a Hostel, Hostel room allotment letter/letter from college office

IV. Piped Gas Connection Bill/Post Paid Mobile Bill.

V. Leave & License Agreement or Rent Agreement having validity as on the date of entering into a relationship with company along with copy of ownership proof of  lessor.

VI. Person not having an address proof in his/her own name can provide an address proof of any of close relative supported by document establishing their relationship.

To Get Financial Aid For Studies- Check Here

Proof of Signature:

Students, you can select any of one option for education loan, which is provided in the below section.

  • Banker’s signature verification
  • Driving license along with photograph and signature
  • Copy of Passport
  • PAN Card
  • Clearance of processing fees cheque –concerned officer has to verify signature on application form with processing fees cheque. Photocopy of the processing fee cheque to be maintained in file.
  • Notarized affidavit (exceptional case, subject for the satisfaction of company)

Education Loan Documents Required

There are many public and private sector bank like State Bank of India (SBI), Punjab National Bank (PNB), HDFC, Andhra Bank, union bank of India, UCO bank and other banks provides education loan to commendable students for pursuing higher education in India or in aboard.

Candidates, if you are the one who want to pursue for higher studies, must know that which Education Loan Documents Required and what are the eligibility conditions as well.

Eligibility Required Applying for Education Loan:

Student’s Eligibility required to apply for Education Loan:

The following people are eligible to apply for an Education Loan for Indian Education:

  • Resident Indians
  • Individuals between the ages of 16 and 35
  • For Loan amount 4 lac <=7.5 lac: third party guarantee and parent(s) as joint borrower(s)
  • For loan amount > 7.5 lac: Tangible collateral security along with Parents to be joint borrower(s)

Courses Eligible for Education Loans:

Students can get Education Loans for the following courses:

  • Undergraduate degrees/diplomas and special courses.
  • Postgraduate degrees/diplomas and special courses.
  • Phds and Doctoral Programmes.

Banks also offer loans for specialised courses, training and diplomas. Some of the courses include:

  • Computer certificate course
  • Engineering diploma
  • Certificate courses from ITI
  • Data entry operator course
  • Nursing/Teacher Training certificate courses and B.Ed
  • Agri diploma
  • Veterinary diploma
  • Any job-oriented diploma or certificate course
  • Degree or diplomas for aeronautics, pilot training, shipping held by recognized regulatory bodies for the purpose of employment in India or abroad
  • Vocational courses run by a Government organization or department
  • Courses run by State Skill Missions, State Skill Corporations, or National Skill Development Corporation

Check Now: How to Get Scholarship for Indian Students

RBI Guidelines over Education Loans:

According to the Reserve Bank of India guidelines, the maximum student loan for education in a domestic University is Rs. 10 lakhs, and for studying abroad, it is Rs. 20 lakhs. The guidelines also declare that an education loan taken up to Rs. 4 lakhs is allowed without collateral security and when the loan exceeds the said amount, it becomes necessary to have a collateral and third party guarantee, which in most cases is one of the parents of the student.

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