April 16, 2024
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Documents Required for Education Loan

Some huge students want to continue their study but their financial problem is allowing them to continue to study. After clearing school education, higher education needs more finances, and not every parent is capable to afford such educational expenses. For this, the government has made a loan rule which is an education loan. Yes! It is a boon for students who are interesting to study further. Education loan is granted by bank authorities and it is valid to study either at your counter or abroad. Education loan and Student Loans Settlement is divided into many categories based on the amount you need to complete your degree.

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Suppose, you are applying for an education loan in a bank then you should about documents required to submit in the bank. If any of the documents are not submitted by you in the bank, your education loan will not approve and you may face many problems in the future. So, it is good to know about the documents required for education loan.A list of all documents is given below.

The major categories of all documents are here:

  • Academic documents
  • Financial proof documents
  • Identification of KYC documents

Subcategories of documents are listed here:

  1. Students’ documents
  2. Application form (complete and signed)
  3. two passport size photos (both applicant and co-applicant)
  • letter of admission from the institute with its name and address
  1. the cost structure of the educational degree and other expenses also
  2. Age proof – birth certificate or 10th class certificate
  3. ID proof – passport, pan card, voter card, driving license or Aadhar card
  • Visa approvals and travel paper
  • Address proof – passport, pan card, voter card, driving license or Aadhar card
  1. Affidavit or declaration that you do not have any loan from other bank or financial institutions
  2. the academic record of the student
    1. 12th board Marksheet
    2. certificates of any graduation and post-graduation
    3. Marksheet of any entrance exam
    4. scholarship documents if any
  3. Co-applied salaried documents
  4. Address proof
  5. Identity proof
  • CIBIL report
  1. Last 3 months salary slip
  2. Last 2 years income tax returns
  3. Co-applicant (self-employed)
  4. Address proof
  5. ID proof
  • Last 6 months bank statements
  1. Last 2 years income tax return
  2. Proof of office
  3. CIBIL report
  • Other income proof which is not shown in the above documents

These documents have to be given by every candidate applying for an education loan. If you are the one who wants to study in abroad then you must know about what is education loan for abroad studies without collateral. A collateral loan is a guaranteed loan in the form of assets while without a collateral loan is mainly relying on the borrower’s and co-applicants’ future income and creditworthiness. Financial institutions, which are having strong credit values, giving education loans to the borrower on a lower rate of interest otherwise education loan without collateral is on the highest rate of interest because there is no security. However, do not be dissapointed if you are lacking collateral, with the boom in technology, students can now open bank accounts with mobile-first banks like Zolve that provide all banking services online. Through these banks one can open U.S. bank account from india, apply for study loans and credit cards, and complete all formalities online making.