How to Fill Education Loan Application Form

Student loans are a boon for students facing financial challenges to fund their higher education. To get your student loan approved, it's important to understand how to apply for an education loan to study abroad. Also, know eligibility to fill out an education loan application form.

How to Fill Education Loan Application Form

Accurately filling out your education loan application is critical to avoid rejection or processing delays. Banks demand precise details in every section, from personal data to financial breakdowns. Use the table below as a quick checklist to ensure you enter the correct information for every field in your form.

Section Name	What Details to Provide
Applicant Details	Enter the Student's name exactly as per the 10th Marksheet. Do not use nicknames.
Co-Applicant	This is usually your parent. Enter their PAN number and Income Tax details accurately.
Course Details	Mention the official name of the degree (e.g., "B.Tech in CS," not just "Engineering").
Expense Schedule	Do not guess. Copy the exact amounts from your college's "Fee Structure" letter.
Loan Amount	Formula: (Total Cost) minus (Scholarships + Margin Money). Don't ask for 100% if the margin is 15%.
Repayment Period	Choose "Moratorium + 1 Year" to give yourself a buffer before EMIs start.

Steps to Apply For Education Loans in India

• Step 1: Choose the bank or financial institution that offers student loans. 
• Step 2: Check eligibility criteria for the student loan.
• Step 3: Collect the required documents for study loan.
• Step 4: Fill out the study loan application form with the correct information.
• Step 5: Submit the completed application form.
• Step 6: Now, wait for the bank to process your application and disburse your education loan. 

What is an Education Loan?

With the cost of education reaching the apex in both India and outside the nation, many students feel reluctant to apply to their target higher education institute. Every student aims to obtain a quality education, but compromises due to the high cost of studying. Here is when an education loan comes in handy.

An education loan is a student loan specifically meant for students who are planning to pursue their higher education. Students can apply for education loans to study both in India and abroad. These are offered by multiple banks as well at competitive rates.Here are some points that will help you understand importance of student loans:

• Affordable Education: Education loans help students pay for quality higher education, no matter they want to study in India or abroad.
• Covers More Than Just Fees: Several banks offer education loan which covers 100% of higher study expenses, which is not limited to tuition fee only.
• Easy on Your Wallet: You don't have to start paying them back right away. Repayment begins after you complete your course. It means you will get time to find a job after higher study.
• Many Choices: Different banks offer these loans, so you can find one with a good interest rate that suits you.

Advantages of an Education Loan

Students as well as parents benefit a lot from an education loan. Students, because they are able to go abroad in order to pursue their dream course and parents because they see their children's dreams coming true. This highly sought-after financial assistance makes higher education more accessible for students, in a way that helps them secure their future. Some of the many benefits of an education loan are listed below:

• Makes education affordable: Through an education loan, students are able to cover their expenses related to programme fees, textbooks, laptops, travelling, accommodation and much more, depending upon the bank. Due to this ease, one is able to study a programme of his/her choice at a selected institution without having to worry about the overall expenditure. 
• Convenient repayment period: A flexible repayment term makes it convenient for the students to pay back the borrowed money. This is so because various features and options are available with the help of which students can customize their loan repayment timeline so that it suits their monetary circumstances. So there are many different education loans with flexible terms of repayment. You may even defer payments till after the end of your graduation. For this, multiple repayment plans are available.
• Lower interest: Education loans, which are funded or supported by the government usually have lower interest rates in comparison to the rest of the loan types. This makes them more attractive to students. 

Students or borrowers should keep in mind that although education loans do have many advantages, one needs to act responsibly while availing them. Before applying for an education loan you should see if you'll be able to repay it once your graduation is over. They may also choose options such as scholarships and grants in order to reduce the overall monetary burden. 

Process to Fill Educational Loan Application Form

Check out the steps to fill out the educational loan application form given below.

• Select the bank: Many public sector and private sector banks in India offer education loans to study abroad. Selecting a bank is the first step that one should consider before filling out the educational loan application form. Know the terms and conditions, rate of interest, and other formalities of the bank. The formalities may vary from bank to bank. In all, shortlist the banks and then decide from which bank the loan has to be taken.
• Know the details of the loan: Before filling out the educational loan application form, make sure to know each and every detail of the loan. This may include the terms and conditions, benefits, rate of interest, etc. Also, discuss the hidden charges, processing fees, and more from the bank executives.
• Cross-check the eligibility criteria: In order to get the loan approved, make sure to meet all the eligibility conditions. It is one of the crucial steps before filling out the education loan application form. Also, keep all the necessary documents ready.
• Apply for the education loan: Lastly, look out for the methods through which you can apply for the education loan. You can either apply online or visit one of the nearest bank branches to fill out the educational loan application form.

Note: Finances must not become a hurdle for students who wish to study abroad. Students can apply for Education Loan through Shiksha Study Abroad.

How to Fill Education Loan Application Form: Documents Required

Before the approval for an educational loan is given, here are the documents required for an education loan. Banks will ask you for these documents at the time of application:

Category	Document Type	Examples / Notes
Student	Photo ID Proof	Aadhar Card, PAN Card, Passport
	Passport	Mandatory for studying abroad
	Address Proof	Aadhar Card, Utility Bills, Ration Card
	Proof of Education	Mark sheets, Certificates, Degree
	University Offer Letter	Admission letter from foreign university
Co-applicant	Photo ID Proof	PAN Card, Aadhar Card
	Address Proof	Utility Bill, Rental Agreement, Passport
	Salary Proof	Latest Salary Slips (3–6 months)
	Bank Statement	Past 6 months’ bank transactions
	Income Tax Returns	Last 2–3 years of ITRs
	Proof of Business (if self-employed)	Business registration, GST certificate, ITRs

Related article: Things to know before applying for foreign education loan

Points to Remember Before Filling Educational Loan Application Form

The banks consider the following factors at the time of granting the educational loan to study abroad.

• The academic background and credentials such as grades, credits, etc of the candidates are considered
• The applicant should also be able to provide collateral for the loan
• Before selecting the bank, the applicant must read all the terms and conditions as well as the details mentioned on the educational loan application form
• The program of study should be accredited. The banks also want to know if there is a chance of landing a job abroad

There are a few other important things that banks scrutinize before granting loans. You need to keep them in mind before you apply for a loan, and they are as follows –

• Repayment capacity of the student's parents/family/sponsor.
• The value of collateral security. Banks usually get the valuation of the collateral done from an approved valuator
• Margin money 

Eligibility Conditions to Apply for an Educational Loan to Study Abroad

The eligibility criteria to apply for an education loan in order to study abroad may vary from bank to bank. However, some of the common eligibility conditions are given below:

• The candidates must have good academic records
• The candidates must be a citizen of India
• The candidates must have been admitted into a recognised foreign university or institute
• The candidates must be 18. If not, then his / her parents are required to avail of the loan
• Banks give preference to job-oriented courses, so the candidate must go for a technical or professional course

If you have any queries related to this topic, we will be happy to answer them. You can drop your question in the comment section below or connect with Shiksha Study Abroad Counsellors.