What Documents Are Required For an Education Loan?
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For education loans, banks require documents from both the student and any co-borrowers. Marksheets, ID proof and admission letter are some documents required for an education loan. Banks need certain documents to make sure you are a genuine student.
Planning to secure a student loan to study abroad? You'll need a comprehensive checklist of the documents required for an education loan. When applying for study loan, both students and co-applicants must submit specific paperwork to the lender (banks or NBFCs). These submissions allow banks to verify the authenticity of the applicants and, if applicable, the collateral pledged, which is crucial during the study loan processing phase.
Majority of document requirements are consistent across the top education loan providers in India. Still, be prepared when your chosen bank may request additional paperwork. Essential documents required for an education loan typically include academic transcripts, passport size photographs, and a confirmed admission letter from the foreign university. Getting these documents required for education loan organised beforehand will streamline your application process significantly.
Note that, if you keep your documents ready at the time of application, there is high chance that you will get your loan early.
Read More:
- Documents Required for Education Loan to Study Abroad
- Income Documents Required for Education Loan
- Collateral Documents Required for Education Loan
- FAQs Related to Documents Required for Education Loan
Documents Required for Education Loan to Study Abroad
Indian students applying for an education abroad will first have to complete and sign the loan application form. After that, the applicants will have to attach certain documents to justify their need for funds to study abroad. Check out list of documents required for education loan:
| Category | Document Type | Details |
|---|---|---|
| Student Documents | Application Form | Duly filled and signed |
| Passport-size Photos | Recent photos of student & co-applicant | |
| Academic Records | ||
| Admission Proof |
|
|
| KYC Documents |
|
|
| Statement of Purpose (if needed) | For international studies, outlining academic & career goals | |
| Co-applicant/Guarantor | Income Proof |
|
| Bank Statements | Last 6–12 months | |
| KYC Documents | Same as student: ID & address proof | |
| Asset & Liability Statement | For loans above ₹7.5 lakhs | |
| Other Documents | Collateral Documents (if applicable) | Property papers, FD receipts, etc. |
| Scholarship/Free-ship Letter (if any) | Confirmation of amount awarded | |
| Form A2 | Self-declaration for study gap |
Income Documents Required for Education Loan
The following income documents will be required by the bank offering an educational loan to a study abroad applicant. These finance documents proofs required from students based on their guardians' occupations, and they are as follows:
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| Financial Documents Required from Salaried Employees | Financial Documents Required from Self-Employed Professionals |
|---|---|
| Recent salary slips of three months or Salary Certificates on Letterhead | Proof of office (like a lease deed, utility bills, a title deed, etc) |
| Previous two years' Form 16 from the employer or the last two years' income tax | Last two years' income tax return statements |
| Income proofs apart from the above-mentioned documents | Certified financial statements or provisional financial statements certified by a CA |
Collateral Documents Required for Education Loan
In case the applicant or co-applicant wishes to submit collateral property papers, they can submit the following proofs:
- The title deed of the property
- Land registrar's details about the extracts of agricultural land
- Latest property tax bills
- NOC from the builder for the Mortgage
- Official allotment letter of property
- Approved building plan
- Encumbrance certificates
Applicants should note that no bank, either private or public, requires original copies of the supporting documents that are to be submitted. The applicants just need to submit their copies and they should be signed and should also be self-attested by the applicant.
Before applying for an education loan, applicants should check Public v/s Private Education Loan Providers and then make their choice accordingly. Also, ensure that they are eligible to apply for a loan to study abroad. Those Indian Banks Offering Education Loans for Studying Abroad with lower interest rates should be considered as well.
Useful Reads
| Government Education Loan Scheme | Best Time to Think about Finances to Study Abroad | Best Education Loan Providers |
| Education Loan Eligibility Criteria | Student Loan Vs Self-Finance | Vidya Lakshmi Portal |
Note: Students, who wish to study abroad, may get in touch with India’s top-rated loan providers and apply for an education loan through Shiksha Study Abroad.
FAQs Related to Documents Required for Education Loan
Reserve Bank of India (RBI) offers loans to smaller banks like SBI and ICICI bank. Repo Rate is ROI that these smaller banks have to pay when they borrow money from RBI. IT changes time to time.
There is no fixed rate of interest for PM Vidya Lakshmi education loan. ROI completely depends on the bank loan scheme and profile of a candidate. If your CIBIL score is 700+ ROI can be less.
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5 years ago
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5 years ago
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5 years ago
Form A2 is an important document or declaration form required by the Reserve Bank of India (RBI) when sending money abroad. It is submitted to banks and NBFCs. This form contains information like the purpose of remittance, amount, and personal information. This form is to ensure that outward remittance is for genuine purpose.