Documents Required For Education Loan
Check out our latest list of Documents Required for Education Loan. Private and Public Sector banks provide education loan for students who want to pursue their higher education in India or overseas. The loans are sanctioned by various banks such as State Bank of India (SBI), Punjab National Bank (PNB), HDFC, Andhra Bank, Union Bank Of India, UCO Bank, etc,. after verifying all the necessary documents. So, Students are invited to go through the below provided details of this page for complete knowledge of documents verified for educational loans’ sanction.
Documents Required For Education Loan:
Candidates who want to pursue higher studies by taking an education loan have to submit the required documents. The list of documents for verification includes:
- Admission Letter from Institute.
- Proof of Address.
- Identity Proof.
- Proof of Signature.
- Proof of Age.
- Filled in Application Form complete in all respects along with Photographs.
- Affidavit confirming that you did not take loan from any other financial institution or banking organization.
- Cost break up of academic program from the Institution, stating term-wise and year-wise tuition fees; and any other expenses.
- Mark sheets and certificates for your entire academic record starting from class X to the last completed qualification examination.
Check Here – Education Loans for Students in India
Documents Required For Foreign Studies:
Students, who want to study abroad have to submit other additional documents. The following list provides the details of the additional certificates:
- Letter from the Head of Department of University.
- Academic 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 for students planning on studying in USA.
You may also check – How to apply education loan
Documents for Co-Applicant:
For loans crossing the 4 to 7.5 lakh Rupees mark, A co-applicant is required as a collateral security. Your spouse, parents, guardian, or parent-in-law can guarantee your education loan. The following list of documents for Co-Applicant are required:
- a) If Salaried:
- Identity Proof
- Proof of Address
- Bank Statements of last 3 months.
- Latest salary slip or current dated salary certificate with the latest Form 16
- b) If Self-Employed (Professional/Individual):
- Identity proof
- Proof of address
- Bank Statements of last 6 months.
- Latest Income Tax Report (ITR) with CA certified details of income, balance sheet, and profit and loss account for last 2 years.
- Proof of Qualification of highest professional degree
- Proof of continuation of business: Trade License/Establishment/Sales Tax Certificate/etc.,
- Sole Proprietor Declaration or Certified Copy of Partnership Deed, Certified Copy of MOA, and AOA & Board resolution.
Proof of Identity
An individual’s personal identity has to be proved beyond reasonable doubt in a verifiable manner. Students have to submit one of the following as Identity proof:
- Pan Card
- Voters Identity Card
- Driving License
- Photo Credit Card
- Central & State Government ID Card
- Defence ID card
- Aadhar Card
- Letter (with photo ID) from recognized public authority or public servant verifying identity and residence of customer to the satisfaction of sponsoring company.
Proof of Residence:
The proof of Residence for education loan strengthens the student’s credentials, and he or she can submit any one of the following:
- 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 the satisfaction of sponsoring company.
- Identity/Address Proof issued by village Panchayat Officer/Tehsildar/Block Development Officer
- Pan card intimation/ allotment letter.
III. Students residing in a Hostel, Hostel room allotment letter/letter from college office or warden’s office.
- Piped Gas Connection Bill/Post Paid Mobile Bill.
- 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/ landlord.
- Persons without address proof in his/her own name can provide an address proof of a close relative supported by a document establishing their relationship.
Proof of Signature:
Students can select any one of the following documents as signature proof for receiving an education loan:
- 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 the signature on application form with enclosed cheque of processing fees. Photocopy of the processing fee cheque has to be taken and maintained in a file.
- Notarized affidavit (exceptional case, subject to the company’s satisfaction)
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