Education Loan Documents Required

Education loan is one of the easiest ways for students to fund their higher education in India or in a foreign country. Competitive rates of interest are offered by banks and financial institutions to make higher education simpler for the students.

Banks have set Education Loan eligibility standards for the student as well for the co-applicant. The student should be a citizen of India with good academic track record and should have secured admission in a recognized University/College. All loans require a co-applicant who needs to fulfil the basic requirements to apply for an education loan. The co-applicant could be a salaried or self-employed parent, relative or sibling with a steady source of income. The age, annual income, work experience in the current organization, total work experience, educational qualification and profession of the co-applicant are all considered by banks before deciding on the loan amount.

Though every bank or financial institution has its own rules regarding the documents to be submitted with an Education loan application form, most banks may ask for the following to be submitted.

Documents Required from Student

1. Application form (fully completed and signed)
2. Two passport size photos (both Applicant and Co-Applicant)
3. Letter of admission from the Institute (on its letterhead with the address of the Institute)
4. Cost break-up of the educational program from the Institute (specifying the tuition fees- term-wise, year-wise and any other expenses involved)
5. Academic record of the student:
   • 12th board mark sheet
   • Certificates of subsequent years of education- graduation and post-graduation (if any)
   • Mark sheet of any entrance exam taken by the student (if applicable)
   • Scholarship documents (if any)
6. Affidavit or Declaration that confirms that no loan has been availed from another bank or financial institution
7. ID Proof (any one of the following) : Passport, PAN card, Voter’s ID card, Driving License, Aadhaar card, etc.
8. Address Proof (any one of the following) : Driving license, Ration card, Voter’s ID card, Passport, Aadhaar card, etc.
9. Age proof (any one of the following) : Birth certificate or Class 10^th certificate
10. Visa approval and travel papers

Documents Required from Co-applicant (if salaried):

1. Address proof
2. Identity proof
3. Last 3 months salary slips or salary certificate on employer’s letterhead
4. Last 2 years Form 16 from employer or last 2 years Income Tax returns
5. Any other income proof that is not reflected in the above mentioned documents

Documents Required from Co-Applicant if Self-employed (Professionals/Individual):

1. Address proof
2. Identity proof
3. Last 6 months bank statement
4. Last 2 years Income Tax Returns
5. Proof of office (any one of the following : lease deed, utility bill, title deed)
6. Any other income proof that is not reflected in the above mentioned documents