With these 5 documents, an education loan will be yours instantly

With these 5 documents, an education loan will be yours instantly

With these 5 documents, an education loan will be yours instantly

Education is the most important aspect of life. It is necessary in building a strong career and a better future for the country.

Competitive rates of interest are offered by banks and financial institutions to make higher education simpler for the students.

 Education loan is one of the easiest ways for students to fund their higher education in India or a foreign country.

The government of any country tries and helps all its students, in case they want to pursue higher education abroad.

Education loan comes in very handy for financially week students and parents.

A little financial push in the name of an education loan or student loan can go a long way in helping someone achieve a better life that comes with education and good academic background.

If you are planning to study in the UK read Guide for student loan in the UK

Expenses Covered in Education loan for students

  • Student’s tuition fees
  • Student’s hostel fees
  • Insurance premium
  • Student’s cost of stationary related to studies like (books/equipment/instruments/uniform)
  • Any examination/laboratory/library fees
  • Student’s cost of a computer/laptop
  • Any caution deposit, building fund/refundable deposit supported by institution bills/receipts
  • Other expense related to study tours/thesis/project work
Expenses Covered in Education loan for students

Salary slips of last 3 to 6 months

  • Permanent Account Number (PAN) Card
  • Passport
  • Driving License
  • Aadhaar Card
  • Voter’s ID Card
  • Passport
  • Driving License
  • Aadhaar Card
  • Voter’s ID Card

Provide copies of all the necessary documents of the property mortgaged.

For a salaried applicant, he needs to submit his updated bank account statements for the last 3 months and for a self-employed individual; he must submit statements of 6 months.

Do give our blog Is Education loan for students really FREE??? a read

Few additional documents that you need to keep handy if you want to speed up your process of acquiring Education loan for students at a faster pace

  1. Filled and signed the application form
  2. Two passport size photos of Applicant and his Co-Applicant
  3. Letter of admission from the Institute on its letterhead with the address of the Institute
  4. Tuition fees as mentioned by the institute including- term-wise, year-wise and any other expenses involved
  • Mark sheet/Certificate of 12th Exam
  • Mark sheet/Certificate of Graduation
  • Mark sheet of CAT/CET (If required by the bank)
  • GRE/GMAT/TOFEL/IELTS  Mark sheets (If required by the bank)
  • Scholarship Documents (If required by the bank)

A. For salaried employee

  • Latest 3 salary slips or salary certificate on employer’s letterhead
  • Last 2 year’s form 16 from employer or last 2 year’s income tax returns
  • Any other income proof that is not reflected in the above documents

B. For self-employed or professional

  • Income tax returns for the last two years
  • Financial statements or provisional financial statements duly certified by CA for the last 2 years
  • Working proof (of office) lease deed, utility bill, title deed
  • Title deed for the Property
  • 7 / 12 extracts in case of land
  • Registered sale agreement along with society share certificate
  • Original registration receipt for the above agreement
  • Allotment letter by Municipal Corporation / authorized govt
  • Latest maintenance bill along with receipts issued by builder/ society,
  • Latest property tax bill along with receipts,
  • NOC for the mortgage from society/builder,
  • Approved building plan

Documents required for Education loan for students at a glance

Documents required for Education loan for students

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