Yes Bank is one of India’s leading private banks with over 1192 branches across the country. The bank provides education loans to study abroad at affordable interest rates to the students. You can get both secured and unsecured education loans from Yes Bank as per your requirements. The basic documents required for Yes Bank education loan include a PAN Card, UID, Address proof etc. The required documents will vary between the applicant and co-applicant and the type of loan. Let’s check out all the major documents required for an education loan from Yes Bank.
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What are the Documents Required for Yes Bank Education Loan?
Documentation is one of the most important processes involved in getting an education loan. The students are required to submit documents at every step. Also, documents once submitted will be safe with the bank and you may require them in future if you want to take Yes Bank Education Loan Top up. Check the list of important documents required to get an education loan from Yes Bank:
- Proof of identity/KYC Documents
- Address Proof
- Admission letter/acceptance letter from the recognised university
- Academic records/scorecards of last qualifying examinations.
- Breakup structure of total expenses including tuition and accommodation fees
- Income proof of co-signer/guarantor (if applicable)
- Collateral documents (in case of secured loan)
- Passport-sized photographs
- Duly filled and signed application form
Also Read: Going abroad for studies? Check out this useful information on how the exchange rates are calculated and stay informed while exchanging currency abroad
Documents Required for Secured Loan
The banks ask for collateral in case of a higher loan amount. If you are taking a secured loan, you need to pledge physical/tangible assets as collateral to the bank. The documents required for a secured education loan from Yes Bank are as follows:
- Copy of sale deed attested by a registrar
- Government-approved plan or map of the building/property
- Complete chain of documents for at least 30 years (in case of land and building only)
- Latest property tax receipt with departmental seal
- Electricity bill
Documents Required for Unsecured Loan
Unsecured education loans usually come with a high interest rate. Yes Bank offers unsecured loans for education up to INR 40 lakhs. This type of loan doesn’t require many documents and gets sanctioned based on the family income of the applicant. Check the list below:
- Income proof of the co-applicant
- Documents showing employment history
- The last 6 months’ bank statements
- Last 3 months’ salary slip
- ITR details
Also Read: Looking for a loan from a government bank? Check this blog and know how to apply for a Union Bank Education Loan through Vidya Lakshmi Portal
Co-Applicant Documents Required for Yes Bank Education Loan
Co-applicant is often mandatory for education loans as the primary applicant i.e. the students are not employed. The bank will ask for all major documents of the co-applicant to check the loan eligibility. All the documents must be self-attested and clearly visible. Check the list below:
| KYC Documents | Income Documents (for Job Holder) | Income Documents (for self-employed) |
| UID/Aadhaar Card | 3 months salary slip | Address proof of the office |
| Driving License | 6 months bank statement | Last 2 years’ Income Tax return if paying |
| Electricity Bill | Employer details | Form 16 A (TDS Certificate) |
| Voter ID Card | Cancelled Cheque | P&L Statement |
| Collateral Documents (If Required) | Copy of form 16 | Last 6 months’ bank statement |
FAQs
Some of the major documents for Yes Bank education loan to study abroad are UID, PAN card, admission letter, income proof, visa approval letter, etc.
The co-applicant needs to submit documents like an Aadhar card, PAN card, 3 months’ salary slip, 6 months’ bank statement, employer details, etc.
No. The bank will not disburse the education loan until you submit the university acceptance letter. However, you can ask the bank to issue a loan sanction letter if the bank is ready to approve your loan application.
The bank may provide secured loans with unemployed co-applicants but it can’t be guaranteed. The bank will look for some kind of fixed monthly family income.
The maximum amount of loan depends on the course, university, family income and the repayment period. Yes Bank may offer education loans up to INR 40 lakhs or more subject to terms and conditions. Similarly, the interest rate depends upon the type of loan, loan amount and repayment period.
This was all about the major documents required to get an education loan from Yes Bank. Yes Bank is one of the leading private sector banks in India providing financial services. You can apply for an education loan to study abroad from Yes Bank online. Read all the loan-related terms and conditions properly and check the list of the documents required.
To know more about the documents required, the loan application process, the best bank accounts for students, forex and banking experience for global students or international money transfers, reach out to our experts at 1800572126 to help ease your study abroad experience.
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