Credila Education Loan Documents Required

Credila is one of the leading financial institutions renowned for its education loan solutions designed to fulfil the aspirations of students pursuing higher education abroad. With its flexible terms, competitive interest rates, and easy application process, Credila has become a preferred choice for students and their families.

One of the major aspects of availing a Credila education loan is providing the necessary documentation. Let’s check what documents are required in order to get an education loan from Credila.

What Are The Documents Required for A Credila Education Loan?

There are several documents required for an education loan from Credila. You need to submit academic, KYC, and financial documents so that Credil can verify everything from your educational background to your monthly income. After verifying all the documents, the net eligible loan amount and repayment period are determined. Check all the details regarding the required documents below:

Academic Documents

Just like other banks and financial institutions, Credila requires certain academic documents to assess the eligibility and academic background of the applicant. With these documents, it ensures that the student is good at academics. Major documents include:

• Mark sheets and certificates of the qualifying examinations (10th, 12th, and any other relevant degrees)
• Academic transcript or certificate for the most recently completed semester, year, or degree, such as BE, BCom, BSc, etc. (For students currently enrolled in their final semester or degree exams, provide the marksheet of the last completed semester.)
• Admission letter from the university (if available at the time of application), or I-20.
• Scorecards of standardised tests such as SAT, ACT, GRE, GMAT, or language proficiency tests like IELTS, TOEFL, DUOLINGO, etc. (if applicable).
• For studies in India, an applicant needs to have a mark sheet of any entrance exam, i.e., CAT, CET, etc.  

Also Read: Interest rate increased on education loan? Check out this blog and know all about Education Loan Refinancing

KYC Documents

Know Your Customer (KYC) documents are important for establishing the identity, address, and credibility of the applicant. It must contain the address, photograph, and the details of the student. The ID shall be a government-issued identity card. Check some of the common KYC documents:

Mandatory KYC Documents

• Permanent Account Number (PAN) or Form No. 60 (as per Income-tax Rules, 1962) is required when PAN details are provided.

Acceptable Documents for Identity and Address Verification

Any one of the following officially valid documents can be submitted (address on the document need not match the present or permanent address):

• Passport
• Driving License
• Voter’s Identity Card issued by the Election Commission of India
• Job Card issued by NREGA, duly signed by a State Government officer
• Proof of Aadhaar Number
• A letter issued by the National Population Register containing the applicant’s name and address

Financial Documents for Loan Application

Financial documents are one of the major parts of the loan process, as the loan amount and repayment period are determined considering the financial status of the applicant and co-applicant. After analysing these documents, the Credila disbursement process will be initiated. Credila assesses the financial stability of the applicant and co-applicants (if any) through the following documents:

For Salaried Co-Applicants

• Bank Statements: Latest 6 months of bank statements reflecting monthly salary credits.
  • Online statements: Up to 30 days prior to the application date.
  • Passbook: Up to 60 days prior to the application date.
• Salary Proof: Any one salary slip or salary certificate from the last 3 months, with salary credits reflected in the bank statement.

For Self-Employed Co-Applicants

• Current Account Bank Statements: Latest 6 months of statements from the account where business receipts are credited (if applicable).
  • Online statements: Up to 30 days prior to the application date.
  • Passbook: Up to 60 days prior to the application date.
  • Example: For applications submitted in October, statements must be updated through the end of August.
• Savings Account Bank Statements: Latest 6 months of statements from the primary savings account.
  • Online statements: Up to 30 days prior to the application date.
  • Passbook: Up to 60 days prior to the application date.
• Income Tax Returns (ITR): Latest 2 years’ personal ITRs with acknowledgment or Saral page.
  • Online ITRs are acceptable if complete (no need for separate income computation, profit and loss statement, or balance sheet).
  • For returns filed under Section 44AD: Only a statement of income is required (no profit and loss statement or balance sheet).
  • Non-tax audit ITRs: No CA attestation required.
  • Tax audit ITRs: CA attestation mandatory.
• Tax Audit Applicability:
  • Businesses with annual sales, turnover, or receipts exceeding INR 1 crore.
  • Professionals with receipts exceeding INR 50 lakh.
• Post-November 1 Applications: Must include the latest ITRs unless the Income Tax Department has extended filing deadlines.
• Professional Qualifications: Copy of qualification or degree certificate (for professionals only).
• Business Proof (if available): GST registration, Shop Act license, or Aadhar Udyog for self-employed non-professionals (SENP).

Additional Documents

Apart from the aforementioned documents, Credila may require supplementary documents depending on the specific requirements of the loan application. These may include:

• Passport-sized photographs of the applicant and co-applicants
• Statement of purpose (SOP) outlining the educational and career goals of the applicant (for certain courses or institutions)
• Any other documents as requested by Credila to support the loan application

Also Read: Looking for a collateral-free education loan? Check all about Yes Bank Education Loan without Collateral

How to Submit the Documents?

All the documents must be self-attested and authentic. In the case of scorecards, the copies shall be attested by a gazetted officer of the central or state government. Credila offers the convenience of both physical and digital submission of documents.

Applicants can visit their nearest Credila branch to submit physical copies of the required documents. Alternatively, they can also upload scanned copies or digital photographs of the documents through Credila’s online portal.

Important Guidelines

Students and the co-applicant shall fill out the education loan application form carefully so that there are no hindrances in loan processing. Keep the following guidelines in mind while dealing with education loans:

• Ensure that all documents are clear, legible, and duly attested wherever necessary.
• Avoid submitting forged or manipulated documents, as it may lead to rejection of the loan application.
• Timely submission of documents is very important to expedite the loan processing and approval.
• Maintain a checklist of all required documents to ensure nothing is missed during the application process.

Availing a Credila education loan is a streamlined process, provided all requisite documents are submitted accurately and promptly. Always try to fill out the form and submit the documents properly without any mistakes so that the loan is sanctioned timely.

FAQ on Credila Education Loan Documents

To know more about education loans, 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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