Documents Required for Education Loan

“Documents Required for Education Loan” refers to the official records and papers requested by banks or other financial institution when applying for a loan to finance their education. All the required documents are requested to present for a smooth and efficient application process.

All documents required for education loan are necessary to verify the applicant’s identity, assess their eligibility and financial stability. Through this blog, we are going to enlighten you about the all the documents required for an education loan. Let’s get started!

Documents Required for Education Loan for Students

When applying for an education loan, knowing the documents required for education loan approval is crucial for a smooth process. Banks and financial institutions have specific documentation criteria that applicants must fulfill. Missing or incorrect documents required for education loan can delay or even lead to the rejection of your application.

In the table shown below, we have listed documents required for education loan for students along with what particular documents can be used to submit:

Documents required for education loan	Particulars
Identity documents	KYC Citizenship Regional domicile Residence proofs
Academic Records	Last qualification mark sheets, score card, degree or diploma Latest admission proofs Basic qualification records (HSC/10th/12th passing records)
Financial documents	Bank Statements Income Tax documents
Collateral documents	Documents of ownership of asset
Generic administration documents	Application form Guarantee forms Subsidy application forms

List of Documents Required for Education Loans: Category Wise

Education loans are sanctioned to a candidate only after submission of a long list of documents. Consequently, it is extremely important for candidates to get the list of documents required for education loan right! Considering the importance of documents required for an education loan, we have compiled all that is necessary to apply for the same, have a look:

Identity Related Documents Required for Education Loan

you will be needing the following documents to prove your identity and belonging next to a particular city in the country-

KYC Documents

• PAN card
• Aadhar Card
• Driving License

Address Proof

• Aadhar Card
• Current House lease agreement
• Valid passport
• Valid water/electricity/ LPG bill
• Voter’s ID card

Education Related Documents for Education Loan

Among all documents, the most important are the education-related documents for education loan, which help verify your admission and academic qualifications. These documents play a vital role in establishing your eligibility and convincing lenders of your academic intentions and financial need.

Here’s a list of the key documents required for an education loan:

Post Academic Records

• Class 10th marksheet
• Class 12th marksheet
• 3rd /4th year marksheet of graduation
• Diploma/ certificate of marks
• Special education certificate
• Certificate of scholarships or awards

Current Education

• Records of fees breakup
• Placement records of university/ college/ institution
• Conditional letter, letter of admission, permanent admission letter as a proof of admission

Foreign Education

• CAS letter for UK education applicants
• I-20 form for those who have studied from USA
• Scorecard of exams like IELTS/ GMAT/ TOEFL/ GRE, etc
• Entry permit
• Exchange visitors form of the particular country or student exchange form

Documents Related to Financial Statements

When applying for an education loan, it is essential to provide financial statement-related documents. These documents help the lender assess your financial stability and repayment capacity. Below are the key financial statement-related documents required for an education loan:

For Self Employed/ Business/ Pensioners

• Proof of turnover ( Services Tax/ GST return statement of business/ Latest Sales Tax)
• Income Tax returns approved as well as verified by a CA at least 24 months
• For Self Employed: Proof of Qualification (Not mandatory for all the banks)
• For Pensioners: Proof of retirement along with pension certificate

For Employed/ Government or Non-government Service/ Salaried

• Form 16 ITR returns for at least 2 years
• Salary slips provided by employer for last 2 months
• From current and previous year employer, salary computation statement

General Documents

• Academic fees demand letter
• Bank statement/ Bank passbook copy

Collateral Related Documents Required for Education Loans

Providing collateral may be required depending on the loan amount and bank policies. Generally, applicants are asked to submit the below mentioned documents required for an education loan related to collateral:

Loan Against Deposits

• Original RD/ FD Receipts
• Interest Statement of FD/ RD

Loan Against Immovable Asset (Property/House/ Land)

• Current property tax statement along with maintenance bill/ tax
• Chain of sale deed/ property deed
• NOC from society/ builder
• Allotment letter by Municipal Corporation or any other Government authority

Loan Against Securities/ Shares and Debentures

• PAN card copy
• De-Mat account statement

Documents that Candidates Can Seek from Bank

While you are seeking an educational loan from a bank, it is not only the bank that can ask you for a set of mandatory documents, instead, you can also collect a few documents that will help you have sufficient proof of education loan. Listed below are are the documents that you can request for-

• For tax deduction or rebate under section 80/E
• For government interest subsidy claim record
• For a record of the due principal amount along with the number of instalments
• For tuition fee rebate or deduction from taxable income under section 80/C

Documents Required For Education Loan in SBI

All the applicants who wish to avail the SBI Education Loan have to present a few documents. Mentioned below are the important documents required for education loan. The students who will be applying for the loan will have to present:

• Identify Proof
• Address Proof
• Admission letter from the university or college as a proof of admission
• Academic Transcripts (10th,12th, Entrance Examination etc.)
• Passport Sized Photograph
• Passport
• Statement of the loan account for 1 year (If the loan is taken from any other lender)

Documents Required For a Vijaya Bank Education Loan

When applying for a Vijaya Bank education loan, it’s essential to have all the necessary documents in place. Below is a list of documents required for an education loan to ensure a smooth application process:

Proof of Identity

• Aadhar card
• Voter ID card
• PAN Card
• Driving license
• Passport
• Government department ID card

Proof of Income

• Parent’s latest salary slip/Form 16 along with the latest salary certificate
• Previous two years income tax returns

Proof of Residence (any one of the following)

• Postpaid utility bill
• Notarized registered rental agreement
• Updated passbook/bank account statement
• Driving license
• Voter ID card
• Valid passport

Other Additional Documents

• Admission letter
• Passing certificate
• School leaving certificate
• High school examination mark sheet
• Educational documents
• Copy of fee acknowledgement slip

Documents Required for Canara Bank Education Loan

For applying for an education loan at Canara Bank, there are some important documents required. Here is the list of documents required for education loan form Canara Bank:

• Address proof
• Identification card
• Application form
• Passport-size photographs
• Admission Letter
• Income proof of the guarantor
• Collateral Security documents
• GRE/IELTS/TOEFL/GMAT Score
• 10th and 12th exam mark sheet

Documents Required for PNB Education Loan

Here is a list of some of the essential documents that an applicant must possess in order to successfully apply for a student loan with PNB:

• Proof of Age
• Proof of Address
• Passport size photograph
• Admission Letter
• Loan Applicant Bank Form
• Copy of PAN Card of the Student
• Course Prospectus including Admission fees, Hostel Charges, etc.

Documents Required for HDFC Education Loan

To apply for an education loan at HDFC Bank, there are some important documents required for education loan. Here is the list of documents required:

• Address proof
• Identification card
• Application form
• Passport-size photographs
• Admission Letter
• Income proof of the guarantor
• Collateral Security documents
• GRE/IELTS/TOEFL/GMAT Score
• 10th and 12th exam mark sheets
• Latest 6 Months Bank Statement of the Salary Account.
• Latest 2 Salary Slips carrying the date of joining details

Documents Required for Bank of Baroda Education Loan

For applying for an education loan at Bank of Baroda. Here is the list of documents required for education loan:

• Address proof
• Identification card
• Application form
• Passport-size photographs
• Admission Letter
• Income proof of the guarantor
• Collateral Security documents
• GRE/IELTS/TOEFL/GMAT Score
• 10th and 12th exam mark sheets
• Computation of income for the last 2 years.
• Income tax return copy of last 2 years.

Documents Required for ICICI Education Loan

Here are all the important documents you need for an ICICI Education Loan. The following documents required for an education loan must be submitted to the bank for your loan application to be considered.

• Admission Letter
• Know your Customer (KYC) documents of both the student and co-borrower.
• Mark sheets of 10th, 12th standard, graduation and entrance exams.
• Fee structure
• Income Proof of co-borrower*
• Residential, commercial property plots (Non-agricultural). **
• Fixed deposits. **

*Income proof required only for specific courses.
** Only asked for when ICICI Bank seeks security/collateral from the borrowers.

Best Education Loans by Indian Banks

After looking into the documents required for education loan let us move forward with the popular education loans provided by Indian banks. Following is a list of the top education loans in the Indian market, have a look:

Country	Education Loans
United States of America	1. SBI Student Loan Scheme 2. SBI Global ED-VANTAGE Scheme 3. OBC Education Loan for Study in India and Abroad 4. HDFC Bank Education Loan for Foreign Education 5. Credila 6. Avanse 7. International Student Loan Program
United Kingdom	1. Bank of Baroda Scholar Loan 2. Star Education Loan (Bank of India) 3. Cent Vidyarthi (Central Bank of India) 4. HDFC Credila 5. SBI Global 6. ED-VANTAGE
Canada	1. SBI Global ED-VANTAGE 2. ICICI Study Abroad Education Loan 3. HDFC Credila Study Loan for Canada
Australia	HELP Loan (Government of Australia)

Eligibility Criteria for Education Loans

Knowing the eligibility criteria to apply for education loan is as important as arranging for documents required for the education loan. Even though the method of repayment, interest rate and the upper limit may vary from bank to bank, some general conditions remain the same. Considering that, check the basic eligibility criteria to apply for an education loan:

• The aspirant should be a citizen of India.
• There must be a co-applicant along with the student. A co-applicant can be your parents, siblings or spouse.
• For the loan amount above 7.5 lakhs, collateral is a must.
• The student should have an exceptional academic record.
• The student must have secured admission in any of the recognized universities or colleges abroad.

Benefits of Getting an Education Loan

Since education has now become a costlier affair, with each passing year, the cost of higher education is increasing. Owing to this, it has become quite difficult for the normal Indian household to afford quality education in foreign countries. Catering to their needs, financial institutions have come up with various education loans for those who cannot afford higher education in foreign countries. Here are a few advantages of taking educational loans:

• An education loan does not disturb your savings. It protects your saved money for future plans such as retirement, marriage etc.
• Education loan usually covers about 90 per cent of the total expenditure on education, including tuition fee, books, travel and passage expense, projects, uniforms, library, examination fee and so on.
• The management of education loan would inculcate financial discipline within the student.
• You can declare an unlimited tax deduction on the interest which you have paid for 8 years, under the section 80E of the Income Tax Act.

FAQs on Documents Required for Education Loan