Documents Required for Education Loan

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Education loans are real-life catalysts that facilitate financial assistance for those aspiring for better education opportunities. Applying for a loan to pay for their study is a difficult process that students must carefully complete. To receive the best service, knowledge of the application procedure, documentation requirements, and interest rates for student loans is essential. A large number of banks have now, started offering education loans to all aspiring candidates. Banks impose a number of requirements and limitations on applicants before granting school loans. To make the most of the services offered by the bank, each prospective student loan application must abide by these terms and conditions. Through this blog, we are going to enlighten you about the benefits as well as documents required for an education loan. Let’s get started!

Required Documents for Education Loan: Overview

Documents required for education loanParticulars
Identity documentsKYC
Regional domicile
Residence proofs
Academic RecordsLast qualification mark sheets, score card, degree or diploma
Latest admission proofs
Basic qualification records (HSC/10th/12th passing records)
Financial documentsBank Statements
Income Tax documents
Collateral documentsDocuments of ownership of asset
Generic administration documentsApplication form
Guarantee forms
Subsidy application forms

Also Read: Check out ways to get an Education Loan without Collateral

Documents Required for Education Loans

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: 

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 

To apply for an education loan, you will be needing the following education related documents- 

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 

Explore these Loan Options

The documents required for education loan in terms of financial aspect are- 

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

Generally, applicants are asked to submit the the below mentioned documents for the collateral category- 

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 Vijaya Bank Education Loan

In order to avail an education loan from Vijaya bank, You will be needing the following documents-

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

Canara Bank Education Loan Documents Required

For applying for an education loan at Canara Bank, there are some important documents required. 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
  • 10th and 12th exam mark sheet

PNB Education Loan Documents Required

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.

HDFC Education Loan Documents Required

To apply for an education loan at HDFC Bank, there are some important documents required. 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
  • 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

Bank of Baroda Education Loan Documents Required

For applying for an education loan at Bank of Baroda, here are some important documents required. 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
  • 10th and 12th exam mark sheets
  • Computation of income for the last 2 years.
  • Income tax return copy of last 2 years.

ICICI Education Loan Documents Required

Here are all the important documents that you will need for the ICICI Education Loan 2022. The following documents are required by the bank in order to be considered for a loan.

  • 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: 

CountryEducation Loans
United States of America1. 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 Kingdom1. 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
Canada1. SBI Global ED-VANTAGE
2. ICICI Study Abroad Education Loan
3. HDFC Credila Study Loan for Canada
AustraliaHELP Loan (Government of Australia)

Other Funding Options

You can also look for several scholarship options such as HDFC Scholarship, Canara Bank Scholarship and Inspire Scholarship amongst others. that provide funding for studies in India and abroad. These have been given a run-down below.

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. 


Is original documents required for education loan?

Certificate of completion for a three- or four-year degree (if applicable) Certificate of graduation, record of grades, or diploma. Past scholarship and award records, etc. Specialized education, professional training, or a certificate of completion for a course.

Which bank provides education loan easily?

For studies both in India and abroad, Axis Bank offers Education Loans starting at Rs. 50,000 with competitive interest rates. You can take advantage of a number of perks with an Axis Bank education loan, including easy documentation, speedy loan disbursal, a tax credit under section 80(E), a lengthy repayment period, etc.

Can I get student loans without my parents?

If you’re an independent student, you can apply for federal student loans without providing any information about your parents. Additionally, your federal loan restrictions will be higher. As an independent student, you are eligible to borrow up to $57,000 in federal student loans in total, as opposed to $31,000 if you are a dependent student.

Is education loan free of interest?

No, it is not possible to obtain a bank education loan with a 0% interest rate. To obtain an interest-free education loan, you can, however, apply for a number of scholarships or look into government assistance programmes.

We hope that this blog was successful in guiding you through the documents required for education loan. If you are still in doubt, get in touch with our Finance experts at Fly Finance or you can connect at 1800572000 to get the best guidance regarding admissions, universities and loans to study in your dream country. What are you waiting for? Hurry up!

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