IDBI education loans are a preferred choice among aspiring students to study abroad. The bank provides education loans up to INR 75 lakhs at interest rates starting from 12%. To apply for the same, the applicant must submit the IDBI education loan application along with education loan documents. These documents relate to identity proof, address proof, KYC requirements, and academic transcripts.
The bank then verifies all the documents and takes around 15-20 days to process the education loan subject to fulfilment of eligibility criteria. This blog will take you through the list of documents required for an IDBI education loan.
Table of contents
What are the Documents Required for IDBI Education Loan?
To apply for an IDBI Bank education loan to study abroad, the applicant must provide a lot of personal, academic, and financial details. To prove the same, they must submit documents like an Aadhaar Card, PAN Card, mark sheets, acceptance letter from the university, a list of study abroad expenses, and much more.
Also Read: Want a quick education loan to study abroad? Check here all about SBI Education Loan Processing Time
Basic KYC Documents
To provide proof of identity and address, the applicant must submit the KYC documents. Make sure that these documents are submitted by the government. These include-
- Aadhaar Card
- PAN Card
- Voter’s ID
- Passport-size photographs of the applicant and co-applicant
- Passport of the student
- Copy of ID Card issued by the College or University
- Telephone Bill/Electricity Bill/Ration Card/Property Card for address proof
Academic Documents
Academic documents are the most important documents for education loans. The bank verifies these documents to check your previous academic performance. Check some of the major academic documents required for the IDBI Education Loan below:
- Mark sheet of higher secondary exam
- Mark sheet of senior secondary exam
- Scorecard and certificate of undergraduate degree (if applicable)
- Gap certificate (if applicable)
Financial Documents
Financial Documents are the most important ones when taking an education loan from any bank. These help the banks understand the repayment capacity of the applicant. These include documents relating to employment, business and collateral documents. Based on these, the IDBI education loan interest rate is determined.
- Business proof of the co-applicant
- ITR filing
- Salary Slips of the last 3 months for salaried employees
- Last 6 months’ bank statement
- Last 2 years IT return
- Statement of assets and liabilities
- Copy of sale deed (in case of a secured loan)
The bank initially requires basic documents. If the loan is approved based on the supported documents required, IDBI Bank will further require post-loan sanction documents to initiate the IDBI education loan disbursement process.
- Offer Letter /Admission Letter from the University for the course
- Schedule of expenses for the course
- Passport-size photographs
- Self-attested copy of VISA
- Self-attested copies of travel documents, if borrower claims reimbursement of travel expenses.
Also Read: Did you know that you can take an education loan from a Credit Union? Know all about the benefits, features and workings of a Credit Union in our blog.
IBDI Bank charges 1% of the total amount or a maximum of INR 5000 to process the education loan. Based on the verification of these documents, IDBI education loan processing time is around 15-20 days during which the bank will ascertain details like loan amount, interest rate, repayment tenure, and other important terms and conditions.
FAQs on Central Bank Education Loan Documents Required
To apply for an IDBI education loan, the applicant must submit documents related to identity and address (like an Aadhar card, passport, or driving license), an admission letter from the educational institution, academic documents like mark sheets/certificates of previous academic qualifications, income proof of the co-applicant, and collateral documents if applicable.
Yes, the IDBI Bank offers education loans without collateral for certain loan amounts. Generally, loans up to INR 7.5 lakhs don’t require collateral. However, for higher loan amounts, collateral may be necessary.
IDBI Bank accepts income documents such as salary slips for salaried individuals, income tax returns, and bank statements for self-employed individuals. These documents are necessary to assess the repayment capacity of the co-applicant.
The co-applicants must submit passport-sized photographs, documents related to age proof, identity, address and signature as per KYC norms. They must provide details of previous/ existing loans if any along with business or income proof, asset and liability statement and relevant documentation as asked by the bank.
You can submit the required documents online through the Vidya Lakshmi portal. You can also submit it by visiting the nearest IDBI Bank branch along with your loan application form.
This is all the details on documents required for the IDBI Education Loan. Always submit all the documents properly and do not forge any of them so that you can get the loan quickly without any hassle.
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.
| Related Blogs |
| Union Bank Education Loan Documents Required |
| YONO SBI Education Loan |
| SBI Education Loan Disbursement Process |
Follow Us on Social Media
