Education Loan is a great help when it comes to financial assistance when planning to study abroad. There are numerous banks and financial institutions like NBFCs (non-banking financial company) that provide education loans at competitive rates and terms.
If you want to close your education loan procedure on time and with accurate documentation check out the essential checklist below –
Identity proof and Address documents
It is very important to have all your identity documents in place that should contain the same details and should not vary from other documents.
- Photo IDs like your Aadhar Card, PAN Card, Passport, Voter ID, and Driving licence will be used for verifying your identity so make sure you have all these documents in place.
- Residence proofs like bank documents, utility bills including (water, gas, and electricity), and your telephone bills establish your residential proof so make sure you have them in place to establish your residential address.
Also Read: Find answers to all FAQs on Collateral-free Education Loans
Academic Documents
Academic documents like your Class 10th and 12th showcase your academic journey and your potential hence are needed when you apply for admission in a foreign university.
Other documents like your test scores of ILETS, GRE, GMAT or TOEFL also matter when you are applying for a program abroad.
Proof of Admission
You should have your offer letter or official acceptance letter from the University you are applying for in place as it serves as proof of admission. If you have a detailed breakdown of your fee structure, make sure you present it as well as it can help in determining the loan amount.
Also, if you have a grant or any other scholarship, make sure you present it on time as it can help in reducing the loan amount that you need to avail.
Financial documents
Documents like bank statements of both the applicant and co-applicant are needed as they project the transactional patterns and financial stability of the applicant. Apart from bank documents, the ITR of the co-applicant of 2 years is needed to understand financial standing.
Also Read: Have questions on secured loans? Read FAQs on Secured Education Loan
Secured Loan Applicant Additional Documents
If you are availing a secured loan with collateral, you need to have the documents given below –
- If the loan is being availed on some property or fixed deposit, you need to submit the proof of the collateral.
- If the property is still under construction, you need to have a building-approved plan and NOC in place.
Note: This is a general list and may vary as per the loan amount and financial institution providing the loan. Don’t forget to contact the lender directly for the specific checklist needed.
Follow the Fly Finance Newsdesk to get regular updates on study abroad loans, the latest guidelines, international money transfers etc.
