शिक्षा ऋण हेतु आवश्यक दस्तावेज

Every national and international bank offers education loan to students at low-interest rates to help them to pay for their higher education costs. It is a kind of advance financial aid given to students to study in institutes in India and abroad. Banks offer educational loans with flexible terms and conditions to qualified applicants. Furthermore, the documentation process is maintained and the submission of documents required for education loan is one of the important steps involved in availing of an education loan.

Documents Required from Student

Here is the mandatory list of documents required for an education loan by the banks from a student: :

I. Student-Applicant:

• Proof of Identity (Any one):
• Proof of Residence/ Address (Any one): Passport mandatory in case of Studies Abroad
• Academic Records:
• 10th Result & 12th Result, Graduation Result- Semester-wise (if applicable)
• Entrance Exam Result through which admission is being taken (e.g. CAT, CMAT, JEE, NEET, CET, GMAT, GRE, TOEFL, etc.)
• Proof of admission: Offer Letter or Admission Letter from the Institution. Conditional admission letter may be considered in case of studies abroad.
• Statement of cost of study/ Schedule of expenses
• College / Course prospectus (if available)
• 2 passport-size photographs
• A/C statement for last 1 year in case of any previous loan from other Banks/Lenders

Education Loan Documents for Co-Applicant/ Financial Co-Applicant/ Guarantor

II. Co-applicant/Guarantor:

• Proof of Identity (Any one):
• Proof of Residence/ Address (Any one):
• 2 passport-size photographs
• A/C statement for last 1 year in case of any previous loan from other Banks/Lenders

III. Income Proof for Salaried Co-applicant/ Guarantor:

• Salary Slip or Salary Certificate
• Copy of Form 16 and IT Returns acknowledged by IT Dept.
• Bank account statement for last 6 months (of Salary Account)

IV. Income Proof for Self-employed Co-applicant/ Guarantor:

• Business address proof (If applicable)
• IT Returns acknowledged by IT Dept., TDS Certificate (Form 16A, if applicable)
• Bank account statement for last 6 months

V. Property /Other Security Documents

VI. Vidya Lakshmi Portal Details

VII. Cheque

FAQs

1. What is proof of income in an education loan?

Salary slip of last 3 months or salary certificate, copy of Form 16 (for salaried), IT returns (for non-salaried), 6 months of bank account statement of Co-applicant/Guarantor

2. Are property documents required for an education loan?

Yes, in the case of a collateral education loan the borrower needs to submit all the necessary collateral-related documents of the pledged property.

3. Is ITR required for an education loan?

Yes, a copy of the last 2 years’ ITR filed by the co-applicants/Guarantors may be asked by the bank before approving an education loan application and releasing the education loan sanction letter.

4. What is the proof of admission to the course for an education loan?

The proof of admission to the course for an education loan includes an offer letter, letter of admission, conditional offer letter, etc.

5. Is a gap certificate necessary for an education loan?

No, it is not required. However, satisfactory reason to be given by student to the Bank for gap in study