Student Loans to Study Abroad – Documents Checklist

Documents required for education loan depend on the type of loan that any student takes. Secure Student Loans include submission of collateral documents while unsecured loans do not need such documents. A good portion of student loan applications result in rejection because of incomplete document submission. An even greater deal of NPAs (Non-performing assets) come from incomplete document submission. With student loans for study abroad, the documentation becomes even more confusing and repetitive. Some banks have laid down clear information about the documents required for education loan for abroad studies. But, even such banks fail to present the case-by-case contingency for documentation required for a smooth education loan sanction or disbursal. Here we’ll be informing you in detail about how can you prepare the documents required for education loan to study abroad.Colleges Admissions, Study Abroad, Login with user details, find Courses, Exams, Scholarships

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With the recent changes in the lending rules, banks and NBFCs have reduced the amount of student loan documentation and made it easier for students to get education loan. The students, however, regularly find themselves trapped between offices of banks to arrange for the necessary documents. In terms of domestic education loans, while the documentation immediately stops after loan disbursal, for international admissions, the same documentation process continues even after the admission. Considering all these factors, documents required for student loan can be categorised as follows:-

Documents required for education loan – Process based

Pre-Approval Documentation: Documents submitted for student loan application process, KYC forms, collateral documents etc.

Post Approval Documentation: Documents required to confirm student loan application and approval, ‘admission offer letter’, loan agreement etc.

Post Sanction/Disbursal Documentation: Documents required to manage the education loan after sanction, college fee receipts, consent of co-applicant removal, etc.


Documents required for education loan – Based on lender criteria

Academic documents: Documents regarding international admission, such as marksheets, admission letter, exam scores, passing certificates etc.

Financial documents: Documents required for education loan which define financial background of applicants like collateral deeds, bank statements etc.

Identification or KYC documents: Documents required to establish authenticity of applicant and opening a loan account. Documents like aadhaar card, utility bills, etc.

Legal and institutional documents: Documents which are specially mandatory for the completion of study abroad application like income-tax returns (ITR), visa documents, immigration approvals, affidavits of collateral and loan agreement

Subsidy Documents: Students commonly miss this particular set of documents while applying for student loan. These include documents related to income, gender, minority, to satisfy the subsidy criteria of government education loan subsidy schemes or private bank schemes.


Documents required for Education Loan – Banks vs. NBFCs vs. International lenders

The difference between getting an education loan to study abroad from government or private banks, NBFCs, or International private lenders is in the time taken to process the documents. With increase in amount of documents required for education loan, the amount of time taken to process them also increases. NBFCs reduce the amount of paperwork involved in loan processing by eliminating the most essential need of collateral for education loan.

Similarly some students whose documentation does not meet the standards of domestic student loan lenders, go for International Private Student Loans. These loans also require decent amount of paperwork for education loan processing. But they compensate the hassle by providing additional benefits of international credit line, better options for student loan refinancing and more. International scholarships for higher education also play a major role in documentation of education loan. Not all lenders accommodate adjustment of scholarships with the margin payments of student loans. Here is a comparative list of all the documents required for education loan taken from respective lending institutions:-

Documents required for Education Loan to Study Abroad from Government Banks, Private Banks and NBFCs

Identification DocumentsPersonal Identification:-

  • Aadhaar Card
  • Voter’s ID card
  • Valid Passport
  • PAN Card

Address Proof:-

  • Driving License
  • Or any of the above

Age Proof:-

  • Birth Certificate
  • Or any of the above

Co-applicant identification:-

  • KYC Documents
  • Residence proof
  • Consent Letter
  • Power of Attorney (for NRI Co-borrower)
  • Copy of Visa for NRI Co-borrower (approved/stamped by competent authority)
  • Copy of work permit (for NRI Co-applicant)
Academic DocumentsProof of Admission:-

  • Conditional Admission Letter or,
  • Unconditional Admission Letter

Previous academic record:-

  • Marksheets of qualifying examination (Class 12, Graduation, Post-graduation as applicable)
  • Degree/Certificate copy of CA, ICWA, CPA etc.

Supporting academic documents for study abroad

Financial DocumentsImmovable Collateral Documents (not mandatory for NBFCs):-

  • Land or property title deed
  • Property Sale agreement
  • Allotment Letter By Municipal Corporation / Authorized Govt. Authority
  • NOC from Builder or Mortgage
  • Extracts 7 or 12 of the property, land or otherwise
  • Encumbrance certificates

Bank Documents

  • Account Statement: at least 6 months, at most last 3 years
  • Copy of Bank Passbook
  • Third-party guarantee certificate/agreement

Movable property documents (not mandatory for NBFCs):-

  • Original Bond certificate (Gold bonds, Bearer bonds, etc.)
  • Original Policy document (Insurance)
  • Portfolio Statement- DMat
  • Original Fixed Deposit or Recurring Deposits certificates

Proof of income:-

  • Salary Slips (min: 6 months, max: 3 years)
  • Accounts and Tax Statements of Business approved by CA (min: 1 year, max: 3 years)
Institutional/Legal Documents
  • Immigration and Foreign University documents:-
    • Student acceptance letter (I-20 for USA, CAS for EU, etc.)
    • Visa approval forms (F-1, J-1, H-1 for USA, Short Stay/temporary stay visa in europe, etc.)
  • Indian Income Tax Returns (ITR): Min. last 2 years, Max: last 4 years
  • International Scholarship award certificate (if applicable)
  • Copies of Demand letter for fees from educational institution (not mandatory for NBFCs)
  • Copies of receipts for payment of academic fees (not mandatory for NBFCs)
Subsidy Documents (not applicable for NBFCs)
  • Minority caste certificate issued by relevant govt. authority
  • Documents regarding disability/illness (degree of disability)
  • Merit and extra-curricular certificates (if applicable)


Documents required for Education loan to study abroad with International Private Student Loan Lenders

Identification Documents
  • Valid Indian Passport
  • Utility Bills (Water, Electricity, Telecom etc.)
  • Age Proof (Birth Certificate)
  • Cosigner Identification documents:-
    • Citizenship proof (Social Security Number-SSN-USA, Voter’s Registration, Resident Card, etc.)
    • Tax Statements and proof of employment and/or business
  • Resume or Curriculum Vitae (student)
Academic Documents
  • Admission letter (conditional or unconditional)
  • Current qualification proof (copies of degree, marksheets etc.)
  • Scores for Admission test SAT, GRE, GMAT, LSAT, ACT, PTE, TOEFL, IELTS, HSK, etc.
Financial Documents
  • Credit Report (CIBIL)
  • Bank Statements (8 months to 3 years)
  • Proof of Savings (bank guarantee)
Institutional/Legal Documents
  • Immigration and Foreign University documents:-
    • Student acceptance letter (I-20 for USA, CAS for EU, etc.)
    • Visa approval forms (F-1, J-1, H-1 for USA, Short Stay/temporary stay visa in europe, etc.)
  • Proof of Sponsorship: Bank, College, Non-academic institution, etc.
  • Indian Income Tax Returns (ITR): Min. last 2 years, Max: last 4 years
  • International Scholarship award certificate (if applicable)
Subsidy DocumentsNot applicable


Additional requirements for DACA Student Loans and FAFSA Students Aid for education loan to Study abroad in USA

  • Permanent Resident Card I-551, or Conditional Green Card I-551C
  • Deferred Action for Childhood Arrivals (DACA) or Victims of Violence Against Women Act (VAWA) certification
  • Social Security Number or University issued Security Number

The process of admission to international universities requires emphasis on documentation and application. Sometimes banks have some specific documentation criteria apart from the generic conditions. The best part about documents required for education loan to study abroad is that they match with the documents required admission application for foreign universities. Any student preparing documents for application can easily compile student loan documents as well. The first step towards solving the student loan concerns is to compile the documents required for application first and then approach the lending institution.


Documents required for education loan to study abroad: Co-applicant management and turn-around-time

Timing of student loan application is very crucial. International Private Student Loan lenders have a general turn around time of 30-45 days. Similarly secure student loans for study abroad generally materialise within 10-20 days. Some NBFC organisations provide loans within 5-12 days as well, depending on the quality of documents for education loan provided by applicant. Post-application student loan management documentation is also a cautious concern for many students. Refinancing of student loan to study abroad requires a strong credit history and relevant documents to prove it. Removal or inclusion of co-applicant also requires students to produce valid documents. By referring to the above mentioned document checklist for student loans will help you make all these applications in the best suited manner. We wish you good luck for your studies abroad. Happy Learning!