Education loans have always acted as a catalyst in facilitating opportunities for ambitious students and help them achieve their academic and career goals. Getting an education loan, thus, is crucial for students who want to pursue higher studies and require external financing to fund their education.
To provide education loans, banks have set a number of terms and conditions for applicants. Every aspiring applicant needs to follow their terms and conditions and needs to submit a number of documents to avail the education loan.
Here, we have prepared a list of documents that a student needs to submit to get education loan from banks.
Complete application form
The first and foremost document to get an education loan is the application form from the bank which the applicant needs to fill in with necessary details. After duly filling the application form, students need to attach two passport size photographs, a letter of admission from the university, documents on the cost of studies and a PAN card along with other documents.
Proof of identity
It is mandatory to submit a proof of identity while applying for an education loan. In fact, it is a prime requirement for many applications. In this document, students can submit their Passport, Driving license, Voters ID card, or Aadhar card.
Proof of residence
Another prime requirement to get an education loan is proof of residence. In this section of the document, applicants can submit their bank account statement, latest electricity bill, latest mobile/telephone bill, existing house lease agreement or ration card.
To provide bank loans, some banks ask students to submit their admission documents. In that case, they need to submit a printed admission offer letter from the university or institute. The admission letter must be written on their letterhead with duly signed by the authority. The document must mention fee details of the course from institute or university.
To understand the nature of the course and educational background of the candidate, some banks ask for academic documents before providing education loan. That case, students need to submit mark sheets and certificates of Class 10 and 12, mark sheets and certificates of graduation (if the candidate is going for postgraduate studies), documents of scholarships (if the candidate obtained one), documents of any entrance exam such as GRE, GMAT, IELTS or TOEFL.
Along with the above documents, applicants need to submit income proof as well. If the applicant is a salaried employee, then salary certificate on employer’s letterhead or latest three month’s salary slip, last two years’ Form 16 from the employer, last two years’ Income Tax Returns should be submitted.
If the applicant is self-employed, then documents such as last two years’ Income Tax Returns, last two years’ Certified Financial Statements or Provisional Financial Statements Duly Certified by CA, and proof of office should be submitted. Student, co-borrower or guarantor’s bank account statement for the last six months should also be submitted. Some banks also need a statement of assets and liabilities of the student, co-borrower or the guarantor.