Taking a look at the documents required for an education loan.

It is very important to pursue further education in order to get good job opportunities. With every field being so competitive today, a lot of students make it a point to complete their post-graduation to join reputed companies. In order to get such jobs, students even need to choose good universities. No matter what course they do, the name of the university adds value to their degree.

Now it is a well-known fact that good universities charge high fees. Without financial support, most students might have a tough time affording all the expenses. This is where a student loan comes in handy. A students’ loan would help take care of all the academic expenses and so the student does not have to worry about anything.

However, in order to get a loan, you should have all the documents required by the financial institution. It is very common for students to face complications in the documentation period which results in a delay in getting the loan approved. This is why you should always check with the lender about the documents that they would require to ensure this process is a smooth one.

Let us take a look at some of the basic documents that you should always carry with you:

Lender’s application form

The first step of the documentation process involves filling up the application form for a students’ loan. This form would include details of the applicant. Please fill up the form carefully without any mistakes as this could delay the process, or any inaccurate information could even lead to the application getting rejected.

Documents of identification

• PAN card
• Aadhaar card
• Voter ID
• Driving license
• Passport

Documents for address proof

• 10^th Standard Passing Certificate
• 12^th Standard Passing Certificate
• Graduation Certificate
• Scholarship Certificate (If applicable)

Documents for age proof

• Birth Certificate
• 10^th Standard Passing Certificate

Passport-sized photographs

Any financial institution that you take a loan from will require you to provide 2 passport-sized photographs each of yourself and your co-borrower’s.

Details of your academic expenses

Most financial institutions would require you to provide a detailed breakdown of the academic expenses that you would incur. This will give clarity on the loan amount.

Form of declaration

You are not permitted to take multiple loans, as this could become a problem when it comes to repaying them. This is why before taking a students’ loan; you have to sign a declaration form for the financial institution that you have not taken a loan from any other lender.

Admission letter from the university

Any financial institution that you have taken a students loan from will require you to have secured admission from a university. This is why you are needed to provide the admission letter you have received from the university you are going to study as proof of your admission.

We hope this article has helped you, all the best!