What documents are needed while applying for an education loan?

The most common and easy way to fund your higher education is to take an education loan. Whether for studying overseas or in India, taking an education loan is the best option. There are many lenders and NBFCs in India who offer education loans to those who want to study further. Paying for your education from your own pocket could put a serious dent in your savings which is why taking an education loan makes more sense.

After choosing the lender you wish to take a loan from, the lenders will ask you to submit certain documents when you apply for a student loan. Lenders ask the applicants to submit these documents before they grant a loan, so that the lenders can verify the contents of the documents.

Here is an overview of what documents you will need to submit to the lender or NBFC when applying for a student loan:

1) Documents required from the applicant.

These are some of the necessary documents that the applicant will have to submit while applying for a student loan:

1. Passport size photograph of the applicant
2. PAN card, Aadhaar card, passport, etc. which will serve as the applicants identification proof.
3. The birth certificate of the applicant
4. Forms that will verify signature the signature of the applicant
5. Proof of residency
6. Academic records of the applicant including 10^th and 12^th board certificate, graduation and post graduation certificates, scholarship if you have any.
7. Proof of enrollment, either the offer letter or the admission letter from the university you have applied in.
8. A fee structure must be provided to the education loan lender

2) Documents the co-applicant will need to submit:

In case you have a co-applicant while applying for a student loan, these are the documents the co-applicant must submit:

1. PAN card, Aadhaar card, passport, etc. of the co applicant which will serve as identification proof
2. Passport size photograph of the co-applicant
3. Birth certificate of the co-applicant
4. Proof of residency
5. Co-applicants have to provide their 8 months bank statements to the education loan lender
6. Income proof
7. If the applicant chooses to take an education loan based on collateral, then the collateral documents must be submitted to the lender.
8. Documentation stating the co-applicants’ proof of relationship with the applicant

Make sure that not only the applicant but the co-applicant carries all the documents that need to be submitted to the education loan provider as most of the lenders will need to verify the documents. Depending on the lender you choose, you may have to submit the same or more documents than the ones listed above. You can get more information by visiting the websites of the lender you want to take an education loan from. Or, you can also go to a branch and get the required information.

We hope this article has given you the information about the documents that you will need to submit for education loans.

Thank you!