List of Documents Required for Education Loan 2024

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Education Loan Documents Required
KYC Documents Required for Student Loan
Academic Documents Required for Education Loan
Financial Documents Required for Education Loan
Collateral Documents Required for Education Loan
State-Specific Documents Required for Education Loan
Documents Required After Education Loan Sanction
Documents Required for Disbursement of Education Loan
How to Improve Your Eligibility for an Education Loan?
Frequently Asked Questions

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Getting an education loan for your studies abroad sounds promising until you have to arrange the exhausting list of documents required for education loan. Understanding the specific student loan documents required can significantly ease your education loan application process. While some lenders may offer an instant loan without documents for students, it's important to know the standard documents required for a student loan to ensure you are well-prepared. Imagine having everything ready and avoiding last-minute scrambles—sounds great, right? This guide will walk you through the detailed list of documents required for an education loan, from academic progress reports to disbursement request letters, helping you avoid common pitfalls and delays.

Education Loan Documents Required

Different types of documents are required for an education loan, which can be categorized into various segments, reflecting the multifaceted nature of the education loan documents list. Understanding the student loan documents required is crucial for a seamless application process. By breaking down the which documents required for education loan, applicants can better prepare and thus avoid potential delays or rejections.

Below is the list of documents required for education loan in India, serving as a guide to ensure applicants have a comprehensive understanding of documents required for student loan

Type of document	Applicant	Co-applicant
KYC documents	Yes	Yes
Passport photographs	Yes	Yes
Academic documents	Yes	No
Financial documents	No	Yes

The first set of education loan documents you need to submit in your application is the identity and address proof which includes KYC documents and photos.

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KYC Documents Required for Student Loan

KYC denotes the basic identity details of applicants and co-applicants in the loan application. A KYC document will be a valid identity proof issued by the government or a reliable body that can be used to verify your identity and address. The following are some of the KYC documents for education loans in India:

KYC Documents from the Applicant	KYC Documents from the Co-Applicant
Aadhar card	Aadhar card
PAN card	PAN card
Valid passport copy	Voter’s ID

Along with the KYC documents, the applicant and the co-applicant must submit two copies of passport-size photographs taken within the last 6 months. Your current address proof is a must, and if that is not present in the KYC documents you submit, provide a current address proof such as a water/electricity/ LPG bill, current house lease agreement, or other similar documents.

Academic Documents Required for Education Loan

All your past academic records must be submitted to the lender as proof of academic eligibility. Note that the UGC declared 23 universities as fake in 2023, meaning your certificate from those universities will not be valid for an education loan.

The following academic documents required for student loan:

Academic document	Conditions
10th result	50% or above pass
12th result	60% or above pass
Undergraduate results (final and/or semester-wise)	60% or above pass
Entrance test results (GRE, GMAT, IELTS, TOEFL, Duolingo, SAT, ACT, etc.)	The prescribed minimum score for the test
Proof of admission/ Offer letter	Should be valid at the time of applying for a loan
Statement of cost of study/ Schedule of expenses	Should document the major areas of funding for the loan
College/ course prospects	If available
Copies of letters conferring scholarship, free-ship, etc.	If available
Gap certificate, if applicable	Self-declaration from the student for a gap in studies

Note: Given above is a general list, and you may not require all the documents or other case-specific documents might be required when you approach a lender.

Financial Documents Required for Education Loan

The co-applicant’s financial history must be credible when you apply for a secured education loan. The bank ensures the financial trustworthiness of the co-applicant by analyzing the financial documents required for student loan you submit.

Salaried Co-Applicant	Self-Employed Co-Applicant
Salary slip for the last 3 months	Business address proof (GST certificate/ MSME certificate/ Utility bill)
Copy of Form 16 or IT Returns for the last 2-3 years	TDS Certificate (Form 16A)
Bank statement for the last 6 months	IT returns for the last 6 months - 2 years if IT payee
A brief statement of assets & liabilities	Certificate of qualification for C.A., doctor, and other professionals

Collateral Documents Required for Education Loan

Collateral documents are most important for secured education loans as the education loan is entirely valued against the collateral provided. Given below are lists of collateral documents required for diverse collateral types like plots, buildings, and liquid collateral:

Type of Collateral	Documents Required
For Plots or Buildings	Title deed & Sales deed Registration receipt Allotment letter Chain deed for the last 30 years Tax copy or electricity bill Government-approved building plan Occupancy Certificate and Completion Certificate if the property is constructed
For Liquid Security	For fixed deposits - an FD Certificate For insurance policy - Policy paper and Surrender Value Certificate For government bonds - A bond certificate

State-Specific Documents Required for Education Loan

In India, the requirement for property documents is not the same for all the states and union territories since property laws slightly vary among them. The following is a compilation of state-specific documents required for properties in some states of India:

State	Specific documents
Karnataka	Khata Certificate Khata extract
Maharashtra	NOC from society Bill payment receipt Index II Share certificate Conveyance Deed
Telangana	LRS for lands BRS for buildings

Documents Required After Education Loan Sanction

The documentation process is not one-sided; the lender also sends some documents as a response to your submission of documents. Once the lender approves and sanctions your education loan application, you need to obtain from the lender the following documents to proceed with the loan process:

Documents for Disbursement	Documents for Repayment
Education loan sanction letter	Repayment instructions
Loan agreement	Government interest subsidy claim record
Disbursement request letter	Eligibility document for the tax deduction under section 80 E
University fee demand letter	Tuition fee rebate from taxable income under Section 80C
Applicant's academic progress report (Previous semester)	Record of the due principal amount of the loan along with the number of EMIs
Copy of the payment receipt of the previous disbursement	Fresh repayment instructions in case of full Post Dated Cheque (PDC) or swap of existing repayment instructions.

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Documents Required for Disbursement of Education Loan

After an education loan is sanctioned, several documents are needed to ensure the smooth disbursement of funds and compliance with the loan agreement. Below is a detailed list of these documents required for disbursement:

1. Academic Progress Report

A detailed report of the applicant's academic performance from previous semesters. This document provides insight into the student’s progress and records their educational achievements.

2. Disbursement Request Letter

A formally completed letter from the applicant requesting the disbursement of the loan funds. This letter typically includes details such as the amount to be disbursed and the purpose of the funds.

3. Payment Receipt from the Institute

A copy of the payment receipt from the educational institution for the previous semester. This receipt confirms that tuition fees or other expenses have been paid, serving as documentation of the student's enrollment.

4. Visa and SWIFT Advice (for Abroad Education)

Copies of the student's visa and SWIFT advice, especially for those studying abroad. These documents verify the student's overseas education status and are necessary for compliance purposes.

How to Improve Your Eligibility for an Education Loan?

To qualify for an education loan, you must meet specific eligibility criteria. Here are some tips to enhance your eligibility:

Method	Description
Maintain a Strong Academic Record	Consistently perform well in your studies and maintain good grades.
Score High in Qualifying or Entrance Exams	Achieve high marks in exams such as SAT, GRE, GMAT, or any relevant entrance tests.
Gain Admission to a Reputable University or College	Secure admission to well-recognized and accredited institutions, as this increases your loan approval chances.
Demonstrate Strong Future Employment Prospects	Show potential for future employment in your field of study to assure lenders of your ability to repay the loan.
Present a Strong Financial Background	Ensure that your financial background or that of your co-signer is strong, demonstrating your ability to manage and repay the loan.

It is crucial to understand the rationale behind the documents required for education loans and submit them accurately at each stage of the application process. Proper loan documents establish your credibility and enable lenders to assess your profile efficiently. GyanDhan can help you ease the documentation work. We offer education loan borrowers a customized document checklist. Plus, we offer document pickup for specific lenders. To start your loan application hassle-free, check your education loan eligibility.

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Frequently Asked Questions

Do banks provide education loan documents?

Generally, the lender provides an education loan required documents list. But the list of required documents will be a long one that may confuse you to comprehend. Also, it will be difficult to get a timely answer from the lender at every step of the loan application.

What if I don’t have all the loan documents to apply for an education loan?

Generally, you must have all the crucial documents when you apply for an education loan. However, if you don’t have a document at the time of application but will be submitting it sooner, you can contact your lender and submit it later if the lender approves the request.

Is the education loan documents list the same for banks and NBFCs?&

The major education loan required documents are the same for banks and NBFCs, which are listed below:

KYC documents of the applicant
KYC and financial documents of the co-applicant
Collateral documents, and
Academic documents of the applicant

What are the education loan documents required to get an education loan from international lenders like Prodigy Finance and MPOWER Financing?

The education loan required documents are simplified for international lenders like Prodigy Finance and MPOWER Financing since they provide education loans that do not require collateral or co-applicant. Your personal identity and academic documents the major requirements to get an education loan from these international lenders.

What documents are required for education loan?

To apply for an education loan, you'll need a completed application form, academic records, proof of admission, cost estimates, identity and address proof, income proof, and recent bank statements. Collateral documents and visa/travel documents (for studying abroad) may also be required.

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