If you have decided on pursuing your higher studies, then an education loan is the most common and the most reliable way to fund it. It plays a vital role and it applies even if you plan on doing it in India or abroad.
You can compare different loan deals that you come across and then go for the one that you are most comfortable with. Once you have identified the perfect education loan that suits you well, there are a certain set of documents that are mandatory to be presented to the financial institutions.
There are instances wherein applicants get rejected as they do not have their documents in place, so it is very important to double-check what is required before applying for a loan.
Here is the list of basic education loan documents that every financial institution would need when you go to apply for a loan.
1. Admission form
A thoroughly-filled form, the applicant must make sure that the form is filled correctly so that when it is verified it gets approved and it would be easy for you to go ahead with the next step.
2. Educational documents
You need your academic certificates, which include your 10th and 12th board certificates, graduation, and post-graduation certificates.
3. Admission proof
Carrying your admission letter that will serve as proof of admission into the university/college you are going to pursue your higher studies at. It would be really helpful if you note down all the important details of your education expenses. This would include a complete breakup of the various costs of the admission fees, each term semester fees, tuition fees, accommodation, etc.
4. Identity proof
For your identity proof, you need to carry your PAN card, Aadhaar card, voter’s ID card, driving license, passport, etc. Having two passport-sized photographs of the applicant and your co-applicant is also a must.
5. Residence proof
This would include your valid passport, voter ID card, driving license, postpaid utility bill which is your gas and electricity bill.
6. Proof of income
If the co-applicant is the parent, then they will have to show their latest salary slip along with the latest salary certificate. This will work as proof of income in getting an education loan.
In this case, if the applicant is a self-employed individual then proof of income documents such as the balance sheet and profit and loss account or even a calculation of income for the last 2 years will work.
7. Affidavit/Declaration submission
The applicant and the co-applicant must submit an affidavit or declaration which states that you have not taken any other loan or education loan from a different financial institution.
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