What Documents Are Required For an Education Loan?

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Study Abroad Expert

Updated on Aug 28, 2024 11:56 IST

Since education loan terms differ from one to another, required documents remain largely the same. The bank needs certain documents to make sure you are a genuine student and are going to study at a reputed university abroad. For education loans, banks require documents from both the student and any co-borrowers. Marksheets, ID proof and admission letter are some documents required for education loan.

So you are planning to borrow a student loan for abroad studies? It is essential that you have the checklist of required documents for an education loan. As a lender, students have to submit some documents along with a student loan application. Banks and NBFCs verify these documents at the time of processing the study loan.

Note that the majority of document requirements are the same for most banks, but there may be certain documents your bank may ask for additionally. Academic transcript, passport-size photographs, resident proof, and admission letter are some of the important documents required for education loan.

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Documents Required for Education Loan Abroad

Indian students applying for an education abroad will have to first complete and sign the loan application form. After that, the applicants will have to attach certain documents to justify their need for funds to study abroad. Following are the papers the applicants would need while submitting an application for a student education loan abroad:

Residence Proof or ID Proof Documents

Applicants who are applying for education loans to study abroad will have to submit government-issued identification proofs, the acceptable documents are as follows:

Two passport-sized photographs
Photo ID proof
Residence Proof

Academic Documents for Student Loan

In order to have a background check of the applicant, the academic records will be checked and the documents that are required to be submitted are as follows:

Admission letter/Offer letter/CAS
Score reports of:
- ELP Test Scores of either IELTS or TOEFL
- Standardised test scores of GMAT or GRE if applying for a postgraduate course
- ACT or SAT if applying for an undergraduate course (also if its a part of the application process)
Copy of student visa (if applicable)
Mark sheets of the tenth and twelfth board examinations
Mark sheets of an undergraduate degree or any diploma/certificate

Income Documents Required for Education Loan

The following income documents will be required by the bank offering an educational loan to a study abroad applicant:

Break-up of the fee
The last three months' salary slip
Income tax return for the last two years
There are finance proofs required from students based on their guardian's occupation and they are as follows:

Financial Documents Required from Salaried Employees	Financial Documents Required from Self-Employed Professionals
Recent salary slips of three months or Salary Certificates on Letterhead	Proof of office (like a lease deed, utility bills, a title deed, etc)
Previous two year's Form 16 from the employer or last two year's income tax	Last two years' income tax return statements
Income proofs apart from the above-mentioned documents	Certified financial statements or provisional financial statements certified by a CA

Collateral Documents Required for Education Loan

In case the applicant or co-applicant wishes to submit collateral property papers, they can submit the following proofs:

The title deed of the property
Land registrar's details about extracts of agricultural land
Latest property tax bills
NOC from builder for Mortgage
Official allotment letter of property
Approved building plan
Encumbrance certificates

Applicants should note that no bank either private or public requires original copies of the supporting documents that are to be submitted. The applicants just need to submit their copies and they should be signed and should also be self-attested by the applicant.

Before applying for an education loan, applicants should check Public v/s Private Education Loan Providers and then make their choice accordingly. Also, ensure that they are eligible to apply for a loan to study abroad. Those Indian Banks Offering Education Loans for Studying Abroad with lower interest rates should be considered as well.

Useful Reads

Government Education Loan Scheme	Best Time to Think about Finances to Study Abroad	Best Education Loan Providers
Education Loan Eligibility Criteria	Student Loan Vs Self-Finance	Vidya Lakshmi Portal

Q: Is New Zealand good for Indian students?

With a good educational system, excellent quality of life, and a number of research opportunities, New Zealand offers a lot to international students. Auckland, the largest city in New Zealand has a 39 percent population of overseas citizens, making it a culturally diverse city. Moreover, the post-study work visa in New Zealand can offer up to three years of stay back. As per Stats New Zealand, its unemployment rate is 3.4 percent. Students enrolled in a course of 12 months or more can also work part-time in New Zealand for up to 20 hours a week during the semester and holidays.

Q: How can I get admission in the University of Manchester?

The application process at the University of Manchester may vary depending on the course and level of study. However, here is the application process for UG and PG courses:

The Undergraduate Application Process:

Step 1: You can apply through the UCAS common application portal.

Step 2: Go to the website and select the course you are interested in.

Step 3: Ensure you meet the Entry requirements (Academic qualifications, English proficiency, etc.

Step 4: Once you decide on the course, submit documents such as SOP, Transcripts and personal statements.

Check out: tips to improve your SOP.

Step 5: You can track the application's progress through your given credentials by UCAS.

Step 6: Once the applicant submits the application to UCAS, it forwards to the University, and the admission teams carefully analyse the application document.

Step 7: The university will send you an offer letter once selected. Hence keep checking your UCAS portal for your application status.

The Postgraduate application process:

Step 1: Select the postgraduate course you are interested in from the University of Manchester.\

Step 2: Ensure you meet the entry requirements for the chosen program, as they vary depending on the course.

Step 3: Complete the online application by providing your personal information.

Step 4: Upload the required documents, such as Academic transcripts and proof of English language proficiency ( TOEFL/ IELTS). experience in your fields and references (depending on the course). You also may require Two LORs depending on the course.

To make your admission better, check out the following: How Admission Officers Evaluate your application.

Step 5: If your application is successful, you will receive an offer from the University of Manchester.

Q: Why indian students choose to study at Hult International Business School - UK?

Indian students choose to study at Hult International Business School in the UK for several reasons, including its highly ranked programs, global outlook, and career support. Hult offers a range of full-time master’s degrees, immersive bachelor's programs, and MBA options that prepare students to excel in the global job market. The school is the largest and top-ranked global business school, providing students with an incomparable universal outlook. Additionally, Hult's focus on experiential learning, extensive career support, and the opportunity to study at multiple campuses around the world are attractive to Indian students seeking a global business education. Furthermore, the school's emphasis on innovation and meeting the needs of students and employers may also contribute to its appeal to Indian students

Q: How to prepare for UK 10th board exam 2025?

Those who are preparing for the UK Class 10 exam 2025 are recommended to follow the tips below.

Know the exam pattern
Make a proper time table as per the syllabus
Solve previous year question papers
Make short notes of important formulas and theorems
Revise regularly
Figure out weaker areas and learn them well

With proper planning and hard work, students can easily clear the UK 10th board exam.

Q: What is the acceptance rate for Lincoln University New Zealand?

According to various unofficial sources, Lincoln University New Zealand acceptance rate is around 60%. The acceptance rate indicated that the university is moderately selective at the time of admission. So, to get into the university, make sure to have a good academic record and meet the entry requirements such as having 12 years of schooling and minimum percentage for admission to bachelor’s courses. For admission to postgraduate courses, a relevant degree is required with the minimum grade.

Q: Does the University of Essex require IELTS?

International students whose native language is not English must meet the University of Essex English language requirements to get admission. The university accepts IELTS scores as proof of English language proficiency. Mentioned below are the IELTS scores required for UG and PG admission at the university:

English Language Test	Score
IELTS	Overall score of 5.5 to 8.0 with minimum of 5.5 to 7.5 in each section

The university also accepts the score of other English language tests such as TOEFL and PTE for admission to undergraduate and graduate programs:

English Language Test	Score
TOEFL iBT	Overall score of 72 to 114
PTE	Overall score of 59 to 84 with minimum of 59 to 80 in each section

Also read: Required IELTS Score for UK Universities

Q: Is MIT costly for Indians?

MIT is not costly for Indian students. Applicants can study BTech program at affordable tuition fees as compared to other BTech colleges in the USA. The MIT BTech fees is around INR 50 L to INR 52 L.

Q: How long does it take to get admission to Iowa State?

After submitting the application the Iowa State admission committee will review the application for admission on the basis of documents that applicants provide. A decision may require several weeks as it depends on the time of year the applicant submits the application (Applications submitted right before the deadline require a much longer processing time due to the volume of applications received then.). Applicants will receive an admission offer letter and the I-20 Form if admitted.

Note: Students, who wish to study abroad, may get in touch with India’s top-rated loan providers and apply for an education loan through Shiksha Study Abroad.

FAQs Related to Education Loan Documents

Q. What are the basic documents required for education loan to study abroad?

A. Here is the list of all the documents required for Education loan application in India to study abroad:

Application form of education loan
Address or ID proof such as Passport, Aadhaar card, driving license
Passport size photographs
Admission letter from a foreign university
English proficiency test score (Banks may ask)
Income Proof: Income tax returns, salary slips, or other income proof of the student or co-applicant

Q.Can I apply for an education loan online?

A. Yes, you can easily apply for a student loan from the official website of banks. Also, you can use vidyalakshmi portal to apply in multiple banks at the same time.

About the Author

Written by

Raj Vimal

Study Abroad Expert

Raj Vimal has experience of 7+ years in SEO Content Writing, which includes 5+ years in the Ed-Tech industry. He has written articles about studying abroad, especially in the USA, UK, and other English-speaking coun... Read Full Bio

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