What Documents Are Required For an Education Loan?
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What Documents Are Required For an Education Loan?

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Raj Vimal
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.

required documents 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

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A:

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:   Is MIT costly for Indians?

A:

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:   What GPA is required for the University of South Dakota?

A:

The University of South Dakota expects a GPA score of 2.5 from undergraduates and 3 from postgraduates on the 4-pointer scale. Along with the GPA scores, undergraduates must meet the basic eligibility and submit an ACT score of 21 or higher and an SAT score of 1070 or higher. In addition, they must submit the required documents, such as academic history, transcripts, letters of recommendation, English language scores, and more.

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

A:

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 GPA is needed to go to Ohio State?

A:

There is no minimum GPA score for UG admission at Ohio State. However, International students must have a cumulative GPA of at least 3.0 (on a 4.0 scale or equivalent) for graduate admission. Applicants may submit a standardized test score (GRE or GMAT) if their cumulative GPA is below 3.0 for the last degree.

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

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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

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Following are the steps to download the UK 12th date sheet 2024. 

  • Open the Uttarakhand Board's official website at ubse.uk.gov.in
  • Click on 'Examination Scheme' available on the homepage
  • A new window will appear on the screen containing a link of the UK Board 12th date sheet 2024
  • Click the link and download the Uttarakhand 12th date sheet 2024

Q:   How much time is required for an offer letter by St. Clair College, Canada?

A:

International students can apply for St. Clair College admission through the college official portal and submit the required application material before the equal consideration deadline. As application received after the deadline are considered on a first-come, first-serve basis. The admission decision on acceptance to the college can take anywhere between 2-6 weeks. However, there is no special mention about admission decision timeline, it is recommended to reach out to the college for further clarity.

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
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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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Comments

(3)

M

Mahbubur Rahman

4 years ago

Ducoment pan card hslc passed crteficet hs registration certificate

Reply to Mahbubur Rahman

P

Piyush Kohli

4 years ago

Hi Mahbubur Rahman, all the documents required for getting a student loan are mentioned in the above article.

M

Mahbubur Rahman

4 years ago

My dear sir I'm students of class 12 for I'm money is very important I'm a little of bessnis standing

Reply to Mahbubur Rahman

5 years ago

Requirements for educational loan for higher studies abroad?

Reply to