Documents Checklist for Education Loan in India

MUMBAI, India - Dec. 19, 2013 - PRLog -- Documents are of primary importance for getting an education loan in India. Without proper supporting documents you loan application is more likely to get rejected. If the loan amount is above 7 lacs, the co-borrower is also required to furnish different documents for education loan along with the student who is applying for financial assistance.

Several students and their parents fail to understand the role of documents in approval of education financial assistance and do not submit all documents required leading to loan application being rejected. To avoid this, you need to ensure you submit all required documents mentioned in the education loan documents checklist. The education loan document checklist is provided with every education loan application. If you have not received it along with your education loan application or misplaced it, ask your education loan officer to give you a copy of the document checklist.
The document checklist mentions different education loan documents required for approving the financial assistance. Let’s take a look at different documents mentioned in education loan documents checklist.

Documents required:
ID Proof:
• Copy of Passport/voters ID card
• PAN card of student and co-borrower
Address Proof:
• Self attested copy of Passport/Voters ID card/Ration Card/Driving license/ Electricity bill( not more than 2 months old)/ Landline Telephone Bill ( not more than 2 months old)
(Note: the above mentioned documents should have clear mention of the residential address which matches the address mentioned in loan application form)
Date of birth Proof:
• Birth Certificate or Xth Std Passing certificate
Educational documents:
• Mark sheet of graduation and last qualifying exam
• Mark sheet of Xth Class
• Mark sheet of XIIth Class
• Mark sheet of entrance exam, if applicable
• For Higher Studies in India: CET, CAT etc,
• For Higher Studies in Foreign University: TOEFL/GRE/GMAT/IELTS
• Scholarship documents, if applicable
• Proof of admission
• Printed admission letter on letterhead of Institution with address
• Prospectus of the course where details about admission fees, tuition fees, examination fees , hostel charges, etc are mentioned

Note: you are required to present self-attested copies or true copies of the educational documents mentioned above along with the loan application. You are required to furnish original documents for verification whenever demanded by loan approving officials while processing your education loan
Financial documents:
These documents are submitted by the co-borrower generally where the loan amount is more than 7 lacs.
• Latest 3 salary slips, if the co-borrower is salaried employee
• Last 3 years income tax statement, if the co-borrower is not a salaried employee
• Last 6 months bank statement
• Latest I year’s Form no. 16 from Employer which reflects co-borrower income tax returns
• Documents supporting other income that is not supported by above documents
• Brief statement of assets and liabilities of the co-borrower.
Other documents:
• Photocopy of VISA if the student is applying for higher education in foreign university.
The above documents check list required for education loan is only indicative. Every bank and financial institution may have different list of documents for education loan. Providing the necessary documents is the key to faster education loan approval.