Documents Required for an Education Loan to Study Abroad

“What documents are required for an education loan?” is a question nearly every loan applicant asks. For many applicants, gathering all the documents and understanding which ones they need becomes a very confusing process. In order to acquire an education loan, every single document plays an important role, be it KYC documents, income documents, or academic documents. Hence, it is essential to understand all the document types and their requirements. Here is a detailed list of the common education loan documents required by the banks for the education loan process.

Required Documents at a Glance

Here is a quick checklist for your education loan journey. Use this as a guide and make sure the process is smooth and hassle-free. For your reference, the applicant refers to the student applying for the education loan, and the co-applicant is the co-signer of the education loan.

Document Name	Required From	When is it Required?	Is it Mandatory?
PAN Card	Applicant and Co-applicant	While submitting the application	Yes
Aadhaar Card/KYC Documents	Applicant and Co-applicant	While submitting the application	Yes
Address Proof	Applicant and Co-applicant	While submitting the application	Yes
Passport-Size Photograph	Applicant and Co-applicant	While submitting the application	Yes
10th and 12th Marksheets	Applicant	While submitting the application	Yes
Degree/Qualification Certificate	Applicant	While submitting the application	If applying for Masters or PhD
Admission/Offer Letter	Applicant	While submitting the application	If admission is secured
Cost of Study/Fee Structure	Applicant	While submitting the application	Yes
Scholarship Letter	Applicant	While submitting the application	If selected
Passport	Applicant	While submitting the application	Yes
Salary Slips	Co-applicant	Income Verification	Yes, if salaried
Form 16/ITR	Co-applicant	Income Verification	Yes
Bank Statements	Co-applicant	Income Verification	Yes
Financial/Business Documents	Co-applicant	Income Verification	Yes, if self-employed
Property Documents	Co-applicant	Collateral Assessment	Yes, for secured loans
Liquid Security Documents	Co-applicant	Collateral Assessment	Yes, for secured loans
Gap Certificate	Applicant	While submitting the application	If there is an academic gap
Disbursement Documents	Applicant or Co-applicant	Disbursement	Yes, for disbursement
Resume	Applicant	While submitting the application	If applicable
OHG (Own House Guarantor) Documents	Own House Guarantor	Collateral Assessment	If the co-applicant is staying in a rented house/is an NRI/resides in a non-serviceable area (such as J&K, North-East, etc)

What Documents Are Required For An Education Loan in India?

The documents required for an education loan can broadly be classified into two categories: the documents provided by the applicant and the documents provided by the co-applicant. These are some of the basic documents every bank and NBFC (Non-Banking Financial Company) requires.

Documents Provided By The Applicant (Student)

These are the documents that the applicant has to submit:

Applicant's KYC Documents -

Aadhaar Card
Passport
PAN Card
Voter ID card (not accepted by all banks)
Recent passport-size photograph

Address Proof Documents -

Aadhaar Card
Valid passport
Rental/lease agreement (Latest) (where applicable)
Valid electricity/water/LPG bill
Magistrate/Gram Panchayat affidavit (not applicable for all banks)
Voter ID card (not accepted by all banks)
Updated passbook or bank account statement

Academic Documents -

Class 10th marksheet
Class 12th marksheet
Degree certificate (if going for Master's)
Master's certificate (if applying for PhD)
Test Scores (such as IELTS, GRE, GMAT) (if applicable).
University admission letter (if available)
Gap certificate (if there is a gap in the resume)

Documents Provided By The Co-Applicant

A co-applicant is a joint signer who shares equal legal responsibility for paying back the education loan. Parents and legal guardians are the most preferred and common choice. In some cases, when the income of the primary co-applicant isn’t sufficient, banks ask for an additional co-applicant who meets the income requirement. They should be willing to bear the financial responsibility alongside the primary co-applicant and applicant. They are called financial co-applicants; banks and NBFCs both have their list of acceptable financial co-applicants. Do check with your bank before applying. Here is the list of documents required for an education loan by the co-applicant/financial co-applicant.

Co-Applicant/Financial Co-Applicant Documents-

If Salaried:

KYC documents including recent passport-size photograph
Salary Slips (latest 3 months)
6 months bank statements (where salary is reflected)
Form 16 or ITR of the last 2 years
Employee ID card

If Self-Employed:

KYC documents
Latest 1 year bank statement where business transactions are reflected
ITR of the last 2-3 years
Last 2-3 years' balance sheet and profit & loss account
Proof of business address - GST registration/Municipal certificate/Trade licence and photographs of the business

If NRI (Non-Resident Indian):

KYC documents
NRO (Non-Resident Ordinary) or NRE (Non-Resident External) account
1-year bank statement of the NRE/NRO account
Salary proof (latest 3 months)
Abroad address proof
6 months bank statements of the Indian NRI bank account
Passport to check the NRI status
Additional financial documents such as foreign CIBIL report

If Pensioner:

KYC documents
ITR/Pension certificate
1-year bank statement

If Agriculturist:

KYC documents
ITR/Mandi certificate
1-year bank statement

Own House Guarantor (OHG):

KYC documents
Electricity bill/property tax proof

Note: OHG will be required if the co-applicant is staying in a rented house/is an NRI/residing in a non-serviceable area (such as J&K, North-East, etc.) The OHG doesn’t have to pledge any property and only serves as a point of contact in case the co-applicant cannot be contacted. The own-house guarantor can be any family member whose relationship can be proven.

What Documents are Required for Secured and Unsecured Loans?

Documents Required for An Unsecured Education Loan

Unsecured Education loans are loans that are not backed by any collateral. They are based on the co-applicant’s income; the higher the income, the higher the sanction amount. The education loan documents required for an unsecured loan are as listed below.

Applicant and co-applicant’s KYC documents
Applicant’s academic proofs
Applicant and co-applicant’s residential documents
Co-applicant’s income proofs

Documents Required for Secured Education Loan

Secured Education loans, also known as collateral-based loans, are mainly classified into two types: immovable property (such as house/flat/commercial property/land) and liquid securities (such as Fixed Deposits, Insurance, and Government Bonds). Depending on the bank’s policy, these assets can be used as collateral.

Documents Needed For Immovable Properties

Property Title Deed - This document is used to determine the ownership of the property.
Registered Sale Agreement - It is an official transfer of ownership document from the seller to the buyer.
Allotment Letter - This document is provided by the builder and confirms that the property is allotted to the owner by the developer/government agency/housing authorities.
Chain Deed or Link Document - It shows the historical record of all the past owners of the property. In the absence of a chain deed, an encumbrance certificate can be used, which is provided by the local sub-registrar’s office.
Latest Property Tax Copy or Electricity Bill - These documents act as supporting evidence to confirm the property’s address and current occupancy.
Municipality-Approved Building Plan or Plot Layout - This document is used to verify that the property plan has been approved by the authorities.

Documents Needed For Liquid Securities

Fixed Deposit - For FD, you require the FD document
Insurance Policy - For an insurance policy, you require policy papers and a surrender value certificate
Government Bonds - For government bonds, you require only the bond certificate

Note: The above-mentioned list consists of the additional documents required apart from the basic documents such as KYC, address, academic, and income documents, which are mentioned at the start of the article.

Documents Required at Different Stages of Education Loan

The education loan journey doesn't end with just the application or the sanction letter. Many education loan documents are required and provided during the sanction and disbursal process. They are divided as follows:

Documents Required When Applying For An Education Loan

During the application process for your education loan, banks and NBFCs require a list of documents to start your application process. For public banks, those documents have to be submitted at the branch. For private banks and NBFCs, as their process is done online, you can upload them online on their portal. However, for some processes, you might still have to visit the bank branch.

At the time of applying, you are supposed to attach 2 self-attested copies of your documents. Here is the list of documents required for an education loan during the application process.

Proof of Identity - Aadhaar Card, PAN Card, Voter ID, Passport, Recent passport-size photograph

Proof of Residence - Aadhaar Card, Voter ID, Rental/Lease agreement, Passport

Proof of Education - Class 10th marksheet, Class 12th marksheet, Degree certificate (if going for Master's), Master's certificate (if applying for PhD)

Proof of Income - ITR of the last 2-3 years/Form 16, Salary Slips (latest 3 months), 6 months' bank statements, Last 2-3 years' balance sheet and profit & loss account

Other Documents - Such as CV of the applicant, university admission application/acceptance letter (if available), completed loan application form

Documents Required Post-Loan Sanction

After the sanction letter is provided, the loan agreement, also known as the Memorandum of Deposit of Title Deed, is signed. If you are going for a collateral-based loan, then you are required to submit the original collateral papers at the time of signing. The loan account is then created, and the loan is now ready for disbursal.

Documents Required For Loan Disbursal

For disbursal of your sanctioned loan amount, the bank requires certain receipts.

Tuition Fee - For the disbursal of the tuition fees, the student has to email the fee payment invoice to the bank. After which, the bank processes the payment directly to the university account. The invoice is provided to the student every semester. In case any fee installment is paid by the student, they can claim reimbursement through the payment receipt.
Accommodation Expenditure - When you finalise your accommodation, a rental agreement/hostel agreement is created. This is used to request a set amount of disbursal every month from the bank on a particular date. This goes towards your accommodation expenditure.
Other Expenditures - Costs such as food, groceries, phone charges, Wi-Fi bills, clothing, books, laptops, and travel charges are reimbursed. Because these expenses are subjective and fluctuate, prior disbursal is not possible. To receive reimbursement, the student must document these expenditures by keeping all receipts. The bank then reviews and processes the reimbursement.

Documents Required by Different Banks for Education Loan

Every bank has its own list of required documents, but in this comprehensive guide, we have listed the document requirements of all banks in one place. The following table lists the main required documents for each bank and the additional conditions they focus on when processing education loan applications.

Bank	Main Required Documents	Additional Conditions
Documents required for an education loan in SBI	Requires KYC for applicant/co-applicant, academic documents, admission offer letter, course/cost of living, six months' bank statements, income proof, collateral documents (if applicable), and passport	Keep your passport and documents showing the cost of study/living expenses ready. Additional documents may apply depending on the loan amount and profile.
Documents required for education loan in Credila, Avanse and other NBFCs	Requires KYC, academic documents, and detailed income documentation. Salaried applicants need recent salary slips and six months' salary-account statements; self-employed applicants need two years of ITR and audited financials.	Income documentation is checked in detail for all types of co-applicants. Income-based or unsecured loans require adequate documents for disbursals
Documents required for education loan in PNB	Requires KYC for applicant/co-applicant, academic documents, admission offer letter, course/cost of living, six months' bank statements, income proof, collateral documents (if applicable), and passport	Self-employed co-applicant profile requires extensive documentation. GST/ITR, business address verification, and photos for business proof can be asked for verification.
Documents required for education loan in Axis Bank	Requires KYC for applicant/co-applicant, academic and admission documents, and financial documents. Salaried applicants may need salary slips and bank statements, while self-employed applicants may need ITR, GST details, and bank statements.	Income-proof requirements differ by employment type. Axis explicitly says its document list is indicative and may vary case-by-case.
Documents required for education loan in ICICI Bank	Requires KYC for applicant/co-applicant, academic documents, admission offer letter, course/cost of living, six months' bank statements, income proof, collateral documents (if applicable), and passport	A self-employed co-applicant profile requires extensive documentation. GST/ITR, business address verification, and photos for business proof can be asked for verification.
Documents required for education loan in Union Bank	Requires KYC for applicant/co-applicant, academic documents, admission offer letter, course/cost of living, 12 months' bank statements, income proof, collateral documents (if applicable), and passport	Union Bank requires 12 months of bank statements, which is more than other lenders.
Documents required for education loan in Canara Bank	Requires KYC for applicant/co-applicant, academic and admission documents, and financial documents. Salaried applicants may need salary slips and bank statements, while self-employed applicants may need ITR, GST details, and bank statements.	The document requirements can shift according to the education loan scheme selected. It is advised to keep income and asset lists ready.

FAQs:

What documents are required for non collateral education loan?

A student has to submit the following documents for an unsecured education loan- 1. Filled Application Form 2. Photos and Photo ID 3. Academic Documents 4. Proof of Admission 5. Residence Proof 6. Bank Statements 7. Income Proof of Co-Applicant 8. Immovable Property Document
Can I get unsecured loan for education?

Yes, you can get up to 7.5 lakhs of unsecured education loans from Government banks and up to 60 lakhs from private lenders (private banks and NBFCs) depending upon the eligibility and requirement.
What is proof of income in education loan?

Education loan lenders check for income proof of your co-applicant before approving your loan application. Salary Slip of last 3 months or Salary Certificate, Copy of Form 16, last 2-3 years IT returns, last 6 months of bank account statement, etc are considered as proof of income in education loan.
Is property documents required for education loan?

Yes, if you are taking a collateral education loan to fund your education, then you would have to present all the required collateral-related documents of the pledged property.
Can I get education loan without salary slip?

Yes, a salaried co-applicant can give a salary certificate instead of salary slips. Or if your co-applicant is self-employed, then you don't need salary slips but business proof.
Is Gap certificate necessary for education loan?

Yes, a gap in education (for more than 3 months) has to be justified by writing a letter to the bank or by providing a gap certificate. Loan applications have been rejected in the past for not presenting the gap certificate on time.
Is ITR required for education loan?

Yes, generally all lenders ask for the latest 2-3 years of ITR filed by the co-applicants before approving an education loan application.
What is proof of admission to the course for education loan?

You are required to present the proof of admission before your education loan lenders for an education loan. It includes an offer letter, letter of admission, conditional offer letter, etc.
Can students without a co-signer or guarantor get an unsecured education loan?

Yes, students without a co-signer or guarantor can get an unsecured education loan, but having one can increase the chances of approval and result in a lower interest rate. So, we always suggest our students to bring co-applicants along with them because that would be beneficial for them on various terms and conditions.
What is the repayment grace period for an unsecured education loan?

The repayment grace period for an unsecured education loan varies depending on the lender's policies and applicant or co-applicant profile. It usually ranges from six months to one year after the borrower completes their education also known as the Moratorium period for Education Loans.
Can a borrower negotiate the terms of an unsecured education loan?

Yes, borrowers can negotiate for a lower interest rate, longer repayment period, or other favorable terms but we have seen plenty of cases where applicants go directly to banks for negotiations but are not that skilled in negotiation. Financial Officers of WeMakeScholars are experienced in handling 1000s of cases on daily basis to do all the negotiation on your behalf and our all services are free of cost for everyone.
What is the interest rate for unsecured education loans?

The interest rate for unsecured education loans varies depending on the lender, the loan amount, and the borrower's creditworthiness. Usually, it goes from 10%- 14%. But if the applicants apply through WeMakeScholars, they can get a minimum of 0.5 % discount on their interest rate. Request a callback for further assistance.
What documents do I need to provide for an education loan to study abroad in a private bank?

To obtain an education loan to study abroad in a private bank, you will need to provide documents such as your admission letter, mark sheets, income proof of the co-borrower, KYC documents, collateral documents, and any other documents specified by the bank. It's advisable to check with our officers to understand the exact documentation requirements for different lenders.
What is the repayment period for an education loan to study abroad in a government bank?

The repayment period for an education loan to study abroad in a government bank can vary depending on the loan amount, course duration, and the bank's policies. Typically, the repayment period can be up to 15 years, including the moratorium period. However, some banks may offer longer repayment periods for higher loan amounts.
How much income proof do I need to provide for a co-applicant for an education loan to study abroad in a government bank?

The income proof required for a co-borrower for an education loan to study abroad in a government bank can vary depending on the bank and loan amount. Typically, the co-applicants income should be sufficient to cover the loan amount, and they will need to provide salary slips, income tax returns, and bank statements as proof of income.
Can I get an education loan to study abroad without a co-application in a private bank?

Yes, some private banks may offer education loans to study abroad without a co-applicant, but the loan amount may be lower, and the interest rate may be higher. The eligibility criteria and documentation requirements may vary depending on the bank's policies and the borrower's repayment capacity.
Can I apply for an education loan online?

Yes, many private and government banks offer the facility to apply for an education loan online. You just have to request a callback from our financial officer to check your eligibility criteria, documentation requirements, and application process. they will guide you throughout the education loan process because we are the digital partner of more than 14+ public and private banks. Some banks (mostly public banks) may require a physical visit to the bank branch for document verification and loan disbursal.
What are the Documents Required for PM- Vidya Lakshmi Education Loan Scheme?
The documents required for the PM-Vidya Lakshmi scheme are
1. Class 10th marksheet
2. Class 12th marksheet
3. Proof of Income
4. Schedule of expenses by the institution
5. Admission proof
6. Applicant/Parent’s Photograph
7. Application form

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