Documents Required For Education Loan

Get a List of Documents Required For Education Loan in India 2023. Good education is the structure block to make a successful life for a student. However, with increasing college fees every year, it becomes very complicated for a student to have a good education. Keeping this thing in mind the SBI, PNB, ICICI, Axis banks & financial institution provides Education Loan. For this, the students need to submit a number of

Aspirants who are willing to take a loan they required to show some necessary documents to the Bank. The team of www.recruitmentinboxx.com provides a document check list which is required at the time of Loan application. students, who are eligible for further studies but can’t afford the education expenses they may get the list of Required Documents For Education Loan in India from this page.

Education Loans through SBI, PNB, ICICI, and Axis banks

About Education Loan:

Given amount of loan depends upon the type of course for which candidates apply for. Loan which is provided by bank to students will refund from candidates, when they are stable in their own jobs. Candidates have not to worry about financial problem because loan covers every amount like cost of books, tuitions fees which is related to studies. Education loan ensure that worthy students should relieved about their education so that they can easily able to reach their goals in life.

Eligibility to get education loan in India:     

• The students must be a citizen of India
• The applicants must get admission in any of the recognized universities in the world
• The candidate should take admission to one of the following courses:
• Job oriented professional degree courses
• Job oriented professional diploma courses
• Job oriented technical degree courses
• Courses conducted by CPA (Certified Public Accountant) in USA and CIMA (Chartered Institute of Management Accountants) – London

Know Here: How to Apply for Education Loan

Expenses Covered In The Student Loan:

• Tuition fee payable to the university/ college
• Examination/ library fee
• Caution deposit/ refundable deposit
• Travel expenses

Documents Required For Education Loan 

If the candidate applicants want to take loan from ICICI, AXIS, SBI, PNB, so they need to fulfill the all the formalities which are needed for taking education loan. Candidates should also submit the following document which is demanded by the bank. After submit all documents, the file of loan will send to the higher authority of the bank to sanctioned the loan.

Documents From Student:

Firstly student who want to take education loan they need to submit following documents which is important and required for loan.

1. Application form (fully completed and signed)
2. Two passport size photos (both Applicant and Co-Applicant)
3. Letter of admission from the Institute (on its letterhead with the address of the Institute)
4. Cost break-up of the educational program from the Institute (specifying the tuition fees- term-wise, year-wise and any other expenses involved)
5. Academic record of the student:

• 12th board marksheet
• Certificates of subsequent years of education- graduation and postgraduation (if any)
• Marksheet of any entrance exam taken by the student (if applicable)
• Scholarship documents (if any)

6. Affidavit or Declaration that confirms that no loan has been availed from another bank or financial institution
7. ID Proof (any one of the following): Passport, Pan card, Voter’s ID card, Driving License, Aadhaar card
8. Address Proof (any one of the following): Driving license, Ration card, Voter’s ID card, Passport, Aadhaar card
9. Age proof (any one of the following): Birth certificate or Class X certificate
10. Visa approval and travel papers

 long with the student’s document, loan taker also submit the documents of that person  who give the guarantee and assurance to the bank that loan taker will repay the loan with interest on time. That person who give the guarantee is known as a Co-applicant. On behalf on co-applicant, students can take the education loan.

Check Out: List of Universities In India

Documents from Co-applicant (if salaried):

• Address proof
• Identification proof
• Last 3 months salary slips or salary certificate on employer’s letterhead
• Last 2 years Form 16 from employer or last 2 years Income Tax returns
• Any other income proof that is not reflected in the above mentioned documents

Documents for Co-Applicant if Self employed (Professionals/Individual):

1. Address proof
2. Identification proof
3. Last 6 months’ bank statement
4. Last 2 years Income Tax Returns
5. Proof of office (any one of the following: lease deed, utility bill, title deed)
6. Any other income proof that is not reflected in the above-mentioned documents

Repayment of loans:

• The repayment process should instantly start after 6 months to 1 year of completion of the course, though it can extended to 5 to 7 years.
• In the case of non-repayment, the student’s own credit history with his co-applicant’s history gets affected.

Check Out: List Of Latest Online Scholarships For Students In India

Popular banks offering education loans in India:

• State Bank of India
• Axis Bank
• United Bank Of India
• HDFC Bank
• Avanse Financial Services
• Credila (HDFC Bank Company)
• ICICI Bank
• Indian Overseas bank
• Punjab National Bank
• Dena Bank
• Vijaya Bank etc.

Interest rates of education loan for SBI, PNB, ICICI, Axis banks:

The interest rates for education loans depend on to banks in India. On the other hand, it can be anywhere between 12.00 % and 16.00 %, which of course depends on the bank’s base lending rate and other factors. In India, The base lending rate for banks which is directed by the RBI is approximately 9- 10%.

Dear candidates! We hope that the information that we have provided in the above section about Documents Required for Education Loan in India is very beneficial to you. Keep visiting www.recruitmentinboxx.com to get further related articles. You may also bookmark this page by pressing ctrl+d.

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