Get successful in life by taking an education loan!

To bring a successful and bright life, the quality of education is a must for a student. Due to the increased competition, getting graduated from top Institutions has become very important. Even the cost of education is also growing very rapidly. To study in a top institute, one has to pay a lot of amounts. Due to low financial background, many bright students cannot study at the top Institution. But, with the help of education loan, one can complete their studies from higher institutes. Education loan helps the student to get money to study in top institutions. If you are also one of them who wants to take an education loan, then read on the details mentioned below. In the forthcoming paragraphs, we will talk about the documentation and other necessary things to take an education loan. So let’s get started.

What documentation is required to attain an education loan?

If you want to complete the education loan procedure, then you have to submit a few documents for completing the procedure. Here the list is mentioned of the documentation required to know, how to get the education loan easily. The documents required while applying for the education loan are:

• The completed application form with signature.
• Take two passport size photos of the applicant and the co-applicant.
• Do not forget about the photo ID. In the photo Id, you need to carry the driving license, passport, voters ID card, Aadhaar card, and pan card.
• Take the residence proof also.
• As you are going to apply for the education loan, then do not forget about the academic documentation of the student, such as mark sheet and certificate of 12th standard and graduation. If the student does any competition exam for a professional course, then carry the proof of that also.
• Take the printed admission letter as proof of admission of the student in a particular college and university.
• Do not forget about the income proof of the co-applicant. In the income proof, the person should take the latest salary slips and salary certificate. If any extra income proof required, which is mentioned in the documents, then take that one also. If you are self-employed, then you should carry the income tax returns of the last 2 years. Plus, the financial statements of the past two years as well. Take the proof of office and other any kind of income proof reflected in the documents.

Education loan documentation for salaried individuals:

• If you are one of them, who is a salaried individual, then they require the documents, which are:
• Your KYC documents are a must to keep while applying for the education loan.
• Take the bank statements or your Passbook of the past 6 months.
• Take a guarantor form also. The guarantor form is optional, so if you want to take it, you can, and If in case you do not want to take the form, then it is up to your choice.
• Do not forget to take a copy of the admission letter of the institute where you have applied for. Make sure you will carry the fee schedule of the institution as well.
• Do not forget to take your mark sheet and passing certificate as well of the degree you have done.

What are the documents required for the first disbursement?

• At the time of the first disbursement, there are a few documents required, which are:
• Take the college or university demand letter.
• Carry the Loan Agreement, which is signed by the applicant or the co-applicants.
• A sanction letter is also a must that is signed by the applicants.
• If it is applicable, then you should carry the documents for the Collateral security also.

There are many education loan providers in India. You can choose the best bank for education loan to make the future brighter with all these documentation.

FAQs of education loan:

Who are eligible for an education loan?

The applicant should belong to Indian nationality, and he should have a secured admission document from the reputed and recognized educational institution at the desired location.

How to apply for an education loan?

If we talk about applying for the education loan, then several ways are there to be followed:

• First, you have to apply online. The online application is the most convenient way. You need to fill up the application form online and need to attach the necessary documents with it for the complete submission.
• Now you have to visit the nearest branch with the documents and required details and discuss the terms and conditions of the loan before preceding it.
• Call the lender now. It is up to you, either you can call him, or you 10 express your interest to get the call back from him. After the call, you need to discuss the terms and the procedure for applying education loan in India for study abroad.
• After discussing the terms, you need to follow the further procedure.

What is the eligibility of education loan?

The education loan eligibility is before the age of 30 years.