DOCUMENTS REQUIRED FOR EDUCATION LOAN

Updated on : 2020-Dec-29 11:37:32 | Author :

Are You Eligible for an Educational Loan?

Educational loans have a big market for students interested in pursuing their education and higher studies. Banks offer these loans only to meritorious and deserving students who require money to continue their studies. Banks set certain criteria for applicants to meet before they lend money for any purpose.

Courses eligible for Educational Loans:

Students can get loans for the following courses.

Undergraduate degrees/diplomas and special courses.
Postgraduate degrees/diplomas and special courses.
PhDs and Doctoral Programmes.

Banks also offer loan money for specialised courses, training and diplomas. Not all banks will offer finance for these courses, but an applicant can do research and find a bank that will offer them a loan especially if there is a chance of a job or an upgrade in the current job. Some of the courses include are:

Computer certificate course
Engineering diploma
Certificate courses from ITI
Data entry operator course
Nursing/Teacher Training certificate courses and B.Ed
Agri diploma
Veterinary diploma
Any job-oriented diploma or certificate course
Diplomas or degrees for aeronautics, shipping pilot training, held by recognized regulatory bodies for the purpose of employment in India or abroad
Vocational courses by a Government organization or department
Courses by State Skill Missions, State Skill Corporations, or National Skill Development Corporation

Eligible Institutions:

Banks will also check the institution you have selected to pursue your studies. They will not just lend money to any course and any university. The bank needs to make sure that you will be able to complete your course and get a good job when they are giving you a loan. Most of the banks have a list of reputed and pre-approved universities. Blacklisted universities for which they should reject your application.

In India:

Some of the universities that are preferred for studies in India are listed below.

Colleges or Universities recognized by UGC, Govt., IMCR, AICTE, AIBMS, etc.
Approved polytechnic institutions
Reputed foreign schools/universities in India

Abroad:

Universities of good repute and standing.
CPA in USA, CIMA-London, etc.

Documents required for an Educational Loan:

Students seeking a loan for studies within the country, they have to provide the following documents.

Duly-filled application form.
2 passport size photographs.
Graduation or High School Certificate or mark sheets
Documents include ID, address, and age proof.
Signature Proof
Income Proof of parents or guardian
If the collateral is required, documentation for Immovable property, FDs, etc.

Students interested in a loan to study in foreign, they will need to submit the following documents.

Duly-filled application form.
2 passport size photographs.
Documents include ID, residence and age proof.
A copy of the statement of marks or certificates of the last examination passed.
Proof of admission including the course
Course expenses
A copy of the scholarship letter if any
Copy of Foreign Exchange permits if any
Bank account statement for the last six months of the borrower, parents or guardian.
Last two years’ Income Tax assessment of the borrower, parents or guardian.
For loans with collateral, the details of security offered must be furnished.