I'm sure that all of you have your class 10th & 12th certificates laminated. Because we all know how important these certificates are, these sets of certificates /documents give an identity to a person in society. From their birth certificates to death certificates it is required for every decision made.

Likewise, when it comes to taking an abroad education loan, there are various steps involved and one such significant step is documentation. Students are required to submit certain documents either online or by physically visiting the bank's branch in order to start their education loan process. This documentation process is important for the lenders to verify the applicant's credibility.

In this article, we'll tell you all about the education loan documents list given by the government and private banks before commencing your loan process and at the time of loan disbursement. We've divided this article into three sections, common documents for both the government and private banks, additional documents needed for education loan by government banks, and documents required for student loan disbursements.

Common documents required for education loan by Government and private banks 

You do not have to submit the original documents while applying for an education loan but a photocopy of the original documents. Below are the mandatory education loan documents list that you would need to give to the banks while applying for your education loan:

Education loan documents for students

• Duly filled and signed loan application form with affixed photographs
• 2 colored passport size photographs 
• Passport( mandatory for abroad education)
• Identity proof (Any one)
  
  • Voter ID card
  • Driving License
  • Passport
  • PAN Card
  • Government department ID card
  • Aadhar Card or Aadhar enrolment number
• Residence proof (Any one)
  
  • Valid passport
  • Voter id card
  • Driving license
  • Gas bill and electricity bill
  • Updated passbook or bank account statement
  • Notarized rental agreement
• Academic Records (Any one)
  
  • S.S.C, H.S.C, and Graduation Result
  • Result of the entrance exam through which admission is being taken (e.g. CAT, GRE, TOEFL, IELTS, etc.)
• Proof of admission (Any one)
  
  • Copy of offer letter or admission letter of the Institute along with the statement of cost of study
  • A conditional offer letter is also considered in the case of overseas education.

Education loan documents for co-applicant/ financial co-applicant/ Guarantor

So, as you may know, you need to name someone (parents/sibling/family member) as your co-applicant/ guarantor in the case of a secured loan from public banks, and a financial co-applicant in the case of an unsecured education loan from private banks. 

A co-applicant or Primary co-applicant is the person who will be liable to pay your loan if you can’t. Primarily accepted co-applicant are your parents, spouse, parent-in-law, or Guardian.

If your primary co-applicant doesn't have collateral of their own to pledge, then the collateral of any third party ( relatives, friends) can be pledged and they will be the guarantor.

A financial co-applicant is someone who will be paying the incurred interest to the bank during your moratorium period which is why a financial co-applicant needs to have a proper income source with the required proof. So while applying for an education loan you would need to arrange the following documents of your co-applicant-

• 2 colored passport size photographs 
• Identity proof 
• Residence proof 

Income Proof for a salaried co-applicant/ Guarantor:

• Salary Slip of last 3 months or Salary Certificate 
• Copy of Form 16 and Last 2 year’s IT returns acknowledged by IT Dept
• Last 6 months of bank account statement of their salary account
  

Income Proof for Self-employed Co-applicant/ Guarantor:

• Business proof (If applicable)
  
  • Address proof
  • Gomasta License
  • Registration Certificate
  • Service Tax Registration
• Last 2 year’s IT returns, acknowledged by IT Dept (if IT payee)
• TDS Certificate (Form 16A, if applicable) 
• Certificate of qualification (for professionals like C.A./ Doctor, etc)
• Last 6 months of bank account statement

As mentioned, getting the right documents is an important aspect of an education loan process, but it is not the only one. You would need to know in and out of an education loan scheme offered by different banks in order to get the best deal suitable for you. And WeMakeScholars, an organization funded and supported by the Ministry of IT, Government of India, can help you get the best deal possible. The financial officer assigned to you will keep you updated with not just required documents but the interest rate and the loan terms of different lenders and assist you in getting the best loan deal. And since we are government-funded, we do not charge anything for the services we provide to you.

Additional collateral documents required for education loan by Government banks

Make sure you have the following collateral documents before you apply to avoid any hiccups in the application process. 

1.  Property Title Deed
2.  Registered Sale Agreement/ Gift Deed/ Will
3.  Original receipt of the registration for the above agreement
4.  Allotment letter by Municipal corporation
5. Copy of building plan or plot layout approved by the municipality.
6. Latest electricity bill and property tax bill having the same address
7. No objection certificates for the mortgage from society/builder
8. 30 years link document or previous chain of sale deed establishing title or EC is required.
9. A "conversion document" will be required for the agricultural land if that area has been converted into a residential area.

Different lenders do ask for a different set of collateral documents. Also for different states or regions, you may be required to bring in additional documents of your collateral. When you apply via WeMakeScholars, your assigned financial officer will be from your specific region and will tell you in advance all the region-specific documents that you would need to submit to the bank. 

Documents needed for education loan disbursement

• A demand letter from your institute/university
• Signed loan agreement letter
• Signed sanction letter 
• Signed disbursement request form
• Receipts of margin money paid to the institute/university
• Bank statement reflecting the above transaction
• Signed form A2 (For overseas institute)

Many a time students do face issues while disbursement, as they are abroad, and managing things from there is cumbersome for them, which is why you should apply for your education loan via WeMakeScholars, as our role just doesn't end when you get the loan, we keep on helping you till your loan is completed like during disbursement and so on. So do reach out to us for your education loan process by requesting a callback.