Applying for an overseas education loan requires you to submit a dozen documents to the lender company from where you are planning to take your education loan. For funding your higher education via loan, the bank demands a list of your academic and financial documents. Although few banks have put forward the information about all the required documents for overseas education loans still there is a lot of confusion among students regarding the same.
The requirement of the documents that need to be submitted will depend on the lender company (Bank, NBFCs, International Lender) that you are planning to apply to. Although few documents will change as per the requirements of the lender company however there are some of the common documents that will remain the same.
Let us know the common checklist of documents required to apply for study loan for abroad studies:
Academic documents: First and foremost, the lending company will ask for your academic documents that will include your university offer letter, previous academic record, mark sheets of qualifying examinations since std X, degree copies, scoresheet of English Language Proficiency Examination or result of the GRE test.
Financial documents: For the submission of financial documents, you will be required to submit land or property title deed, property sale agreement, allotment letter by Municipal Corporation, NOC from builder or mortgage, third-party guarantee certificate, movable property documents, original bond certificates (gold bonds, bearer bonds, etc.), original policy document (Insurance), DMAT certificate, original fixed deposit, or recurring deposits certificates. For proof of income, the bank will ask for the salary slips of the last six months, accounts and tax statements of business approved by CA.
Legal and institutional documents: The legal documents that will be required for the processing of successful loan application are the Immigration and Foreign University documents such as student acceptance letter (I-20 for USA, CAS for EU), visa approval forms, Indian Income Tax Returns (ITR) of last 2 years, copies of demand letter for fees from the educational institution, copies of receipts for the payment of academic fees.
Identification or KYC documents: The lender company will ask for the personal identification documents of the applicant and the co-application. For the applicant, the list of required documents includes Aadhaar Card, voter’s ID card, valid passport, PAN card, driving license or birth certificate whereas, for co-applicant, the required documents are KYC documents, documents for residential proof, consent letter, power of attorney (for NRI Co-borrower), copy of visa for NRI co-borrower (approved/stamped by competent authority) and copy of work permit (for NRI Co-applicant).
Subsidy Documents: If the student is applying for any government education loan subsidy scheme, he/she will require to submit the set of documents relating to income, gender, minority. This will include a Minority caste certificate issued by the relevant govt. authority, documents regarding disability/illness (degree of disability), certificate of merit, or extra-curricular activities.
All the above-mentioned documents will help you in establishing your authenticity in making the process of an education loan for abroad studies much easier and quicker. The process of overseas education loan application emphasizes on the documentation. Hence, double-check the set of compiled documents before submitting it to the lender company. For the detailed checklist of documents with respect to any particular lender company, do visit Elan Loans.