Are you aspiring to pursue education at a renowned university but worried about the expenses? Study loans bridge the gap between your dreams and financial constraints. Some people think that opting for such a financial tool is a privilege. But it is not that. Education loans have become a necessity, and you should avail yourself of them when required. Pursuing higher education is often expensive but plays a big role in deciding your career goals and educational aspirations. As such, study loans come as a rescue. It helps you fulfil your aspirations of studying your desired subject without worrying about finances.
However, the long list of criteria for a study loan, especially paperwork, can sometimes be overwhelming. The blog uncovers the list of the documents required for education loan. Knowing the documentation is crucial to streamline the procedure and turn your educational dreams into reality.
For a seamless and effortless study loan application procedure, you need to provide some documents along with your application form. The documents needed for student loan are as follows:
Some common documents that both students and co-singers should submit are:
The main document to begin the loan application process is the application form. Go to your loan provider’s official website and you will get the application form there. It is important because you mention all your crucial information such as personal details and academic background. This form also has a list of specific loan requirements.
A passport-size photograph is usually attached to your loan application form. It is highly crucial to identify and ensure your identity. Lenders use photos for identification purposes. Generally, they need 2 to 3 passport-size photographs per applicant.
Also, called KYC documents, identity proof is among the most important documents needed for student loan. It includes the following documents:
The list of documents mentioned above in the identity proof section can act as the proof of residence. Other than that, there are other documents that are a part of residential proof. They are:
Have you applied for a secured study loan? The collateral or security documents required for education loan are:
As a student, there are certain documents you need to submit. The education loan documents required for students are:
As a student, you should not have any current loan dues. Providing proof of financial stability is important for students. Since you are new to the financial world as an undergraduate student, your parents or co-applicants’ finances are thoroughly evaluated. But if you are a working professional, who wants to pursue post-graduate studies, lenders will thoroughly assess your finances. The financial documents required for education loan are as follows:
Academic records are one of the most important documents required for education loan. As a student, providing your academic transcripts to prove your worth and eligibility. The academic documents that need to be submitted to secure an education loan are:
Imagine you are a working professional who wants to pursue higher studies. What documents should you provide other than the ones mentioned above? In such a scenario, you need to provide an experience certificate. Submitting a work experience letter will boost your application.
Now, it’s time to know the education loan documents required for co-applicant or co-signer. The income documents for self-employed and salaried co-applicants are:
The documents needed for student loan from self-employed co-applicants are as follows:
The education loan documents required for salaried co-signers are as follows:
Securing an education loan includes careful preparation and gathering of important documents. Proper documentation can make your path to obtaining a student loan seamless, bringing you near your educational and career goals. Study loans empower you to follow your educational dreams without worrying about finances. By familiarising yourself with study loan criteria, preparing the documents required for education loan and enhancing your eligibility, you can streamline the whole procedure and obtain the funding you require for your future.
