A study loan has always helped students to pursue their further education by providing financial aid. This proves to be a great help, as it covers a lot of expenses that the students have to bear when it comes to admission fees, travel expenses, day to day costs, and any other additional expenses.
Since financial institutions have come out with a lot of different loan plans when it comes to education loans, the students have no shortage of options. These financial institutions have also made it very easy for the students to get education loans, the only thing the students have to care about is their documentation process.
There have been a few cases where students have made errors when it comes to their documentation, in order to avoid this, here is a list that we have compiled that they can follow.
In order to get a loan, you first need to fill up a KYC form. This form would include documents to establish proof for the following categories:
The documents needed for your identity details are PAN card, Aadhar card, Voter ID, Valid Passport, Driver’s license, Birth Certificate. These documents would state your name, age, address and many more personal details.
Keep all your mark sheets including your Class 12th and graduation results, along with the results of the admission tests you have taken i.e. GRE, GMAT, LSAT, SAT, etc. Be sure to keep all of them organized as the university will be reviewing all your scores. Make sure to carry the acceptance letter received from the university you have secured admission in.
You will be needing your bank statements of the past 6 months. This is so that the education loan provider gets assurance that you are capable of financially supporting yourself and will be able to pay the loan back.
Once your identity details are done, check out the next documents you will be needing for your academic and financial records.
At the final step of the process, the applicants need to show documents to the financial institutions that include the college fee receipts and the consent of the co-applicant, and also documents that are required to manage the loan after it is sanctioned.
The financial institution will also need details of the co-applicant, as they will be responsible for the applicant. The co-applicants need to submit their KYC documents, proof of residency, and their consent letter along with their bank statements from the past 6 months.
In the case of NRI co-applicants, they will be having to carry copies of their visas and work permits, along with a power of attorney.
These are the basic documents that are required when you go to any financial institution in order to get a study loan. Make sure to keep them organized as this helps speed up the process, and you would not have to run around looking for a missing document later on.
Be sure to check with the financial institution that you are applying to, about the documents it needs as each one has their own rules and regulations.
We hope this article will play a part in making your loan process go smoothly without you having to face any hassles!