Raima and Aakash opted for an education loan to finance their education independently and secure a seat at their dream universities. Raima researched the documents she would require to get the education loan sanctioned to meet the university fee deadline. So, she gathered all the important documents well in advance before applying for a loan. When her lender shared the list of documents that needed to be submitted along with her education loan application, her documents came in handy. As a result, she received her study loan and embarked on her academic quest.
On the other hand, Aakash did not keep the documents in place. As he failed to meet the document requirement of his student loan provider, he missed the university fee deadline. To avoid this situation, it is advisable to always know the documents you need and keep them ready when applying for a study loan.
Education loan process
Financial institutions have simplified the student loan application process, thanks to digitisation. You no longer have to stand in long queues with a file full of documents or meet multiple employees of the organisation. Say goodbye to cumbersome processes and unpleasant bureaucracy.
Nowadays, the loan process is super easy. In fact, at Avanse Financial Services, we have moved the education loan process completely online.
You can apply in 4 easy steps:

• Apply online. If you wish to visit our branch office instead, we will be glad to help you.
• Fill in your details
• Share documents
• Your student loan will be disbursed quickly, provided your application meets our criteria.

Documentation process for education loan  
Before applying for an education loan, you should know what documents you must submit along with the application. If you do not have some student loan documents, your application can get delayed.
Here are some important documents:
Student KYC and educational documents
To complete the KYC process, you will need Photo ID proof, address proof, etc. Educational documents will include your academic transcripts, such as:

• Academic marksheets that include your qualifications, grades, and name of the universities.
• Certificates with entrance exam scores.

Details regarding the course and fees
The documents that clearly state the name of the course you are planning to pursue, the tuition fees, library fees and other information about the study program have to be shared too.
Co-borrower KYC and income details
Your co-borrower could be your parent, legal guardian, sibling or other blood relative. The education loan provider will need their KYC documents. Co-applicants need to prove that they can repay the student loan in case the student defaults on the EMIs. Hence, income details are shared along with the rest of the documents.
Collateral documents
You can opt for a secured loan (with collateral) or an unsecured loan (without collateral) as per your preference. For a secured loan, you will have to pledge an asset. So, collateral is the asset that you provide as a security against your study loan. If you offer collateral, you will have to submit all the collateral security-related documents.
Here are some common types of collateral accepted by student loan providers:

• Residential property
• Fixed Deposit
• Life insurance policy
• Non-agricultural land

Some other documents required
For applicant

• 2 colour passport-sized photos
• Signature verification        
• Proof of admission
• Fee structure

For Co-Applicant

• Signature verification        
• Income proof
• 8-month bank statement
• Relationship proof

If you provide all the necessary documents on time, the process for education loan will be super quick and easy. At Avanse Financial Services, we offer a loan for education packed with multiple benefits such as 100% finance, hyper-personalised solutions, flexible repayment options and more. If you need more information, you can connect with us today!