Documents Required for Education Loan

    Updated on: 10 Oct 2023 9 min read

    When it comes to pursuing higher education and realizing your academic aspirations, obtaining an education loan can be a significant step forward. However, one of the biggest hurdles in the loan application process is the confusion and uncertainty surrounding the documents required for an education loan. 

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    Frequently asked questions

    Will my lender give me the list of education loan documents while applying for a loan? 

    Generally the lender will provide you the list of documents when you approach for an education loan. But the list of required documents will be a long one that may confuse you to comprehend. Also, it will be difficult to get a timely answer from the lender at every step of the loan application. What if I don’t have all the loan documents to apply for an education loan

    Generally you must have all the crucial documents when you apply for an education loan. However, if you don’t have a document at the time of application but will be submitting sooner, you can contact your lender and submit it later if the lender approves the request. 

    Is the required loan document list same for banks and NBFCs? 

    The major documents for an education loan are the same for banks and NBFCs, which are listed below:

    • KYC documents of the applicant
    • KYC and financial documents of the co-applicant
    • Collateral documents, and 
    • Academic documents of the applicant

    The elaborate checklist of documents differs with lenders depending on your profile. Contact your lenders to get the case-specific record of documents. 

    What are the documents required to get an education loan from international lenders like Prodigy Finance and MPOWER Financing? 

    The document requirement is simplified for international lenders like Prodigy Finance and MPOWER Financing since they provide education loans that do not require a collateral or co-applicant. Your personal identity and academic documents the major requirements to get an education loan from these international lenders. 

    Should the documents required for loans be recent while applying for an education loan? 

    The documents you submit must be valid according to the lender’s terms. The financial documents must be recent in typical cases, though academic documents need not be very recent.



Anam
Written by Anam Shams

Anam Shams is a seasoned professional in the study abroad field with deep knowledge of admissions and loans. With a passion for helping aspiring students fulfill their academic dreams, Anam combines extensive experience with a commitment to simplifying the complex processes of studying overseas. A trusted advisor, Anam empowers students to navigate admissions seamlessly and secure financial support, making international education more accessible and attainable


Specializes in:
Education loan , Study Abroad Admissions

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Reviewed by Aman Jain

Aman Jain graduated from IIT Kanpur, and currently functions as the CMO at GyanDhan. He is deeply passionate about creating equality in higher education and has directly interacted with 2 Lakh students in his 8-year-long journey.


Specializes in:
Education loan , Study Abroad Admissions


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GyanDhan is India's first education financing marketplace.



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