Documents Required for Education Loan: A Detailed Insight

    Updated on: 06 Feb 2023

    Education loans are real-life catalysts for students facilitating financial help for those aspiring for better education opportunities either in India or abroad. Gone are the days when only those from the affluent class had the privilege to study abroad and make thriving careers. Now, with the increasing importance of higher studies, students do not like to settle for less, merely because they cannot afford the expenses of studying in their dream university. 

    If you are also looking to fulfill your dreams of studying in a reputed college or university in India or abroad but are unable to manage the astronomical funds that are required, you can apply for an education loan. With many government and private lenders offering education loans, you have better chances now to get a study loan. With the choice of education loan products available in the market, you can also get confused with the requirements, especially related to the documents. To help you out, we have listed all the major documents required for an education loan in India to study in the country or overseas.

    It is important to note that these are the major documents that are usually required by all lenders. There can be other documents required by a specific lender. 
    So, without any further ado, let’s go through the list of documents required for education loans.

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    What are the documents required for secured education loans?

    Identity-related documents required from both applicant and co-applicant

    KYC Documents

    • PAN card 
    • Driving License 
    • Aadhar Card


    Address Proof

    • Aadhar Card 
    • Valid water/electricity/ LPG bill
    • Voter’s ID card 
    • Current House lease agreement 
    • Valid passport 

    Documents related to the academic record of the applicant

    • 10th Result
    • 12th Result
    • Under Graduate Result Semester Wise (If required)
    • Entrance Exam Result - Abroad institutes (GRE, GMAT, TOEFL, etc.)
    • Entrance Exam Result- Domestic institutes (CAT, CET, GMAT, CMAT, JEE, NEET, GRE, etc.)
    • Proof of Admission 

    Documents related to the financial history of the co-applicant

    Income proof for salaried co-applicant

    • Salary slips of the last 3 months.
    • Copy of Form 16 for last 2-3 years or copy of IT Returns for last 2-3 financial years, acknowledged by Income Tax Dept.
    • Bank account statement for the last 6 months (Salary Account).
    • A brief statement of assets & liabilities of Parent/ Guardian/ other co-borrower


    Income proof for self-employed co-applicant

    • Business address proof (If applicable).
    • TDS Certificate (Form 16A, if applicable).
    • Last 2 years IT returns (If IT Payee).
    • Certificate of qualification (for C.A./ Doctor and other professionals).
    • Bank Account statement for the last 6 months.
    • A brief statement of assets & liabilities of Parent/ Guardian/ other co-borrower

    Collateral Related Documents

    Common Documents

    • Title deed & Sales Deed
    • Registration receipt
    • Allotment letter
    • Chain deed of 30 years
    • Tax copy or electricity bill
    • Government-approved building plan
    • OC and Completion Certificate (if the property is constructed)
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    State-specific requirements

    For Maharashtra

    • NOC from society
    • Payment receipt
    • Index II
    • Share certificate
    • Conveyance Deed
    • Board resolution or power of attorney


    For Karnataka

    • Khata Certificate
    • Khata extract


    For Telangana

    • LRS for lands
    • BRS for buildings


    Documents for Liquid Securities

    • For Fixed Deposit- FD Certificate
    • For Insurance Policy- Policy paper and Surrender Value Certificate
    • For Government Bonds- Bond certificate

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    Which properties are not acceptable as collateral in secured education loans?

    Commonly unaccepted immovable properties 


    State-wise unacceptable properties 

    • In Telangana: Notary registered property
    • In Karnataka: B Khata Property
    • In Delhi: GPA or Leasehold Properties

    What are the documents required for an unsecured education loan?

    Co-applicant Income Documents

    If Co-applicant is salaried

    • 6-month bank statement of salary account
    • Minimum 3-month pay-slip
    • 2 years ITR or Form-16


    If Co-applicant is Self-Employed

    • 6-month bank statement of the business account
    • 3 years ITR
    • Business proof such as GST registration or P&L (Profit & Loss) Statement


    Academic Documents

    • Past certificates- 10th, 12th, degree certificate or semester grade sheet up to a pre-final year.
    • Test Score Certificate- GRE, GMAT, IELTS, etc.
    • University’s unconditional admission letter.
    • I-20 is not mandatory for the US


    Identity proof for both student & co-applicant

    • Passport-size photograph
    • Pan copy
    • Aadhar copy
    • Passport copy (student’s)


    What are the documents that students can seek from the bank?

    While a student can apply for a study loan from a bank, it is not only the bank that can ask for a set of required documents. Students can also collect a few documents that will help in having adequate proof of education loan. Some of the documents that a student can request from the lender are: 

    • Tax deduction under section 80/E
    • Government interest- subsidy claim record 
    • Record of the due principal amount of the loan along with the number of EMIs
    • Tuition fee rebate from taxable income under Section 80C


    Education loans are given to a student only after the submission of a long and complex list of documents. Therefore, it is extremely crucial for students to get the list of documents required for education loans right! GyanDhan can help you in the entire process of getting an abroad education loan including the documentation process. Our education loan counselor will provide you a customized list of documents that you will have to arrange for an education loan. You will not have to run from pillar to post for the documentation process as GyanDhan provides home pickup of documents wherever needed, otherwise, students can upload the documents online on our website. Contact GyanDhan now and leave all your education financing worries to us!

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    First published date: 24 Jun 2021

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About author

Aman Jain graduated from IIT Kanpur, and currently functions as the VP of Marketing & Operations. He is deeply passionate about creating equality in higher education and has directly interacted with 2000+ students in his year-long journey.

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GyanDhan is India's first education financing marketplace.

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