Education Loan Documents Required India by Banks
An education loan helps a lot of students to fulfill their dreams of getting higher education in India and from foreign universities. The process of getting education loan is simple but you need to have all your documents ready before applying for Education Loan.
This section provides you with all the necessary information regarding the Documents required for Education loan in India by various Banks such as SBI, PNB, and CANARA etc.
Before providing students with the loan facility, bank authorities make sure that they are giving the loan to the right person and this they check by verifying all the necessary documents.
So having the right documents at the right time becomes important if you desire to get education loan from any bank whether it is SBI, PNB, CANARA or any other commercial bank without any problems. Here is the list of all such required documents to help you get your education loan easily.
Documents required by SBI, PNB, Canara Bank for Education Loan
- Attested copies of documents for proof of age/date of birth and proof of residential address.
- Passport size photo of the applicant, co-obligants and guarantors.
- Copy of marksheets/degree certificates of previous academic qualifications.
- Income proof/latest income tax return of parents/co-obligants, guarantors. (if any)
- Details of collateral security alongwith valuation certificate of Govt approved valuer (if any).
- Details/statements of Bank accounts held by the student applicant/co-obligant (s) / guarantors (if any) for the last six months.
- Copy of Passport/Visa, cost of air fare (documentary detail) in case of studies abroad.
Benefit of Education Loan
An education can change the whole life of a person and moving him towards a successful life and bright career. Education loan make available you to meet the financial demands of a reputed MBA program or any other professional courses.
The best part of these loans is that once you have completed your goals and financial freedom, you can pay back them without difficulty with simple rate of interest. Anyone who has desire can easily apply for student / education loan by visiting the bank or through any of the bank website. Most of the banks provide online application forms facility and detailed information for aspirants expediency.
Education / student loan are the best option as compared to conventional loans. They have easiest terms and conditions and simple and profitable rate of Interest. There are other more benefits for the students, the borrower is not required to pay back the loans while studying they can repay the loan after completion of the said course and attaining a job within a set duration of time.
The main benefit of student / education loan is that it not only convinces the financial need to proceed with higher education but also help in saving the income tax while repayment.