An Overview Of The Documents Required For Education Loan Purposes

 There are many students who have dreams of studying their preferred course at the university of their choice. However, one thing that often acts as an obstacle during such scenarios is the finance. Reputed and well-established educational institutes tend to charge high amounts of money. A student facing such a financial issue can look towards education loans for help. They are a great way to finance your studies. If you are looking to apply for such a way of financing, then an overview of the documents required for education loan purposes can be quite helpful. Let’s take a look at the same. 

 

Documents needed to be submitted by the student

 

As the primary applicant, these are the documents that will be required to be submitted by you: 

 

·         Proof of residence

·         Proof of date of birth 

·         Proof of admission 

·         Documents related to your previous educational experience 

·         Photo IDs

 

Documents needed to be submitted by the co-borrower 

 

These are the documents required for education loan purposes, needed to be submitted by the co-borrowers. 

 

·         Proof of residence 

·         Proof of date of birth 

·         Documents proving the ownership of the collateral (if provided) 

·         Proof of income 

·         Bank statements for a particular number of months

 

Do remember that this is a general list. The actual nature and number of the documents required might differ from lender to lender. It may also be dependent on the course you are taking. For instance, if you are applying for an executive education loan for MBA students, you may be required to provide proof of your working experience as this type of MBA is for working professionals only. 

 

It is also advisable to understand the exact requirements of the lender in terms of documents. This way, you are prepared. You can gather these documents and keep them in an orderly manner before you apply for the education loan. When the time comes to submit these documents, you do not have to worry as to where a particular document is. 

 

What should you look for when applying for an education loan? 

 

Now that you have gotten an idea of documents required for education loan purposes, you should also check out the following list of features to look for in a lender: 

 

1. Coverage for a multitude of expenses 

The loan that you choose should be able to cover a multitude of expenses that you will have to pay for during the course of your studies. Costs such as rent, travel fare, study material charges, and so on should be covered. 

 

2. 100% financing 

If you opt for a lender that does not offer 100% financing, then you will have to pay for a portion of the expenses yourself. This may not be very advisable if you are short on budget. Therefore, do look for a lender that finances your expenses to the fullest. 

 

3. An easy loan application process 

Applying for admissions into universities is an already complicated process. Therefore, opt for a lender that has a simple and straightforward application process.

 

We hope that this article has not only helped you get a better understanding of the documents required for education loan purposes but also on how you can choose a good lender for your study plans. Good luck!

 

For more details - An Overview Of The Documents Required For Education Loan Purposes