From Tuition to Takeoff: The essential checklist for education loan applicants

Studying abroad is a dream for many Indian students and it is undoubtedly an endeavour that requires competent financial planning. Education loans are a great instrument when it comes to giving meritorious students access to finance that will help them achieve their dreams.

The education loan landscape is diverse, with a plethora of banks and NBFCs (non-banking financial companies) offering competitive rates and terms. Each lender might have slightly different document requirements, so it’s crucial to research your options and choose the one that best fits your needs.

Remember, timely and accurate document submission is key to a smooth loan approval process. Delays or discrepancies can lead to frustration and, worse, loan rejections. Here is a checklist of all essential documents required for an education loan application.

Identity & address proof

Photo ID: Your passport, PAN card, Aadhaar card, driving licence, or voter ID card will verify your identity.

Residence proof: Recent utility bills (electricity, water, gas), telephone bills, bank statements, or lease agreements will establish your residential address.

Academic documents

Mark sheets and certificates: From Class 10th onwards, these showcase your academic journey and potential.

Test scores: TOEFL, IELTS, GRE, GMAT, or other relevant scores demonstrate your eligibility for the desired program.

Scholarship letters: Any scholarships or grants you’ve secured can reduce your loan amount.

Proof of admission

Offer letter: The official acceptance letter from your University.

Fee structure: A detailed breakdown of your tuition fees, accommodation costs, and other expenses helps determine the loan amount.

Financial documents

Co-applicant documents: KYC documents (identity and address proof) and income proof (salary slips, ITRs) of your co-applicant (usually a parent or guardian) are crucial for loan eligibility and security.

Bank statements: The past 6 months’ bank statements of both the applicant and co-applicant reveal financial stability and transaction patterns.

Income tax returns: The past 2 years’ ITRs of the co-applicant provide further evidence of their financial standing.

Additional documents for a secured loan applicant

If you’re opting for a secured loan with collateral (property, fixed deposits), be prepared to submit additional documents like:

Property title deeds: Proof of ownership of the collateral.

Building approved plan and NOC: For properties under construction.

Please note that this is a general list, and specific requirements may vary depending on the lender and loan amount. Always check the lender’s website or contact them directly for the latest document checklist.


Akshay Chaturvedi is Founder & CEO of that operates brands Leverage Edu, & Fly Homes.

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Published: 24 Dec 2023, 12:02 PM IST

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