Dreaming of studying abroad but worried about finances? You’re not alone. Over 1.3 million Indian students are currently pursuing education overseas, and most rely on education loans. However, many face rejections or delays because they’re unaware of the documents required for overseas education loan approval. If you understand the requirements of each bank, your loan process will be quick and you will not have to worry about it.
Understanding the Documents Required for Overseas Education Loan
Various banks might also have marginal variations in the documents, however, the essential documents are fundamentally identical for any bank. In general, you will be asked to furnish:
- Proof of admission: Institutions provide letters or acceptance.
- Academic records:10th, 12th, and graduation mark sheets.
- KYC documents: Passport, Aadhaar, and PAN of the student and co-applicant.
- Financial proof: Co-applicant’s income certificate, salary slips, or ITR.
- Collateral papers: Property documents, valuation report, and ownership proof (for secured loans).
One of the most effective ways to get an approval done quickly, is to submit accurate and complete papers. There is also no risk of a last-minute cancellation. Make sure that you have verified the documents needed for a student loan two times before handing them over.
Key Document Required for Student Loan Across Top Indian Banks
Major banks would typically require the following from you:
- SBI: Proof of admission, an estimate of the study expenses, documents of the security, and the income proof of the co-applicant.
- HDFC Credila: Passport, admission letter, visa copy, and the financial records of the co-borrower.
- Axis Bank: Academic documents, proof of admission, and the latest ITRs.
- Bank of Baroda: Offer letter, cost breakdown, and bank statements for the last six months.
It is quite helpful to have these documents required for an overseas education loan ready and verified beforehand so that you do not have to face any delays in processing close to the deadlines of your university.
Tips to Prepare Your Document Required for Student Loan
- Have the original documents as well as the copies ready.
- If there are non-English documents, get them translated by a certified translator.
- Make sure that every financial document is current and carries your own attestations.
- Keep digital copies in a safe folder for easy access.
If you’re confused about which loan for study abroad suits your profile, Eduloans can simplify the process by comparing options and guiding you with proper documentation.
Why Choose Eduloans?
Navigating multiple banks, comparing interest rates, and arranging the documents required for overseas education loan can be overwhelming. Eduloans is with the students every step of the way when they need a loan. They not only help in selecting the banks but also in getting the correct documents ready. Their advisors ensure your loan is processed smoothly, saving time and reducing stress.
Conclusion
Without a doubt, a neat list of documents for a student loan to study abroad is what makes the loan approval go on time. From academic records to financial proofs, every document required for student loan plays a key role in fulfilling your dream of studying abroad. With proper preparation and expert guidance, getting an education loan to study abroad becomes much easier and more reliable.
Planning to study overseas? Connect with Eduloans today. Their team helps you compare lenders, prepare the right paperwork, and get your student loan for study abroad approved quickly. Turn your study-abroad dream into reality. Start your application with expert help today!
Some banks may allow you to make a tentative application, but they will only complete the transaction after you provide them with the official offer letter.
That is correct, NBFCs generally require fewer documents and complete the loan process quicker than regular banks.
Normally, it takes from 5 to 15 working days, varying with the bank and the correctness of the documents.
Not necessarily. There are lenders who provide unsecured loans, which are granted on the basis of the course, university, and co-applicant criteria.
Certainly, the majority of banks allow the inclusion of tuition, accommodation, travel, and study materials in the total loan amount.