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

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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. 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.

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.

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. Co-applicant documents: KYC documents (identity and address proof) and income proof (salary slips, ITRs) of your co-applicant