Your ultimate guide to student loan documents!

A lot of students have started relying on study loans to pursue their higher education at renowned universities. This helps them afford access to higher education that is so essential in having a stable career in today’s world.

If you too are planning to study further in a reputed university, education loans can help you take big steps towards achieving your dreams. The banks and financial institutions offering these loans allow you to use the funding for a variety of reasons such as tuition costs, accommodation, purchase of study material, and travel expenses.

Furthermore, lenders have kept the entire loan application and documentation procedure extremely simple for students. So, if you too are applying for a study loan soon, read on to discover the student loan documents you would need.

A filled application form -

Download the loan application form from the financial institution’s website and complete it. Or, you can walk into a branch and get a physical copy.

Passport-sized photographs -

You may require two passport-sized photographs of yourself, as the applicant, and the co-applicant, who might be your parent. Always make sure to carry extra copies of photographs. These photographs will be submitted along with your student loan documents.

Identity proof -

You will have to provide the bank with a photo ID of yourself as the applicant and the co-applicant. The proof of identity can include any one of the following - PAN card, passport, driving license, voter ID, and Aadhaar card.

Address proof -

You will have to submit address proof for yourself and the co-applicant. The address proof document can be any of the following - Postpaid gas bill or electricity bill, passport, and Aadhaar card, among others.

Applicant’s educational documents -

You will have to provide your academic records to the bank.

These can include:

1. Marksheets of each semester of the undergraduate course

2. Proof of score of the entrance exam taken, e.g., GRE, GATE, CAT, IELTS, TOEFL, etc.

3. Copy of university fee acknowledgment slip

4. Printed admission letter from the applied university on its letterhead

5 . Scholarship related documents

Co-applicant’s documents -

The co-applicant is required to present the statements of each bank account they have. Income proof is also expected to be submitted along with other student loan documents. These include:

For a salaried employee -

1. Latest salary slips on employer's letterhead.
2. Form 16 from employer or a copy of income tax returns.
3. Any proof of income in addition to the above documents.

For self-employed personnel -

1. Two year’s financial statements.
2. Income tax returns of the past two years.
3. Business proof such as Gomasta License.
4. Office proof: Utility bills, lease documents, etc.
5. Any other additional income proof documents.

Note: These are the student loan documents required for non-collateral loans. In case you want to apply for a collateral loan, you will have to provide proof of collateral along with other student loan documents. 

You may have to self-attest all the student loan documents before presenting them to your loan provider. Do make sure to get a complete list of the student loan documents required by your lender.

Hope this article helps you.