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.

1. An Overview Of The Documents Required For
Education Loan Purposes

2. 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.

3. 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

4. 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.

5. All study loans have very rigid repayment options
The repayment is an important aspect of any
loan that you take. So, if the repayment
structure allotted by the lender is rigid and
absolutely inflexible, it is then understood that
the borrower may hesitate a bit in going ahead.
However, with many leading lenders offering
flexible repayment options, students now have
better and more ways to repay their study loans
in India.

6. 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.

7. We hope this article was helpful to you.

8. You can find more interesting things on these sites mentioned below :-
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