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What are the Required Documents for Education Loan

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In today’s competitive world, the youth of the country aims for higher education in India or overseas. Today education is a must for a lucrative career. A lot of money is needed for higher studies and professional courses. So, to support ambitious students, different financial institutions in India have built separate protocols for availing an educational loan.
 
The funds acquired from an educational personal loan can fulfil your dream of pursuing higher studies in foreign universities. One of the basic eligibility criteria to get an educational loan is the right set of mandatory documents. Documents like the graduation certificate and admission letter are basically required to verify the academic background of the candidate.
 
Other Documents needed for education loan:
 
Generally, lenders offer education loan to deserving students who are interested in pursuing their education or post-graduation in India or abroad. Lenders have set flexible interest rate and customized repayment tenure for the eligible candidates applying for education loan.
 
  • Duly completed application form to be filled online through the personal loan app. Mandatory fields should not be skipped.
 
  • Two passport size photographs of the applicant and co-applicant.
 
  • KYC Documents including Aadhaar card/PAN card/Passport/Driving Licence/ Voter’s ID Card (any one of them)
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Citizen of India, it is mandatory for a candidate to attain Indian citizenship for getting an education loan.
 
 
  1. Academic documents of the student mark sheet or certificate of 10th /12th standard or BE, BCom, BSC etc.
  2. Marksheet of any entrance exam or any career-oriented courses, if any for e.g. Engineering/Medicine/CAT/CET/GRE/ etc.
  3. Scholarship documents (if any)
 
  • Admission Proof
An admission letter of the said institute with the institute’s address will be required
 
Documents required from co-applicant (if salaried) (parents/sibling/guarantor)
 
  • Address proof
  • Identity proof
  • Minimum monthly salary in a range of 15000 or above
  • Last 6 months salary slip
 
Required Documents for Education Loan through Online Loan Apps
 
Personal loan apps are easy to use, saves time and widely accepted in the recent Covid-19 pandemic. Stay safe and apply for loans at the ease of your comfort zone. Apparently, lenders observed the need for online loan app and launched various personal loan apps for quick approval and disbursal of loan amount electronically.

One of them being, HeroFinCorp-an instant personal loan app one of the renowned financial institutions providing personal loan for education in a range from 50,000 - 1.50 lakhs at a flexible rate of interest and low processing fees. The interest rates for education loans in India vary according to the lenders and financial institutions. However, the interest ranges between 12.00 % and 16.00 %, which clearly depends on the lender’s base lending rate.
 
Speed up your education loan through HeroFinCorp with paperless documentation that will consider your Aadhaar card number/PAN card number and basic personal information for quick approval of the education loan.
 
Taking education loan from HeroFinCorp enables customizing EMI amount using the EMI calculator. You can customize EMIs to suit your budget so that it’s easy to repay every month.

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Did You Know

Disbursement

The act of paying out money for any kind of transaction is known as disbursement. From a lending perspective this usual implies the transfer of the loan amount to the borrower. It may cover paying to operate a business, dividend payments, cash outflow etc. So if disbursements are more than revenues, then cash flow of an entity is negative, and may indicate possible insolvency.

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