What Documents Are Required for an Education Loan


Are you planning to take an education loan for your loved one or fund your post-graduate degree? If so, you must start collecting the documents lenders generally require before granting you an education loan.

The process of procuring an education or personal loan for education is simple. Banks and financial institutions provide guidance about the loan product which suits you the best, documentation, disbursement, and loan closure.

Education Loan

When we talk about documentation for a personal loan for education, let’s understand what the lenders generally require:

1. Identity documents

Identity documents of the applicant (student) and the co-applicant (a close relative of the applicant) would be required when procuring a loan. These include:

2. Address proof

Certain documents admissible as address proof may be:

  • Aadhar
  • Passport
  • Voter ID Card
  • Bank statement
  • Utility bills (electricity, telephone, gas)

3. Educational qualifications

Where applicable, the loan applicant must provide documents like their SSC and HSC certificates, mark sheets, and graduation and post-graduation certificates. For higher studies, entrance examination scores for JEE, CAT, TOEFL, etc., are also required. The lender may also demand the co-applicant’s education certificates and professional degree certificates.

4. Financial status

Documents supporting the income status of the co-applicant are essential. In the case of a salaried individual, the lenders typically ask for the salary slips for the past 2/3 months, bank statements for the past six months, and income tax data like returns filed, Form 16, or Form 26AS for the past two years. In a self-employed individual, lenders would demand their financial statements, income tax data mentioned above, and business registration details like LLP or GST registration.

The lenders may be willing to lower the education or personal loan interest rates depending on the financial status and the educational qualifications of the applicant and the co-applicant.

5. Collateral/security

Banks may sometimes require collateral/security before sanctioning the education loan. For example, where a shop, office, or home is offered as security, you must submit the property’s original purchase deed.

6. Documents about the university or educational institution

The lenders require documentary proof of your admission to the university or institution you applied for. You will need to submit the following documents:

  1. University admission or invitation letter
  2. Fee structure and a demand letter from the university
  3. Scholarship certificate, wherever applicable

7. Loan-related documents

Once all the documents mentioned above are in place and the lender is satisfied that the applicant is eligible for an education loan, signing the documents occurs. The applicant and the co-applicant are required to submit the following documents:

8. Payment receipts from the university or educational institution

Post execution of the loan agreement, lenders issue disbursement letters and cheques or payment instructions depending on the fee demand letter of the institute. The applicant must ensure that the fees are rightly credited to the university’s account and that payment receipts provided by the university after every loan disbursal are shared with the lender.


Collating and systematically arranging documents can help in the quick processing of your education loan. You must carefully select the lender for your education loan after reviewing all the terms, including interest rates, repayment flexibility, etc. The loan offerings of different lenders can be compared using a personal loan EMI calculator.