The student taking the educational loan must be an Indian citizen, 18 years old or above
There must be confirmed admission in the Institute before final disbursement of the education loan
The student loan must be co-signed by an earning co-borrower in India
Co-Borrowers
The co-borrower must be an Indian citizen and could be a parent, sibling, legal guardian, or a relative
The co-borrower must have a bank account in any bank in India, with cheque writing facilities
The co-borrower would necessarily be the primary debtor
Courses
Graduation, post-graduation and professional degree/diploma courses conducted by colleges/universities approved by UGC/AICTE/IMC/Govt. etc.
Technical/professional courses like engineering, medicine, law, management, aviation etc.
Document Required
Student KYC and educational documents
Course and fee details
Co-Borrower KYC and income documents
Collateral documents
Document Checklist : Checklist of Supporting Documents
| Applicant | Co Applicant | Additional Co- Applicant | Guarantor |
|---|---|---|---|
| 2 color photos | 2 color photos | 2 color photos | 2 color photos |
| Photo Id | Photo Id | Photo Id | Photo Id |
| Residence Proof | Residence Proof | Residence Proof | Residence Proof |
| Date of Birth Proof | Date of Birth Proof | Date of Birth Proof | Date of Birth Proof |
| Signature Verification | Signature Verification | Signature Verification | Signature Verification |
| Academic Documents | 8 Months Bank Statement | 8 Months Bank Statement | Income Proof |
| Proof of Admission | Income Proof | Income Proof | Collateral Documents |
| Fees Structure | Collateral Documents | Collateral Documents | |
| Relationship Proof | Relationship Proof |
Process
While applying for your education loan procedure, kindly ensure the following:
Ascertain how much finance you need
Finalise the course you plan to pursue and the university you would be studying in
Identify the co-applicant or guarantor
Check the documents required to be submitted
Submit the application form duly filled in and complete, in all respects
Apply for the education loan well in advance, to ensure timely disbursement
On submission of your admission confirmation, admission details will be verified with the institute or university and collect details like course duration and commencement, fee schedules, etc.
The education loan amount is provided by any one of the following mode:
DD –Demand Draft.
Cheque.
Or it is electronically transferred to the designated bank account.