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Latest Updates on Education Loan – None of the Bank Will Reject your Education loan application – So you Apply/fill application for Education loan from any bank. Grants for special education should be sought out earnestly by those were qualified for them. When it comes to grants, special-education students do qualify for both regular grants and special education grants. Students will want to apply for both types of grants to ensure that they get the funding they need.
Education Loan Eligibility
- A borrower must be an Indian citizen
- Co-borrower(s) must be also an Indian citizen
- The borrower also must be 18 years of age or older
- Additionally Co-borrower(s) must have a bank account in any bank in India with cheque writing facilities
- Furthermore Confirmed admission in the colleges before disbursement
- Borrower and Co-borrower(s) also to meet Credila’s credit and underwriting norms as applicable from time to time
- It is also mandatory to bring in an earning co-borrower(s) based in India to support the Education Loan application.
- Co-borrower(s) may be any of the following relatives, viz Father / Mother / Brother / Sister (married) /Spouse, where such co-borrower’s income would be considered in determining the loan eligibility per Credila’s credit and underwriting norms;
- Similarly, Co-borrower’s liability is coextensive with the Student;
- Additionally Co-borrower(s) needs to provide documentary proof to establish their relationship with the student, to the satisfaction of Credila;
In case the collateral to be provided is not provided by one of the above relatives, then the collateral could be provided by one of the following relatives provided they are brought into the arrangement as Co-borrower(s) viz: Father-in-law; Mother-in-law; Sister-in-law; Brother-in-law; Maternal or Paternal Uncle or Aunt, Grandparents & First Cousins
Following are the supporting documents needed to apply for education loan:
- Fully Completed and Signed Application Form
- Two Download Loan Application Form in PDF Format.
- Two Passport Size Photos – Applicant and Co-Applicant
- One set to be pasted on the Application Form and second set to be affixed (stapled) to the Application Form
3. Photo ID – Applicant and Co-Applicant (Any one of the following)
6.Photo ID issued by the Central Govt. or State Govt.
7.Bankers Verification/ Bank Passbook with a photograph of account holder attested by bank
4. Residence Proof – Applicant and Co-Applicant (Any one of the following)
Moreover Passport With Address
2. Bank Statement With Address is also required
3. Similarly Driver’s License with Address
4.Utility Bill (Not older than 3 months)
5.Telephone Bill (Not older than 3 months)
6. Similarly, Ration card is also needed to submit
7.Latest LIC Premium Receipt (Not older than 3 months
8. Furthermore, Leave and License Agreement supported with an address proof/utility bill in the name of the landlord
Voter’s ID card
5. Academic Documents of Student
1.Certificate of 12th Exam.
2. Certificate of Subsequent Years of Education e.g. BE, BCom, BSc, etc.
3. Marksheet of Any Entrance Exam Taken e.g. CAT, CET, etc.
4.GRE/GMAT/TOFEL/LETS, etc Marksheets For US Applicant.
5. Scholarship Documents (if applicable) is also required
6. Proof Of Admission (If available)
Printed Admission Letter From the Institute on its Letterhead With Institute’s Address
1-20 Form for the USA Applicant is also considered as proof of admission
7. Last 8 Months Bank Statements of Co-Applicant (If more than one bank account, provide copies of all)
Include the bank statements of the Bank Account where Salary or Business/ Professional receipts are credited every month.
8. Income Proof of Co-Applicant
In case of Salaried Employee (All the following)
1.Latest 3 Salary Slips or Salary Certificate on Employer’s Letterhead
2. Moreover Last 2 year’s Form 16 from Employer or Last 2 Year’s Income Tax Returns
In case of Self Employed or Professional (All the following)
1.Last 2 Year’s Income Tax Returns
2. Last 2 Year’s Certified Financial Statements or Provisional Financial Statements Duly Certified by CA
3.Proof Of Office (any one of the following, Lease Deed, Utility Bill, Title Deed, etc.)
9. If, Collateral – Immovable Property (Flat, House, Non-Agriculture Land) (All the Relevant Documents from the Following List)
1. Registered Sale Agreement Along With Society Share Certificate is also required
2. Moreover Original Registration receipt for the above agreement
3. Additionally Allotment Letter By Municipal Corporation / Authorized Govt. Authority Like MHADA, CIDCO, etc.
4. Commencement Certificate from Municipal Corporation/Council is also required
Previous Chain of Sale Deed establishing title
Any other document as prescribed by our empaneled lawyers or chartered engineers from time to time.
10. All the copies of the above-provided documents should be self-attested
Note: Other than original completed application form, Please DO NOT provide any original supporting documents to us at the time of applying for loan.