Every parent dream of offering their kids higher studies for a bright and prosperous future for a bright and successful future. But getting a higher education is expensive these days, so different personal loan providers provide education loans to students so they can fulfill their dream without any hassle. Whether you dream of studying abroad or at India’s best institutions, you can quickly get funds to get a higher education easily.
An education loan is unsecured; thus, an applicant’s process and approval are also very steadfast. Banks must assess the eligibility of the applicant and the co-applicant to grant them a loan. To apply for a personal loan in Hyderabad for education, the applicant must be a citizen of India with an excellent academic record and should have secured a seat in a reputed college or university. However, education loans need a co-applicant who may accomplish the basic requirements to apply for the loan. The co-applicant for an education loan could be self-employed or salaried parents, siblings, or relatives of the applicant with a reliable income source. Moreover, banks consider the co-applicants age, qualification, annual income, work experience, and profession before determining the loan amount.
It is equally essential for an applicant and co-applicant to submit all the genuine documents to get an education loan seamlessly from personal loan providers. You must read this article once if you do not know the documents required to get loan approval. However, it is also vital to contact your bank and obtain the list of documents, as it may differ from bank to bank.
Who Can Apply for an Education Loan?
The loan provider grants education to those students who are eligible for given key points:
- The student must have Indian citizenship
- Students must get 50% marks during graduation and HSC
- Applicant must secure admission in India or Abroad merit-based selection process of HSC (10+2)
- Applicants who gain access to career-oriented courses such as engineering, medicine, management, etc.
- An essential document that showcases the regular income of the co-applicant (parent/siblings/guardian)
Student’s Documents Required
To get approval for a personal loan in Hyderabad for education, the applicant or student must have all the following documents and submit them to the bank.
- Fill out and sign the education loan application form.
- Two passport-size photos
- The admission letter from the college or university must also contain the address of the institution.
- 10 and 12 board mark sheet, mark sheet of any other entrance test, certificate of following years of graduation and post-graduation, and scholarship documents
- Cost breakdown of the educational program from the university (specifying the tuition fees year-wise, term-wise, and other expenses)
- Identity proof such as an Aadhaar card, passport, voter’s ID card, driving license, PAN card, etc.
- Affidavit that proves that the applicant does not avail loan earlier from another financial institution
- Address proof such as a Ration card, Adhaar card, Driving License, Passport, Voter’s ID card, etc.
- Travel paper and Visa approval (for abroad institutions)
- Age proof, such as a birth certificate or 10th class certificate.
Co-Applicant’s Documents Required
Apart from students, co-applicants must also submit various documents to the loan provider. However, documents may differ according to different personal loan providers and co-applicants’ sources of income. So here is the list of documents based on salaried and self-employed co-applicant.
If Salaried
- Identity proof
- Address proof
- Guarantor Form (optional)
- Qualification proof
- The last 3-month salary slips on the employer’s letterhead
- Last 2 years Income Tax Reuters or from 16 from employer
- Any other proof of income other than that mentioned above.
If Self-Employed (Individual/Professional)
- Identity proof
- Address proof
- Qualification proof
- Income Tax Returns of last 2 years
- Bank statement or passbook photocopy of previous 6 months
- Proof of office, such as title deed, utility bill, lease deed, etc.
- Any other proof of income other than that mentioned above.
Conclusion
To pursue higher studies in India or abroad, you must get a personal loan in Hyderabad. The approval process for education loans is very efficient and quick, and you can quickly get them online and offline. However, you must have all the required documents before beginning the education loan process. Although the list of documents may vary depending on the bank, you must ask your bank for the necessary documents before executing. If you have all the documents mentioned above, you only need to visit the loan provider branch or website to initiate the process.