Documents Required for
Education Loan

The repayment schedule for student loans is planned such that students have the time to secure a job to repay the loan. Repayment of education loan kicks off a year after completing your course or six months after you secure a job, whichever is earlier.

Of course. You can apply for a student loan at any time through your journey in studying abroad. There are advantages of applying for student loans before confirmation of admission. It helps you narrow down your choices for institutes based on the loan amount sanctioned for you. Simultaneously, with a sanction letter in hand, your admission's confirmation becomes easier as institutes can be assured of your ability to pay.

Yes. You can still apply for a student loan without a PAN card. You can submit a copy of your passport or Aadhaar card as a photo identity proof.

In education loans, moratoriums are common as banks can grant up to a year for students to find employment. The interest gained during the moratorium period is added to your principal amount and adjusted in your EMI as soon as you start paying.

Yes, collateral is often required for education loans, especially for larger loan amounts. Collateral serves as security for the loan and can be an asset like property, fixed deposits, or a life insurance policy. However, the requirement for collateral can vary depending on the bank and the loan amount. Some banks might offer unsecured education loans, but these are typically for smaller amounts or through specific schemes.

The average approval cycle for education loans is 5-7 days, however many factors influence how quickly your education loans is approved. Consult with your banks or financial institutions to get the sanction letter. Once the sanction letter is issued, the disbursement process begins.

Yes, you can get an education loan without providing a proof of income. However, after a certain threshold, you might be needed to showcase a proof of income. You can also use collateral such as property, fixed deposits or any other asset that has a tangible value.

Property documents are required for an education loan if it is a secured loan where the property is used as collateral, but they are not needed for unsecured loans.

Many banks offer loans up to INR 20 lakh without collateral, however the eligibility criteria can depend on factors such as academic record, the institution’s reputation and co-applicants financial stability.

Education loans come in various types based on the borrower’s needs. They include domestic and overseas loans for studies within India or abroad, undergraduate and postgraduate loans for degree programs, and professional course loans for fields like medicine or engineering.