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Education Loan for Foreign Education Documentation


The following people are eligible to apply for an Education Loan for Foreign Education:

  • Resident Indians
  • Individuals between the ages of 16 and 35
  • Those who can offer collateral for certain cases
  • A co-applicant is required for all full-time programmes. The co-applicant can be a parent, spouse, sibling, father-in-law, mother-in-law, brother-in-law, or a paternal/maternal uncle/aunt

 

The following documents are required along with your Education Loan for Foreign Education application:

Category Applicant (Student)
Academic Institute admission letter with fee break-up : USA Applicant: I-20 Form and UK Applicant: CAS Letter
SSC, HSC, Graduation mark sheets and also mark sheet of any entrance exam like GRE/GMAT/TOEFL/IELTS
KYC (Know Your Customer) Age proof
Signature proof
Identity proof
Residence proof
Signature verification for the Student/Co-Applicant like: PAN Card, Passport, Credila’s completed signature authentication form authenticated by Bank or 10th/12th or equivalent mark sheet with signature for students below 21 years
Income Documents Salaried
Latest 3 salary slips carrying date of joining details
Previous 6 months bank statement of the salary account
Previous 1 year’s Form 16 from the employer along with 1 year income tax return
Self Employed
ITR of previous 2 years along with computation of income
Audited balance sheet of previous 2 years
Bank statement of previous 8 months
Proof of turnover (latest sales/service tax return)
Self Employed – Professional
ITR of previous 2 years along with computation of income
Audited balance sheet/proft and loss statement of previous 2 years
Bank statement of previous 8 months
Proof of Qualification
Others Completed application form
Latest photograph (signed across any document for establishing relationship between student and the c-applicant viz. ration card, marriage certificate, birth certificate, etc.)

The report of audit, duly signed and verified by the chartered accountant is required to be given in such form and setting forth such particulars as prescribed by the Board. Rule 6G of IT Act provides that such audit report and particulars should be given in Forms No. 3CA/3CB as may be applicable and the statement of particulars should be given in Form No.3CD.

Documents – Post Sanction
Category Applicant (Student)
Loan Agreement Completed Loan Agreement to be signed by applicant and co-applicant*
Repayment Instructions ECS
7 Security PDCs in case of ECS
*Stamp duty to be paid by the customer as per the relevant state laws

Here are the documents you need to submit for subsequent disbursements:

  • Subsequent Disbursement Request Letter from the applicant and co-applicant
  • University Fee Demand Letter
  • Applicant’s Academic Progress Report
  • Revised repayment instructions for ECS mode with 8 security cheques

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This entry was posted on October 29, 2018 by in Uncategorized.

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