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Education Loans for USA

Updated on Nov 15, 2022
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While the formalities for an education loan vary for different banks, a set of formalities are identical across the board. These include the following documents - 

Table of Contents

1 For Student-applicants

  • Proof of Identity (any 1)- PAN/ Passport/Driver's License/ Voter ID card

  • Proof of Residence/ Address (any 1): copy of Passport/ Driving License/ Aadhaar Card/Passport or a document of a recent Electricity bill/ Water bill/ or any other utility bill

  • Academic Records: 10th Result and 12th Result

  • Graduation Result: Semester-wise (if applicable)

  • Entrance Exam Results through which admission has been secured (GMAT, GRE, TOEFL, or IELTS)

  • Proof of admission: Admission Letter/ Offer Letter from an Institution. A conditional admission letter may also be considered for those moving to study abroad. 

  • A statement of the cost of study or a schedule of expenses

  • Two passport-size photos

  • Last year's statements of any previous loan from other Banks/Lenders

2 For Co-applicants:

  • Proof of Identity (any 1): PAN/ Passport/Driver's License/ Voter ID card

  • Proof of Residence/ Address (any 1): copy of Passport/ Driving License/ Aadhaar Card/Passport or a document of a recent Electricity Bill/Water Bill/ Piped Gas Bill

  • Two passport-size photos

  • Last year's statements of any previous loan from other Banks/Lenders

3 For Income Proof for Salaried Co-applicant/ Guarantor:

  • A salary slip or salary certificate for the last three months. 

  • A copy of Form 16 for the last two years or a copy of the previous two financial years' IT returns acknowledged by the IT Dept.

  • Last six months' bank account statement (of Salary Account)

4 For Income Proof for Self-employed Co-applicant/ Guarantor

  • Business address proof (If applicable)

  • IT returns for the last two years (if IT payee)

  • T.D.S. Certificate (Form 16A, if applicable)

  • Certificate of qualification (for CA / Doctor and other professionals)

  • Your bank account statement for the last six months

5 FAQs

Question 1: What proofs are required for an education loan in the USA?

Answer: Essential Documents required for Education Loan

  • KYC documents.

  • Bank Statement / Pass Book of last six months.

  • Optional – Guarantor Form.

  • Copy of admission letter of the Institute along with fees schedule.

  • Mark sheets / passing certificates of SSC, HSC, and Degree courses.

Question 2: Is a salary slip required for an education loan?

Answer: In any event, the requirements for an education loan state that it will require a co-borrower whose income will be verified. It is a credit policy requirement. Thus IT returns for self-employed co-borrowers, or Form 16 and the most recent salary slip for salaried co-borrowers, are required.

Question 3: Are property documents required for a student loan?

Answer: To obtain a loan from a lender, you must usually put up security in the form of a home, fixed deposits, stocks, bonds, or other assets. No margin is required if you apply for a loan within this limit through a scheduled commercial bank under the CGFSEL system.

Question 4: Can I get a 40 lakh education loan without putting up any security? 

Answer: You have complete freedom to borrow any amount you require. Various factors influence the maximum loan amount, including the college, course, collateral, etc. Axis Bank, for example, offers no-collateral loans up to Rs 40 lakh.

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