Education Loans for USA

• 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

• 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

• 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)

• 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

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.