Be it about going to a foreign nation to study or to another state within the country itself, every student can avail the educational loan. Education itself is becoming a favourite hobby for many students. India is definitely growing as a literate country, with the illiteracy rate gradually declining.
In 2019, education has become a priority to most of the students. And that is why banks and other financing organizations are offering loans for continuing their studies.
However, it is very essential for every student to know the details about the checklist of documents required for education loan for the early approval of the loan. So, let’s see what exactly you need as documents required for educational loans.
Documents Required for Loan Approval for Students:-
First thing that one should know about the educational loan is that the financier will have the permission to liquidate the assets if you become a defaulter. As there are high risks associated with the educational loans, it is imperative that you submit all the documents properly at the time of loan application.
Here is a brief list of the mandatory documents required for educational loans. The student will have to furnish certain documents like:
- KYC documents
- IT return file
- Bank statement for the past three months
- Address proof
When you are using a property as the mortgage asset, you will have to submit a separate set of documents for the same. Here is the checklist of the mortgage documents.
- Occupancy certificate
- Agreement to Sell
- Share certificate
- No objection certificate
- Title deed
You need to ensure that the property is free of:
- No dues on the house
- Ready to move in property
- Should know the agreement value of the property