What proofs are required for education loan?

Documents required for Education Loan

• KYC documents.
• Bank Statement / Pass Book of last 6 months.
• Optional – Guarantor Form.
• Copy of admission letter of the Institute along with fees schedule.
• Mark sheets / passing certificates of S.S.C., H.S.C, Degree courses.

Is bank statement required for education loan?

Bank account statement for last six months of the borrower, parents or guardian. Last 2 years’ Income Tax assessment of the borrower, parents or guardian. For loans with collateral, the details of security offered must be furnished.

Is bonafide certificate necessary for education loan?

Current academic documents required for education loan: Proof of admission: conditional offer letter/letter of admission/permanent admission letter/counselling seat allocation certificate/bonafide certificate.

Is CIBIL score required for education loan?

One of the most prominent factors in an education loan is the CIBIL score of the applicant and the co-applicant. The score can range from 1 – 999. However, the ideal CIBIL score to get an education is 750 and above. Applicants with a CIBIL score below 600 would face difficulty in getting loan approval.

Is parent CIBIL score required for education loan?

Note: In most of the cases, you or your parents have a minimum CIBIL score of 75O is required by the bank. But some may also accept less than 750 scores depending on various factors.

Are the private education loan new disclosures required for consolidation loans?

If we give a loan to someone to consolidate their existing student loans, are the private education loan new disclosures required? They are no longer in school, just refinancing the debt. Our software only supports 2 of the 3 required disclosures for private education loans.

Is there a special type set up for private education loans?

Concerning the new disclosures for private education loans, we do not have a special type set up for these loans, but we do make loans to consumers, and the purpose that is given is for education purposes. Does the new Reg.Z requirement for the additional disclosures apply to these loans?

What do banks look for in an educational loan application?

Banks set certain criteria for applicants to meet before they loan money for any purpose. When banks receive an educational loan application, the main factors they would consider are: The academic background and qualifications of the student. The track record of marks, credits and achievements will be considered.

Are there any federal student loans available for certificate programs?

Yes, there are federal student loans available for qualifying certificate programs. The US Department of Education has a pamphlet on financial aid for graduate and professional students, but in general, you may qualify for Direct Unsubsidized or Grad PLUS Loans.