Often students taking foreign education loans for easing their financial burden face hiccups in getting their loan request sanctioned. It is largely due to the lack of proper knowledge about all the necessary formalities, documentation and procedures relating to the loan application that leads to denial of funding to applicants. Having the right knowledge about the eligibility criteria for securing study abroad loan is essential if one has to fulfill the dream of getting a foreign degree. As G. Bhargava, father of A. Bhargava, a student of electronics and communications engineering in the US, says, “The first step is to understand the documentation process entailed in securing finances from a loan provider. Any error in furnishing documents can leave one’s hope of getting foreign education loan dashed.”

Here are some of the documents required by all lending organizations for sanctioning the foreign education loan request:

Proof of identity

Loan providers require to have a copy of student’s identity proof, which testifies that the student is a citizen of India and hence eligible for foreign education loan. As identity proof, a student loan applicant must carry any of the followings:

 Passport

 Voter’s ID card

 Driving license

 PAN card

 Government department ID card

Proof of income

Education loan providers seek proof of income from students applying for a foreign education funding in order to assess their loan repayment capacity. Salaried professionals are required to show the most recent salary slip with deductions or latest salary certificate income tax returns for a certain specified number of years.

Proof of residence

Foreign education loan applicants are also required by lending organizations to furnish proof that they are residents of the described country and state. Any of the following documents can be shown as proof of residence

 Bank account statement of the last 12 months

 Most recent electricity bill

 Latest mobile or telephone bill

 Recent credit card statement or existing house lease agreement

Education Documents Academic qualifications achieved in the past and crucial for obtaining loans have to be submitted to the lender. Following are the documents required by most foreign education lending institutions.

 Copy of confirmed admission offer made to the student by the foreign educational institute

 Mark sheets and passing certificates of senior secondary, higher secondary, degree, course, post graduate course or any other qualifying exams Along with these documents, student loan applicant needs to submit passport size photographs and schedule of expenses in the foreign educational institution. Almost all banks, private financial organizations and lenders such as Credila require these above-mentioned basic documents along with the loan application.

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