Documents Required for Education Loan in 2025

Today, education is more than just a choice– it’s a key step in building a successful career. However, higher studies- especially overseas- can be costly. That’s where an Education Loan from ICICI Bank can help. It gives you the financial support you need to pursue your goals without any stress.

To get your loan approved smoothly, you will need to submit the documents required for an Education Loan. Missing or incorrect paperwork can result in delays or even your application being declined. That’s why it’s important to know which documents are required and keep them ready before you apply for the loan.

At ICICI Bank, the documents required can vary depending on the course, country and your financial situation. Here’s a simple guide to help you get started.

Documents Required for Education Loan

For a smooth and easy Education Loan application process, students and their guardians (in some cases) need to provide a set of documents. The following are the necessary documents required for an Education Loan from ICICI Bank:

Documents Required from the Student (Applicant):

Proof of Identity and Proof of Current Address:

Any one of Aadhaar Card, Voter ID, Driving Licence

Education-related Documents:

• Academic Documents: Marksheets, Degree Certificate(s), Entrance Exam Scores

• Admission Proof: Offer / Acceptance Letter, Confirmation of Admission, I-20 (for USA) or similar admission confirmation documents.

Documents Required from Co-applicant / Guarantor

Proof of Identity and Proof of Current Address:

Any one of Aadhaar Card, Voter ID, Driving Licence

Financial Documents:

1. For Salaried Co-applicant:Salary slips, Salary Account bank statement, Form 16, IT Returns (ITR)
2. For Self-employed Co-applicant:IT Returns (ITR), GST registration / certificate, Business Account bank statement

Note: ICICI Bank reserves the right to request for any additional documents, if required.

Security Documents:

• Property documents: Ownership documents of the pledged property (house or flat)

• Fixed Deposit (FD): Proof of Fixed Deposit with ICICI Bank that will serve as a collateral for the loan

• Existing ICICI Bank Home Loan for cross-collateral (if applicable): Documentation related to an existing Home Loan with ICICI Bank that may be used for cross-collateralisation.

Documents Required for Education Loan FAQ’s

1. What are the different types of Education Loans provided?

ICICI Bank offers a comprehensive range of Education Loans tailored to meet diverse needs. These include loans for domestic and international studies, with amounts up to ₹ 3 crore for international studies and up to ₹ 1 crore for domestic studies.

There's also a collateral-free loan option for premium institutes, with special provisions for government employees, CXOs and professionals with 2 years of work experience.

Moreover, there are specialised offerings for courses in specific countries like Canada, UK and Germany.

2. Can I get an Education Loan without proof of income?

Yes, obtaining an Education Loan without proof of income is possible, particularly for loans below a certain threshold. However, proof of income may be necessary for higher loan amounts, either from the applicant or a co-applicant. Additionally, collateral or a guarantor might be required for larger loan amounts.

ICICI Bank offers flexible options, making educational financing accessible even without proof of income for smaller loan amounts. It's advisable to check any specific eligibility criteria and terms before applying.

3. Who is eligible for an Education Loan?

Eligibility criteria for an Education Loan typically includes a person of Indian nationality, aged between 16 and 35 years having a good academic record with completion of 10+2 or an equivalent degree. The loan is applicable for pursuing graduation, postgraduate degrees or professional education diplomas from recognised and accredited institutes in India or overseas. Loan approval is based on pre-admission sanction, entrance exam scores and confirmed admission.

Co-borrowers can include family members like parents, siblings or spouses, while collateral may involve property, Fixed Deposits or existing ICICI Bank Home Loans. Specific documentation and proof of income might also be required.

4. Are property documents required for Education Loan?

Property documents are required only if you are opting for a secured Education Loan, where the property acts as collateral. A pledged property can help in availing a higher loan amount at a lower interest rate.

5. Is an ITR document required for Education Loan?

Yes, an ITR (Income Tax Returns) document is required from self-employed individuals who are applicants / co-applicants / guarantors. It helps the Bank assess their financial stability and repayment capacity. An ITR document is also required for salaried individuals for Education Loans above a certain amount.

6. What is proof of income required for Education Loan?

Proof of income includes salary slips and bank statements for salaried individuals. For self-employed individuals, the proof of income can be IT Returns, GST details and proof of business.

7. Is a gap certificate necessary for an Education Loan?

A gap certificate might be required if there is a break in your education history. It explains the reason for the gap and helps the Bank assess your academic continuity.

8. Can I get a ₹ 20 lakh Education Loan without collateral?

Yes, you can avail an Education Loan of up to ₹ 20 lakh without collateral, subject to certain conditions. Additionally, maintaining a good academic record and selecting accredited institutes could positively impact loan approvals in future.

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