Eligibility
- A borrower must be an Indian citizen
- Co-borrower(s) must also be an Indian citizen
- Additionally, The borrower must be 18 years of age or older
- Moreover, Co-borrower(s) must have a bank account in any bank in India with cheque writing facilities
- Furthermore Confirmed admission in the colleges before disbursement
- Borrower and Co-borrower(s) to meet Credila’s credit and underwriting norms as applicable from time to time
Co-Borrower Requirements
- It is mandatory to bring in an earning co-borrower(s) based in India to support the Education Loan application.
- Co-borrower(s) may be any of the following relatives, viz Father / Mother / Brother / Sister (married) /Spouse, where such co-borrower’s income would be considered in determining the loan eligibility per Credila’s credit and underwriting norms;
- Co-borrower’s liability is co extensive with the Student;
- Co-borrower(s) to provide documentary proof to establish their relationship with the student, to the satisfaction of Credila;
In case the collateral to be provided is not provided by one of the above relatives, then the collateral could be provided by one of the following relatives provided they are brought into the arrangement as Co-borrower(s) viz: Father-in-law; Mother-in-law; Sister-in-law; Brother-in-law; Maternal or Paternal Uncle or Aunt, Grandparents & First Cousins
Following are the supporting documents needed to apply for education loan:
- Fully Completed and Signed Application Form also.
- Moreover Two Download Loan Application Form in PDF Format.
- Additionally Two Passport Size Photos – Applicant and Co-Applicant
- One set to be pasted on the Application Form and also second set to be affixed (stapled) to the Application Form
3. Photo ID – Applicant and Co-Applicant (Any one of the following)
1.PAN Card
2.Passport
3.Driving License
4.Voters ID
5.Employee ID
6.Photo ID issued by the Central Govt. or State Govt.
7.Bankers Verification/ Bank Passbook with the photograph of account holder attested by bank
4. Residence Proof – Applicant and Co-Applicant (Any one of the following)
1.Passport With Address
2.Bank Statement With Address
3.Driver’s License also with Address
4.Utility Bill (Not older than 3 months)
5.Telephone Bill (Not older than 3 months)
6. Ration card is also required
7.Latest LIC Premium Receipt (Not older than 3 months
8. Leave and License Agreement supported with an address proof/utility bill in the name of the landlord
Voter’s ID card
5. Academic Documents of Student
1. Certificate of 12th Exam is also required
2. Certificate of Subsequent Years of Education e.g. BE, BCom, BSc, etc.
3. Marksheet of Any Entrance Exam Taken e.g. CAT, CET, etc.
4.GRE/GMAT/TOFEL/LETS, etc Marksheets For US Applicant.
5.Scholarship Documents (if applicable)
6. Proof Of Admission (If available)
Printed Admission Letter From the Institute on its Letterhead With Institute’s Address
1-20 Form for the USA Applicant
7. Last 8 Months Bank Statements of Co-Applicant (If more than one bank account, provide copies of all)
Include the bank statements of the Bank Account where Salary or Business/ Professional receipts are credited every month.
8. Income Proof of Co-Applicant
1.In case of Salaried Employee (All the following)
2.Latest 3 Salary Slips or Salary Certificate on Employer’s Letterhead
3.Last 2 year’s Form 16 from Employer or Last 2 Year’s Income Tax Returns
4. Any Other Income Proof That is Not Reflected in the Above Documents.
In case of Self Employed or Professional (All the following)
1. Last 2 Year’s Income Tax Returns is also required
2. Last 2 Year’s Certified Financial Statements or Provisional Financial Statements Duly Certified by CA is also required
3. Additionally Proof Of Office (any one of the following, Lease Deed, Utility Bill, Title Deed, etc.)
9. If, Collateral – Immovable Property (Flat, House, Non-Agriculture Land) (All the Relevant Documents from the Following List)
1. Registered Sale Agreement Along With Society Share Certificate
2. UniquelyOriginal Registration receipt for the above agreement
3. Additionally, Allotment Letter By Municipal Corporation / Authorized Govt. Authority Like MHADA, CIDCO, etc.
4. Moreover Commencement Certificate from Municipal Corporation/Council
Furthermore, Previous Chain of Sale Deed establishing title
Any other document as prescribed by our empaneled lawyers or chartered engineers from time to time.
10. All the copies of the above-provided documents should also be self-attested
Note: Other than original completed application form, Please DO NOT provide any original supporting documents to us at the time of applying for a loan.