When applying for an MBA education loan in India, the lending bank typically requires you to submit various documents to assess your eligibility and process your loan application.
Here is a list of commonly requested documents:
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Proof of Identity:
Aadhaar card, passport, voter ID card, or PAN card.
Proof of Address:
A copy of your Aadhaar card, passport, utility bills (electricity, water, gas), or bank account statements.
Admission Letter:
A copy of your admission letter from the educational institution where you have secured admission for the MBA program.
Academic Documents:
Include your mark sheets and certificates, starting from your 10th grade (high school) to the latest degree completed.
Entrance Exam Scores:
If applicable, provide the scorecard of entrance exams such as CAT, XAT, GMAT, MAT, or any other relevant exam.
Cost of Education:
Provide a detailed breakdown of the estimated cost of the MBA program, including tuition fees, accommodation charges, books and study material expenses, examination fees, and any other related costs.
Income Proof:
You may need to furnish income-related documents, such as salary slips, income tax returns (ITR), or a certificate of income from your parent(s) or guardian(s). This helps the bank assess your repayment capacity.
Bank Statements:
Submit your bank statements for the last six months to a year, showing transactions and account balances. It helps evaluate your repayment capacity.
Photographs:
Recent passport-sized photographs
Loan Application Form:
Complete and sign the loan application form provided by the bank. This form captures essential details about yourself, the educational institution, the loan amount, and other relevant information.
Additional Documents:
You can be asked to submit additional documents, such as a guarantor's paperwork (if applicable), collateral documents (if applicable), income proof of co-borrowers (if any), or any other document the bank deems appropriate, depending on its requirements and your particular situation.
Remember that the document requirements can vary slightly among lenders. It is advisable to maintain both original and photocopies of the documents for reference and submission as needed during the loan application process.
