1 / 10

Education loan documents

The most common complaint we hear from the study abroad education loan applicants is that the unclear list of documents to be arranged on time. Interestingly, submitting improper education loan documents is the most common reason for the rejection of the education loan application. Hence it is prudent to know all about the education loan documents required by the bank to process your education loan application on time. This article will give you better insights into the world of education loan documents. The fourth episode of Loanflix which is embedded below will help you to understand the nu

veda1
Télécharger la présentation

Education loan documents

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. Government funded organization Education loan documents required by banks

  2. Types of Collateral Liquid securities (FDs, Insurance policies, govt. bonds) Immovable properties (house, flat, non-agricultural lands) Few banks also accepts third party collateral which includes collateral belonging to your uncle, aunt, friends etc

  3. Property title deed and the registered sale agreement. • Original registration receipt for the above agreement. • If any Allotment Letter issued By Municipal Corporation / Authorized Govt. Authority Like MHADA (Maharastra), CIDCO (Maharastra), HUDA (Haryana), DDA (Delhi), JDA (Jaipur), GIDC (Gujarat) etc. then that is required. • = Chain deed or link document or clearance document or even Encumbrance certificate (EC). It is required for a period of 30 years. This document actually shows the track record of who sold the property to whom in last 30 yrs. • Latest property tax copy or Latest electricity bill. • Copy of municipality approved building plan or plot layout is also required. • If it is a flat then completion certificate and occupancy certificate is required for constructed properties. The required list of education loan documents when pledging immovable properties is higher than those required for intangible assets. Here is the list of education loan documents required if the collateral is an immovable property Education loan documents required for immovable properties

  4. EDUCATION LOAN DOCUMENTS – City Specific Maharashtra NOC from the builder/society is required in bank’s format All payment receipts of transactions to the builder or seller are required Index II is required A share certificate issued by the society Conveyance Deed of the society Certified copy of board resolution or Power of attorney from Builder, is required City Specific Documents

  5. EDUCATION LOAN DOCUMENTS – City Specific Karnataka In Bangalore, the municipal corporation had divided the properties into 3 types in 2007. A Khata – Everyone accepts A Khata (fully legal and had paid all taxes ) B Khata - B Khata properties are not acceptable. Public banks doesn’t accepts B Khata but private banks may accept if there is DC conversion E Khata - It is acceptable but ask you financial officer as it may depend on case-by-case basis. City Specific Documents

  6. EDUCATION LOAN DOCUMENTS – City Specific Telangana In Telangana, there is an additional document required which is LRS (Land regularization scheme) It is required for open plots and BRS (Building regularization scheme) is required fro built up properties Notary registered properties are not acceptable. This is not considered as proper registration of property City Specific Documents

  7. EDUCATION LOAN DOCUMENTS – City Specific Delhi NCR Noida, Gurgaon – Most of the properties are on Lease or GPA or Power of attorney. Such properties cannot be considered for loans Conveyance deed and DDA allotment letter is required for DDA flats (Conveyance deed is executed in the cases of freehold allotments only) Lal Dora (Red line) properties is not acceptable City Specific Documents

  8. Education loan documents required for liquid securities The FD must be with the bank you are taking a loan from. An FD paper/certificate is the only education loan document required. Education loan documents required are Policy paper and Surrender value certificate. A Bond certificate is the only education loan document required. If the collateral placed is liquid security, then the Education loan documents required are fewer when compared to the education loan documents required for the immovable property.

  9. Advantages of applying for education loan through WeMakeScholars • There are other alternatives available if you do not have all the mandatory education loan documents. Commencing your loan process through WeMakeScholars will entail that our financial officers are constantly in contact with you to guide through the entire process. • Lawyers or land evaluator, more often than not, ask for the documents that are not mandatory for the education loan process. This issue can be resolved if you choose WeMakeScholars because we connect you directly to those lawyers who are both approved by the bank and are student-friendly. • If you have any other questions regarding abroad education loan or any other related topic, feel free to request a call from WeMakeScholars support team for clarifications. We are very active online and would love to answer your comments. So, feel free to leave your comment at the end of this article or on our YouTube page.

  10. WeMakeScholars is a government funded organizatoin and have helped thousands of students reach their dream of studying abroad

More Related