Education loans X- rayed

Student loans and how, PHEROZE L. VINCENT finds out

DOCUMENTS NEEDED

Education records- Banks prefer students with 70 to 80 per cent marks. Carry your mark sheets along.

Proof of admission- Bring your admission letter, course details and duration, details of the university (should be accredited, preferably by a government agency). Admission should be on merit.

Identity- Banks insist on checking your passport, PAN card and proof of age.

ADDITIONAL REQUIREMENTS

Some banks insist that the guarantor be less than 65 years old. They also need proof of her/ his residence.

If you are giving collateral, then it has to be assessed by the bank's accredited assessor, the documents be verified by the bank's lawyer and a non-encumbrance certificate acquired from the sub registrar.

You may be asked to take a life insurance policy.

Banks insist that borrowers be account holders in the bank, living in its vicinity. This is only a guideline and not a reason for denying a loan.