Checklist of Documents Required for Education Loan
IMFL Education Loans
IMFL offers Education Loans to students aspiring to study in India or abroad. With loans starting from ₹50,000 at attractive interest rates, students can pursue their academic dreams without financial constraints.
Eligibility Criteria:
To qualify for an Education Loan, students must meet the following requirements:
- Be an Indian Citizen.
- Have secured at least 50% marks in HSC (10+2) and Graduation.
- Have secured admission to career-oriented courses such as Medicine, Engineering, Management, etc., at the graduate or post-graduate levels.
- Have obtained admission through an entrance test or merit-based selection process after completing HSC (10+2).
Documents Required for Education Loan:
- KYC Documents
- Pass Book/Bank Statement for the last 6 months
- Optional: Guarantor Form
- Copy of Admission Letter from the Institute along with the Fee Schedule
- Mark Sheets/Passing Certificates of S.S.C., H.S.C., and Degree Courses
Additional Documents for Education Loan:
- Demand Letter from College or University
- Loan Agreement signed by the Applicant and Co-applicants
- Sanction Letter signed by the Applicant and Co-applicants
- Disbursement Request Form
- Receipts of Margin Money Paid to the College/University, along with a Bank Statement reflecting the transaction (signed by the Applicant and Co-applicants)
- Documents for Collateral Security (if applicable)
- Form A2 signed by the Applicant or Co-applicants (for overseas institutes)
Additional Documents for Education Loan:
- Demand Letter from the College or University
- Disbursement Request Form signed by the Applicant and Co-applicants
- Receipts of Margin Money Paid to the College/University, along with Bank Statements reflecting the transaction
- Exam Progress Report, Mark Sheet, or Bonafide Certificate (Any one)
- Form A2 signed by the Applicant or Co-applicants (for overseas institutes)
For Terms and Conditions, please contact the IMFL.
Charges:
- File Charges: ₹3720.00 (Security amount; ₹3000 will be refunded with the loan amount)
- Documentary Fees: ₹720.00 (Non-refundable)
- Male/Female Candidate Interest Rate :- 6.25 Flat Per Annum
