Education Loan Eligibility
Education loans, sometimes known as student loans, are advances made to students by banks or other financial institutions to help cover the costs of their higher education. High-achieving students are provided financial aid to attend universities in India and abroad under this unique loan program.
To qualified applicants, many Indian banks offer these loans at cheap interest rates with flexible terms and conditions. In order for students to get their loan money as soon as possible, the documentation process is also kept to a minimum.
Education Loan Eligibility Criteria
- The candidate applying for the loan must be a resident of India
- He/she must have confirmed admission to recognised educational institutes in India or abroad
- The age of the candidate must fall within the bracket of 18 to 35 years during loan application
- He/she must be undergoing a graduate/postgraduate degree or a PG diploma
- The applicant should have secured admission to a college or university affiliated with University Grants Commission (UGC)/All India Council for Technical Education (AICTE)/Govt. etc
- Students pursuing full-time courses need to have a co-applicant who can be either a parent/guardian or spouse/parent-in-law (in the case of married candidates).
- The co-applicant must have a regular income source
- A strong academic record facilitates speedy loan approval
Documents Required for Education Loan
Given below are the document required for education loan in India:
Category | Documents Required |
Application and Photographs | Completed and signed application formTwo passport-size photographs |
Academic Records | Mark sheets or certificates (10th, 12th, and/or graduation)Institute admission letterCost of study detailsEntrance exam scores (if applicable) |
Identity Proof | |
Address Proof | Rental agreement Bank statement of six months of the student or co-borrower Copy of Ration card Utility Bills |
Income Proof (for salaried co-applicant) | Last three-monthsalary slipsor Form 16Last six months' bank statementITR of past two yearsAsset and liability statement |
Income Proof (self-employed co-applicant) | Business address proofLast twoyears IT returnsTDS certificate (if any)Qualification certificate (CA, doctor, etc.)Assets & liabilities statementLast six months bank statement |
What Will Improve Your Eligibility for an Education Loan?
To ensure that students receive financial aid, banks are vigilant while evaluating a candidate's eligibility. The general academic standing of the applicants, their intended course of study, and their present admission status are taken into account before authorizing a loan.
- Scoring high grades/ranking in the qualifying exams
- Displaying good academic record
- Getting admission to a reputed/top-tier institute or university
- Strong financial background of parents/guardians/co-borrower
- Displaying good prospects for future employment/income generation
How to Know Your Eligibility for an Education Loan
Before applying, you can determine whether you qualify for an education loan from one of the major banks. You can find out if you qualify by conducting an online check on the BankBazaar website.
All you need to do is provide basic, essential background information to BankBazaar in order to be eligible for an educational loan. Based on this information, results for approved school loan offers are presented in an easy-to-compare manner.
Afterwards, you may submit an online application for the enticing offer and benefit from special discounts provided by BankBazaar as a result of affiliations with partner institutions.
Step-by-Step Procedure to Check Education Loan Eligibility
Follow the steps mentioned below to check your eligibility for an education loan:
Step 1: Visit the official website of BankBazaar
Step 2: Go to the 'Loan' section and click on 'Education Loan' from the dropdown menu
Step 3: Click on 'Education Loan Eligibility'
Step 4: Based on your particulars, the site will then show you suitable loan offers from their bank partners
Step 5: You can choose the most advantageous offer from the given options and then apply for the same through the BankBazaar portal
FAQs on Education Loan Eligibility
- Who is eligible to apply for an education loan in India?
A resident of India who has completed 12th and wants to pursue degree for undergraduate or a postgraduate course. Also, a candidate must secure admission in an approved institution that offers recognized courses (UG, PG, diploma, PhD) of six months or longer in India or abroad.
- What role does the academic record play in loan eligibility?
A good academic record increases the chance of getting an education loan. Lenders always check previous marks to know the ability of a student to complete the course and repay the loan.
- Does the choice of course or university affect eligibility for an education loan?
Yes, the choice of course and university affects education loan eligibility. Lenders or bank institutions prefer recognized, job-oriented courses from reputable institutions, as it increases the chances of employment and timely paying back the loan.
- What documents do I need to prove the eligibility of education loan?
You need to submit proof of address, proof of identity, academic records (10th, 12th marksheet, and graduation certificates), proof of admission, income statement, and collateral documents (if required).
- Can a poor credit score affect my education loan eligibility?
Yes, a poor credit score can affect the eligibility of education loan.
- What steps can I take to improve my education loan eligibility if I was previously rejected?
If your education loan application was rejected in the past, then you should fix the issues from your last application and provide additional documents if asked by the lender.
- How can I check if I am eligible for an education loan online?
In order to check your eligibility for an education loan online, you can visit the official website of BankBazaar. Then, go to the 'Loan' section, select 'Education Loan', and click on 'Education Loan Eligibility'. You need to fill in the details to see the loan offers from partner banks.
- Can I meet the education loan eligibility without a co-applicant or guarantor?
Yes, you can meet the education loan eligibility without a co-applicant or guarantor only if you want a loan of small amount.
- What is the eligible age limit for applying for an education loan?
While applying for an education loan, the age of the candidate must be between 18 to 35 years.
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