Eligibility Criteria for Educational Loan

Typically, education loan eligibility criteria are determined by a variety of elements such as the applicant's age, monthly wage or company income of co-applicant, course type and residence, and so on.

• Individuals must be between the ages of 18 and 35
• The applicant must be enrolled in a graduate or postgraduate degree or certificate program.
• If the applicant wished to pursue full-time studies, he or she needed to add their working parents or guardian as a Co-applicant.
• Nationality - Indian resident

The following courses are eligible for a loan for study abroad: -

• Graduate and postgraduate degrees from a reputable university.
• Specific post-graduate education types, such as MCA, MBA, and MS.
• Other degree and diploma programs must be approved by authorized regulatory organizations.

Note: The maximum loan amount for acquiring an Education Loan/Student Loan for studies within India is 15 lakhs, and the maximum loan amount for studies overseas is 25 lakhs.

What factors influence Education Loan Eligibility Criteria in general?

The following are the top five elements that commonly determine Education Loan Eligibility Criteria: -

• Applicant Citizenship: - The key aspect influencing the eligibility criteria is the applicant's citizenship or the country to which he or she belongs; if they are not from India, they will be unable to obtain a loan. Only Indian residents can apply for and receive loans.
• Age of the applicant: When applying for an education loan or a student loan, the applicant's age is usually taken into account. The applicant must be at least 18 years old and no older than 35 years old.
• University and Institute: Another aspect influencing education loan qualifying criteria is the university or institute where the applicant has opted to study. To obtain an education loan, it is critical to select a reputable and certified educational board. Because banks and NBFCs want admission letters from universities and institutes.
• Income of Parents or Guardians: You must provide documentation of the monthly income of every co-applicant you include in your loan application. Lenders will look to see if you have a consistent source of income. If not, your prospects of securing a loan are reduced.
• Academic Background of the Applicant: This is done to ensure that you can repay your primary loan amount within the specified tenure period by demonstrating your past academic performance level. After completing the course or degree, you will receive a larger wage package. If your previous academic achievement is below the average ratio, your loan application is likely to be rejected.

Documents Required

• A Copy of the Admission Letter or The Institute's Fees Schedule
• SSC, HSC, Degree Certificate Mark Sheet/Pass Certificate
• If The Applicant Is Not Employed, the guarantor’s Income Proof Is Required. The Same Documents Mentioned Above Are Also Required for The Guarantor.
• Declaration/Affidavit Verifying that the Candidate Does Not Have Any Other Banks