Education Loan Eligibility
- Age: Typically, borrowers must be within a certain age range, often between 18 to 21 years.
- Citizenship or Residency: Borrowers must be citizens or legal residents of the country where they are applying for the loan.
- Academic Institution: The educational institution must be accredited and recognized by relevant authorities.
- Course of Study: Borrowers must be enrolled in an eligible program, such as undergraduate, graduate, or professional degree programs.
- Enrollment Status: Usually, borrowers must be enrolled on at least a half-time basis.
- Creditworthiness: Lenders may consider the borrower’s credit history and may require a co-signer for those with limited credit history.
- Income: Some lenders may assess the borrower’s income or ability to repay, especially for private education loans.
- Co-signer: A co-signer with good credit standing may be required for borrowers with limited credit history or income.
- Loan Amount: Maximum loan amount may depend on factors such as cost of attendance and program of study.
- Documentation: Borrowers need to provide proof of enrollment, identification, income verification, and other relevant documents.
- Loan Purpose: Loans must be used for educational expenses such as tuition, books, and living expenses.
- Loan Repayment: Borrowers must agree to the loan terms, including interest rates, repayment schedule, and consequences of default.
- 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 require a co-applicant who can be either a parent/guardian or spouse/in-laws (in case of married candidates).
- The co-applicant must have a regular source of income.
- A strong academic record facilitates speedy loan approval.
Education Loan Eligibility Table Representation
Particulars | Eligibility |
Nationality | Indian |
Age | Minimum- 18 years Maximum- 35 years |
Academic record | Proven- good |
Qualification | Pursuing graduate/postgraduate degree or a PG diploma. |
Income source | Parents/Guardians |
Income | Stable |
University Applied to | Recognised – In India/Abroad |
Admission Status | Confirmed |
Security | Tangible collateral or guarantor- depending on the loan amount and income source. |
Minimum Interest Rate | 8.30% p.a. |
Education Loan Documentation
Proof of Identity:
- Passport
- Driver’s license
- Voter ID card
- Aadhaar card (in countries where applicable)
- Any other government-issued ID card
Proof of Residence:
- Utility bills (electricity, water, gas)
- Rental agreement
- Address proof issued by a government authority
Proof of Admission/Enrollment:
- Admission letter from the educational institution
- Enrollment confirmation document
- Course details and duration
Academic Records:
- Transcripts from previous educational institutions (especially for graduate or professional degree programs)
- Mark sheets or grade reports
- Test scores (such as SAT, ACT, GRE, GMAT, etc.)
Cost of Attendance:
- Fee structure from the educational institution detailing tuition fees, accommodation charges, and other expenses
- Estimate of living expenses for the duration of the course
Income Proof:
- Salary slips or income statements (for employed borrowers)
- Income tax returns (for self-employed borrowers)
- Bank statements showing regular income deposits
- Most recent salary slips or Form 16 of the parent/ guardian/co-borrower
- Six months bank statement of the borrower or updated passbook of the bank
- Updated ITR (Income Tax Return with income computation) of two years or IT assessment order of last 2 years of parent/co-borrower/guardian
- Documents stating the assets and liabilities of the parent/co-borrower/guardian
Co-signer Information (if applicable):
- Proof of identity and residence of the co-signer
- Co-signer’s income proof
- Co-signer’s willingness to guarantee the loan
Loan Application Form:
- Completed loan application form provided by the lender, including personal details, educational details, and loan amount requested
Additional Documents (as required by the Lender):
- Any additional documents requested by the lender to assess creditworthiness or verify information provided by the borrower
Loan Details
Education Loans by Bank
Education Loan Articles
The eligibility criteria vary depending on the course you’re applying for. Generally, applicants must have completed [mention specific requirements such as high school graduation or equivalent]
No, you don’t have to pay anything.
Typically, you’ll need to submit documents such as mark sheets/transcripts of your previous academic qualifications, a copy of your ID proof, passport-sized photographs, and any other documents specified in the application form
Admission decisions are typically communicated within a specified timeframe after the application deadline. You’ll receive an email or notification regarding the status of your application.
Absolutely! We encourage prospective students to visit our campus and explore our facilities. You can schedule a campus tour by contacting our admissions office and arranging a convenient time.