What you mean by Education Loan Eligibility Criteria?
If you are looking for your higher studies in India or aboard, but don’t have
sufficient money in hand. Don’t worry you can apply for an education loan, there
are multiple banks & NBFs before that check education loan eligibility criteria in
India & make sure you carry mandatory documents with you to avoid any kind of
loan application rejection.
Education Loan Eligibility Criteria
Usually, Education Loan Eligibility Criteria depends on various factors like age of
applicant, monthly salary or business income of co-applicant, course type &
- • Age Limit of Individuals – 18 to 35 years of age
- • The Applicant must be undergoing a graduate or post graduate degree or
- • CFor obtaining Student Loan if the applicant wanted to pursue full-time then
he / she needed to add their working parents or guardian as a Co-applicant
- • Nationality - Resident of Indian
Note: - Maximum Loan Amount for obtaining Education Loan/Student Loan for
studies within India can avail 15 and for abroad studies you can avail the loan
amount of 25 lakhs as maximum.
What are the factors generally affecting Education Loan Eligibility Criteria?
There are Top 5 factors that generally affects Education Loan Eligibility Criteria as
given below: -
Applicant Citizenship: - The main factor that affect the eligibility criteria is
applicant citizenship that from which country he/she belongs to if not from India,
then they are unable to get loan. Only resident of Indian applicant can apply & get
Applicant Age: - Usually, applicant age matters when he/she apply for education
loan / student loan. Applicant should not be below 18 years of age & above 35
years of age.
University & Institute: - Another factor that affect education loan eligibility
criteria is university & Institute from which the applicant is chosen to study. It issignificant to choose a reputed & accredited educational board to avail educationloan. Because it's asked by Bank & NBFCs to provide admission letter issued by university & Institute.
Parents or Guardian Income: - You are required to show proof of monthly income
of your co-applicant whomsoever you are adding in your loan application. Lenders
will check that do you have a stable income. If not, then your chances of getting
Applicant Academic History: -This is done to ensure that you have enough
potential to repay your principal loan amount within a specific period as allocated
as tenure by showing your previous academic performance level. You will get
higher salary package after the completion of course or degree. If your Previous
academic performance is below to average ratio, then it's likely that your loan
application might reject.
What are the ways to increase Education Loan eligibility?
To increase Education Loan eligibility, you need to consider Top 3 points as given
below, this will aid you in increasing your eligibility level.
Excellence Academic Records: - Lenders usually want to know your previous
academic records to ensure you have capacity to complete your degree or
diploma with good grades that would help you in getting better placement with
good salary to repay the loan amount within the specified tenure period. It will be
possible only when you obtain excellence academic records.
Getting Seats in reputed university or institute: - When you passed your 12 th or
Graduation with good grades, then only you will be eligible to get seats in reputed
university or institute. It's one of the best ways to increase education loan
Stable Income of parents or Guardians: -Most of the student don’t prefer to do
job until they finish their final dreamed qualifications. Therefore, bank & NBFC’s
offer this feature to add your parents or guardians as a co-applicant while
applying for loan. To make the lender confident that you will pay back the loan
amount without any difficulty, thus having a stable income will increase your