EdMIUMLoans are important to cover for expenses in the education of an individual. The eligibility for education loan and collateral necessary for a loan are quite high to ensure that the credit given is taken responsibly. Education loans for higher education are loans that are taken for pursuing higher education and can be secured on the assets of a borrower. As a student, the student will have to fulfill certain eligibility for loan and there are various options available for the students to get these loans. The eligibility criteria for education loan varies from loan provider to loan provider. A student may even need to fulfill a certain amount of deposit to qualify for the loan. Read more to know the eligibility criteria.
It is here that Indian public and private banks along with other financial institutions have stepped in to provide education loans to students of all calibers to pursue their dream of studying abroad by providing loan for education abroad. However you have to meet certain criteria and the eligibility for the education loan laid by the financial institutions. It is very important to satisfy the institutions to be eligible for loan.
In this article, let us look at:
1. General Eligibility for education loan
It is important for students to understand the eligibility for education loan guidelines and qualify the same, to able to apply for loan for education abroad lending institution/bank for their education loans for studying abroad. The student loan eligibility varies for different banks. However, criteria for education loan are taken into account by all banks. Here are the education loan eligibility in india and the conditions for education loan:
- The student should be an Indian citizen
- The loan applicant must have attained 18 years of age or the parents will have to avail the loan.
- The candidate must possess a good academic background
- Secure admission to a recognized university abroad
- The course should be a technical or professional one, as the banks prefer job-oriented courses.
2. Documents Required
Education loan procedure varies from different banks while applying for an education loan. However, eligibility criteria for education loan are identical across the board. The documents required are as follows.
For student applicants:
- Proof of Identity
- Proof of residence/ address
- Passport
- Academic Records
- Graduation Result
- Entrance Exam Results
- Proof of admission
- Statement of cost of study
- Passport size photographs
- Loan account statement, if any previous loans
Co-Applicants or Guarantor
- Proof of Identity
- Proof of residence/ address
- Passport size photographs
- Loan account statement, if any previous loans
Income Proof for Salaried Co-Applicant/ Guarantor
- Salary Slip or Salary Certificate of last 3 months
- Form-16 or ITR for last 2 years
- Bank Account statement for last 6 months
Income Proof for Self-Employed Co-Applicant/ Guarantor
- Business Address Proof
- ITR for last 2 years
- TDS Certificate
- CA Certificate
- Bank Account statement for last 6 months
Students are informed that from loan application to approval and disbursement, the entire educational loan procedure is time taking. It is always advisable to apply for an education loan months in advance to avoid any last minute complications. Students should understand the eligibility criteria for education loan and the moratorium time varies for different loan providing institutions.
