The basic education loan eligibility is the academic excellence and achievements of the students. In other words, the eligibility of the applicants is assessed on the basis of their academic performance as cited in the mark sheets of previous exams.
The vital education loan eligibility criteria that the candidates need to fulfil to get approval for the loan are listed out here:
|Minimum- 18 years Maximum- 35 years
|Pursuing graduate/postgraduate degree or a PG diploma.
|University Applied to
|Recognised – In India/Abroad
|Tangible collateral or guarantor- depending on the loan amount and income source.
As told earlier, education loan documentation doesn’t involve any hard-core paperwork. The process is simple and can be conducted online without paying physical visits to the banks. However, the process might vary depending on the criteria set by various banks or lending organisations. Also, the banks being very strict in their terms, failure to submit the mandated documents will lead to rejection:
Here are the mandatory documents that a student need to provide to the banks while applying for a student loan:
Copy of Aadhaar Card /Voter ID/Passport/Driving License
Copy of Voter ID/Aadhaar Card/Driving License/Passport
Rental agreement/Bank statement of 6 months of the student or co-borrower/guarantor/Copy of Ration card/Gas Book/Electricity Bill/Tel Bill
In order to make sure that the monetary help reaches the worthy students, banks are very strict in assessing the eligibility of the candidates. The overall academic excellence of the students, their future course of education and status of current admission are the basic parameters that evaluated before giving a loan approval. Hence, working on the following areas will improve your eligibility for an education loan: