On the academic front, banks require that a student should have cleared all relevant exams and secured admission to a university. This is a prerequisite for education loan eligibility. Additionally, banks also check to ensure that the applicant has maintained a good and steady academic record. For instance, they might check the student’s SSC and HSC marks to ensure that they scored a minimum of 50% in each. A constant record is reassuring proof that the student will go abroad and continue the effort and be more likely to pay the loan back.

1. An Overview of Education
Loan Eligibility in India

2. INTRODUCTION
Many students harbour dreams of going abroad to complete
their higher studies. The chances of meeting brilliant minds
from different countries, attending world-class universities,
and getting prepped for a global career are truly exciting.
Moreover, banks and financial institutions have now made
going abroad easier than ever with their student loan
facilities.

3. If you too are planning to apply for a student loan, there are
certain eligibility criteria that banks have. While these criteria
may vary between banks and financial institutions, there are
some requirements that are standard.
Keeping that in mind, here is an overview of education loan
eligibility in India.

4. The academic requirements
On the academic front, banks require that a student should have
cleared all relevant exams and secured admission to a university.
This is a prerequisite for education loan eligibility.
Additionally, banks also check to ensure that the applicant has
maintained a good and steady academic record. For instance, they
might check the student’s SSC and HSC marks to ensure that they
scored a minimum of 50% in each.
A constant record is reassuring proof that the student will go
abroad and continue the effort and be more likely to pay the loan
back.

5. The age limit
Another major requirement is that the applicant should have
completed 18 years of age. However, some banks require that
the applicant should be 21 years of age at the time of loan
application. If you are below this age, do not worry. Your
parents can take the loan on your behalf.
Most banks allow student loans to be taken until the applicant
is 70 years at the time of loan maturity. That is quite a flexible
period.

6. Submission of income proof
The co-applicant (usually the parent) needs to submit a proof
of their income to the bank to be eligible for the student loan.
These documents are important as they help the bank
understand that you have a regular source of income and
therefore, can pay the loan back.
You can submit your bank statement to show your income.

7. Application to career courses
Banks and financial institutions are known to prefer career-
oriented and technical courses when determining education
loan eligibility. For instance, these courses can cover fields of
study such as management, medical, and engineering.
These courses may either be at the post-graduate or even
graduate level. With a career-oriented field of study, there is a
higher chance that the student gets employment once they
complete the course.

8. This is an overview of education loan eligibility in India. Once
you select the bank or financial institution you want to take
your loan from, do make a detailed note of all their eligibility
requirements as well as documentation needs. Having all
your papers in order will see your loan process smoothly.
Related Blog:- Is getting an education loan easy?

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