Education loans are sanctioned by the banks or NBFCs to students for educational expenditure incurred while pursuing higher education. The education loan offers financial help to students to help them continue their education and fulfill career goals. An applicant must secure admission in a reputed institute in India or abroad. The banks offer these loans to meritorious students at a lower interest rate and flexible terms and conditions.
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An education loan is sanctioned to Indian nationals for pursuing education in India or abroad, wherever admission is secured. Education loans are offered to students who want to pursue higher studies but are unable to meet the expenses of higher education. This type of loan is given to students, so that they can fulfil educational commitments. The basic eligibility of an education loan is academic excellence and achievements.
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To get an education loan approved, there are some basic eligibility criteria that need to be fulfilled. The eligibility criteria of education loans are as follows:
Particulars |
eligibility |
|
|
Nationality |
Indian |
Age |
18-35 years |
Qualification |
Pursuing graduation or post graduation |
Income source |
Parent/guardian |
Income |
Stable |
Admission status |
Confirmed |
University applied for |
Recognised (India/abroad) |
Academic record |
Good |
security |
Guarantor or collateral |
Availing an education loan is easy compared to other loans as there is not much documentation or paperwork involved. The process of applying for education loan can be done online. Though the process is simple, it might vary depending on the bank. To avail education loan, there are a set of documents that need to be submitted.
Income proof:
Education loan eligibility calculator helps you get an estimate on the loan amount you can borrow from the bank or financial institutions depending on your age and the co-applicant’s details.
This clearly states the eligibility criteria required for quick and easy loan approval. You can also find out how much EMI is to be paid at a given rate of interest and tenure.
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An applicant can apply for education loan if he/she is pursuing the following courses:
Courses in India:
Studies abroad:
Eligible institutions:
The applicant, who wishes to pursue higher education by availing an education loan, must secure admission in a reputed college or university. The institute must be affiliated by recognised government authorities like UGC or AICTE. The institute in which the applicant has secured admission must not be listed under deemed college or university.
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The banks have strict guidelines and rules to assess the eligibility of candidates. The eligibility of the applicants is assessed on the basis of their academic performance as cited in the mark sheets of previous exams. In order to make sure that the funds are made available to meritorious students, there are certain parameters on which the loan is sanctioned. The overall academic excellence, courses applied for and current status of admission are some of the parameters on which the student is evaluated.
Below given are some of the points that will help improve the eligibility for an education loan:
The education loan has helped deserving students fulfil their desires of pursuing higher studies in their preferred institutes in India and abroad. The process of applying for an education loan is easy and the amount borrowed is repaid in easy EMIs after six months of employment or completion of the course.
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