Education Loan Eligibility
Banks or financial organizations offer education loans (also called student loans) to students to aid them in making payments for their higher education expenses. Under this particular loan plan, students with high educational qualifications are provided monetary help to study in academies in India and abroad.
Eligibility Criteria For an Education Loan
The eligibility criteria that the applicant must qualify to obtain approval for the loan are detailed here:
- The applicant involved in the loan should be a citizen of India..
- He/She must hold guaranteed admission to well-known educational colleges in India or abroad.
- The age of the applicant should fall in the range of 18-35 years at the time of loan application.
- They should be a graduate/postgraduate degree/ PG diploma.
- The applicant must have secured admission to a college/university affiliated with University Grants Commission (UGC)/All India Council for Technical Education (AICTE)/Govt., etc.
- Students seeking full-time courses must bear a co-applicant who is either a parent/guardian or spouse/parent-in-law (in the case of married candidates).
- The co-applicant should have a steady income source..
Education Loan Eligibility Tabular representation
| Particulars | Eligibility |
|---|---|
| Nationality | Indian |
| Age | Minimum- 18 years Maximum- 35 years |
| Academic record | Proven- good |
| Qualification | Pursuing graduate/postgraduate degree or a PG diploma. |
| Income source | Parents/Guardians |
| Income | Stable |
| University Applied to | Recognised - In India/Abroad |
| Admission Status | Confirmed |
| Security | guarantor or Tangible collateral- relying on the income source and loan amount. |
| Minimum Interest Rate | 8.40% p.a. |