Eligibility Criteria for Education Loan

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Eligibility Criteria for Education Loan

It is important for students to understand the eligibility guidelines and qualify the same, to be able to apply to their preferred money lending institution/bank for their Education Loan. The eligibility criteria vary for different banks. However, some common factors that are taken into account by all money lending institutions (banks) include:

  • The applicant must be an Indian national.
  • If the loan applicant is under 18, then his or her parents must apply for the loan on their behalf.
  • The applicant must have a strong academic record.
  • The applicant must have received admission to a reputable overseas college, university, or institution.
  • The applicant's chosen course must be technical or professional since banks favour programmes that prepare students for employment.
  • A graduate, postgraduate, or post-graduate credential must be the aspirant's goal.
  • A strong academic record enables quicker loan approval.
  • Full-time students must have a co-applicant, who may be either a parent, a guardian, a spouse, or a parent-in-law (in case of married candidates). The co-applicant needs a steady source of income.

 

Documents Required for Education Loan

 

  • Proof of Identity (either): PAN/ Passport/ Driver’s License/ Voter ID card
  • Proof of Residence/ Address (either): Recent copy of Telephone Bill/ Electricity Bill/Water Bill/ Piped Gas Bill or copy of Passport/ Driving License/ Aadhaar Card
  • Income Proof
  • Valid Indian Passport
  • Academic Records: 10th Result and 12th Results
  • Graduation Result: Semester-wise (if applicable)
  • Entrance Exam Result through which admission has been secured including GMAT, GRE, TOEFL, IELTS scores
  • Proof of admission: Offer Letter or Admission Letter from the Institution. A conditional admission letter may be considered in the case of studying abroad.
  • Statement of cost of study/ Schedule of expenses
  • 2 passport-size photographs
  • If any previous loans from other Banks/Lenders, then the Loan A/C statement for the last 1 year

 

Documents required from Co-applicants

 

  • Proof of Identity (any one): PAN/ Passport/ Driver’s License/ Voter ID card
  • Proof of Residence/ Address (any one): Recent copy of Telephone Bill/ Electricity Bill/Water Bill/ Piped Gas Bill or copy of Passport/ Driving License/ Aadhaar Card
  • 2 passport-size photographs
  • If any previous loans from other Banks/Lenders, then the Loan A/C statement for the last 1 year

We have also provided the Income Proof documents that would be required from the Co-applicant as part of the Education Loan process. 

Documents required for Income Proof for Salaried Co-applicant/ Guarantor:

  • Salary Slip or Salary Certificate of last 3 months
  • Copy of Form 16 for the last 2 years or a copy of IT Returns for the last 2 financial years, acknowledged by IT Dept.
  • Bank account statement for the last 6 months (of Salary Account)

                                            OR

Documents required for Income Proof for Self-employed Co-applicant/ Guarantor:

  • Business address proof (If applicable)
  • IT returns for the last 2 years (if IT payee)
  • TDS Certificate (Form 16A, if applicable)
  • Certificate of qualification (for C.A. / Doctor and other professionals)
  • Bank account statement for last 6 months

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