Education loans, sometimes known as student loans, are advances provided by banks or financial organizations to assist students in paying for their higher education expenditures. The nation’s outstanding students with solid educational credentials are offered financial aid to study in major institutions in India and abroad under this unique loan plan. Many Indian banks issue such loans to eligible candidates at a low-interest rate and flexible terms and conditions. Furthermore, the paperwork procedure is maintained to a minimum so that students may obtain their loan money quickly.
Education Loan Eligibility
As these loans are offered to students who cannot finance the expenses of their higher education, applicants’ eligibility is assessed by their academic achievement as reflected in preceding exam mark sheets.
The critical education loan eligibility requirements that the applicants need to meet to gain approval for the loan are laid forth here:
· The individual seeking the loan must be a resident of India.
· They must have verified admission in renowned educational establishments in India or abroad.
· The applicant’s age must fall within the category of 18 to 35 years during loan application.
· He/she must be undertaking a graduate/postgraduate degree or a PG diploma.
· The candidate should have secured admission in an institution or university accredited by University Grants Commission (UGC)/All India Council for Technical Education (AICTE)/Govt. etc.
· Students pursuing full-time courses need to have a co-applicant who may be either a parent/guardian or spouse/parent-in-law (in case of married applicants) (in case of married candidates).
Education Loan Documentation
As indicated previously, student loan documentation doesn’t include any hard-core papers. The procedure is straightforward and may be completed online without paying actual visits to the banks. However, the system could differ based on the conditions provided by various banks or lending agencies. Also, the banks being quite stringent in their requirements, failing to present the needed papers will lead to rejection:
Here are the required papers that a student has to present to the banks when applying for a student loan:
· Duly completed and signed application form with attached images
· two pictures of passport size
· Copy of exam mark sheets of 10th/12th or latest education certificate
· Statement of course expenses/cost of study
· Aadhaar Card and Pan Card of the Student and Parent/ Guardian
What Will Improve Your Eligibility for an Education loan?
Banks are pretty rigorous in examining the eligibility of applicants to guarantee that monetary help reaches eligible kids. Before issuing a loan, the primary assessed qualities are the students’ general academic quality, their anticipated study route, and their present admission status. Hence, concentrating on the following areas will increase your eligibility for an education loan:
· Scoring high grades/ranking in the qualifying examinations
· Displaying a solid academic record
· Getting admission to a reputed/top-tier institution or university
· Strong financial history of parents/guardians/co-borrower
· Displaying strong potential for future employment/income generating
How to Know Your Eligibility for an Education Loan?
Before applying for an education loan from any leading bank, you may verify your eligibility. You can determine your eligibility by doing an online check on the website. At Bank, all you need to do is supply basic, crucial background facts necessary to qualify for an education loan EMI calculator.
Based on this data, results for acceptable education loan offers are shown in an easy-to-compare way. Consumers may then apply online for the most tempting offer and receive unique offers supplied by banks to their users via cooperation with their partner banks.