Education Loan: Eligibility Criteria: Overview
Banks have set eligibility criteria for education loans. Some of the important pre-requisites are mentioned in brief. A loan applicant has to be:
- An Indian national
- Aged 16-26 years of age or any other range specified by the bank.
- Have a good academic track record.
- Have parents or guardians with stable source of income.
- Should have applied to a recognized university in India or abroad.
- Should not be a minor.
Education Loan: Eligibility Criteria: Basics
After all the hard work you have finally been offered admission to the university of your choice. You now need to tie up the finances so that you don't have to worry about money while you are studying hard. If you or your family members don't have the income to justify the loan and also cannot offer any security for the education loan you can still get a loan up to Rs. 4 lakhs. For loans larger than that you will have to provide security such as real estate and/or a guarantee from a person earning sufficient income. If your household income is certified as less than Rs. 4 lakhs per annum then the interest during the study period will be borne by the Government of India. Fill in the form on this page and we will send your details to the major lenders including lenders specializing in offering education loans. You can choose from among the lenders depending on
- Amount of Loan sanctioned
- Interest Rate
- Discounts available for girl students
- Processing Fees
- Type of Security accepted
Or any other point that matters to you.
Education Loan: Eligibility Criteria: Did you know...?
Decision-making Corner
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- EMI Calculator