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Before you apply: Are you eligible?

eligibility criteria to apply for a loan are that you should be an Indian, have an income and guardians and course opted for should be from a recognised university

Apnaloan.com Research Bureau

10 Aug 2007

To be eligible for an education loan:

  • You must be an Indian national
  • You must be in the 16-26 age group, or any other range specified by the bank
  • A good academic record (first class throughout, with no gaps or breaks in education, etc)
  • Your parents/ guardian should have a regular source of income so that they are able to repay the loan if the need arises
  • The institute you have applied for must be a recognised one
  • Minors are ineligible for educational loans, as banks assess the individual's repaying capacity while disbursing the loan. But you can avail of the loan if your parents/ guardians satisfy the eligibility criteria.