Education Loan Eligiblity,Documents

Education Loan: Eligiblity,Documents

To qualified applicants, many Indian banks offer these loans at cheap interest rates with flexible terms and conditions. In order for students to get their loan money as soon as possible, the documentation process is also kept to a minimum.

Eligibility Criteria of Education Loan

The vital education loan eligibility criteria that the candidates need to fulfil to get approval for the loan are listed here:

• The candidate applying for the loan must be a resident of India.
• He/she must have confirmed admission to recognized educational institutes in India or abroad.
• The age of the candidate must fall within the bracket of 18 to 35 years during loan application.
• He/she must be undergoing a graduate/postgraduate degree or a PG diploma
• The applicant should have secured admission to a college or university affiliated with 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 can be either a parent/guardian or spouse/parent-in-law (in the case of married candidates).
• The co-applicant must have a regular income source.
• A strong academic record facilitates speedy loan approval.

Education Loan Eligibility

Education Loan Documentation

Required Documents

Here are the mandatory documents that a student needs to provide to the banks while applying for a student loan:

• Duly filled in and signed application form with affixed photographs
• Two photographs
• Copy of exam mark sheets of 10th/12thor latest education certificate
• Statement of course expenses / cost of study
• Aadhar card and Pan card of the student and Parent/ Guardian

Age proof

• Copy of Aadhar card
• Voter id card
• Passport
• Driving License

Identity proof

• Copy of voter id card
• Passport
• Voter id card
• Driving license

Residence proof

• Rental agreement
• Bank Statement of 6 months of the student or co-borrower
• Guarantor Copy of Ration Card
• Gas Book
• Electricity Bill
• Tel Bill

Income proof

• Most recent salary slips or form 16 of the parent/ guardian/co-borrower
• Six months bank statement of the borrower or updated passbook of the bank
• Updated ITR income tax return with income computation) of two years or IT assessment order of last 2 years of parent/co-borrower/guardian
• Documents stating the assets and liabilities of the parent/co-borrower/guardian

What will improve your Eligibility for an Education loan?

To ensure that students receive financial aid, banks are vigilant while evaluating a candidate's eligibility. The general academic standing of the applicants, their intended course of study, and their present admission status are taken into account before authorizing a loan.

• Scoring high grades/ranking in the qualifying exams
• Displaying good academic record
• Getting admission to a reputed/top-tier institute or university
• Strong financial background of parents/guardians/co-borrower
• Displaying good prospects for future employment/income generation.

Conclusion

Education loans empower you to pursue your academic dreams without financial stress. By understanding the education loan requirements, gathering the necessary documents, and improving your eligibility, you can streamline the process and secure the funding you need for your future.