The major aim of Education loans is to provide financial assistance for students who are really deserving and needy. Do you know how to get education loan in India? This article provides you the list of eligibility criteria in obtaining an education loan.
- The first and foremost thing to obtain education loan is that the student should be of Indian nationality.
- The student should have obtained admission to pursue their higher education in India or abroad.
- Next criteria is, age limit. The student should be a minor. The eligible age limit for obtaining education loan in India is 16 to 26 years.
- A student must have a decent academic score (probably at least 60% and above).
Next is the student should provide the list of documents required by the bank in order to sanction the education loan.
- A student must fill the application form for education loan completely.
- A student should provide the admission letter for the any professional or degree course or any technical course which comes under the norms of the bank.
- ID proof—voter id, ration card, PAN card etc.,
- Age proof—birth certification or 10th standard mark sheet.
- Address proof—driving license, passport, ration card, voter ID
- Mark sheet of the student right from tenth standard and all others.
- A proof indicating that the student does not pursue any loans from other banks.
- Students should also provide a stable source of income of the parents or guardian. They may be also asked to submit their payslips of the past few months.
- PAN (Permanent Account Number) card. This is required for the students who want to pursue their higher education abroad. This is because it becomes really very difficult for banks to trace the local of students who are getting loans from bank and pursuing their higher education abroad if they change their address.
- Some banks may also ask for security related documents. Banks may ask for collateral security in the form of third party guarantee or some forms of assets.
- Students who are willing to pursue their education abroad should also submit their VISA approval papers, their GMAT/GRE score card, travel expenses etc.
- All loans including educational loans require co-applicants. The co-applicants can be a sibling, salaried or self-employed employed person who should provide various documents along with the student who ask for education loan. The co-applicant must be greater than 21 years of age and should also submit the proof of residence, ID proof, Bank statements etc.
These are the eligibility criteria and various documents required by a student to get education loan.