Education Loan Eligibility Guidelines:
It is important for students to understand the education loan eligibility guidelines and qualify the same, to be able to apply to their preferred money lending institution/bank for their Education Loan. The education loan eligibility criteria vary for different banks. However, some common factors that are taken into account by all money-lending institutions (banks) include:
The applicant must be an Indian national.
The applicant must have a strong academic record.
If the loan applicant is under 18, then his or her parents must apply for the loan on their behalf.
The applicant must have received admission to a reputable overseas college, university, or institution.
The applicant's chosen course must be technical or professional since banks favour programmes that prepare students for employment.
A graduate, postgraduate, or post-graduate credential must be the aspirant's goal.
A strong academic record enables quicker loan approval.
Full-time students must have a co-applicant, who may be either a parent, a guardian, a spouse, or a parent-in-law (in case of married candidates).
The co-applicant needs a steady source of income.
