Eligibility

1. Nationality
   • The applicant must be an Indian citizen.
2. Age Limit
   • The applicant must generally be between 16 to 40 years of age.
   • For undergraduate courses, the applicant should be at least 16 years old.
   • For postgraduate courses, applicants up to 40 years are usually eligible.
   • The age range can vary based on the lender’s policy and the type of course.
3. Course Eligibility
   • The loan must be for a full-time course (undergraduate, postgraduate, diploma, or professional course).
   • The course must be offered by a recognized educational institution in India or abroad.
   • Recognized courses include engineering, medical, law, management, computer science, humanities, etc.
   • Vocational and diploma courses may also be eligible in certain cases.
4. Institution/University
   • The institution/university where the student has been admitted must be recognized by the government or relevant education bodies (UGC, AICTE, etc.).
   • The institution can either be in India or abroad (international education loans).
   • The institution's accreditation and reputation may influence loan approval and terms.
5. Admission Confirmation

   The applicant must have secured admission to the course they plan to pursue. This can be through either a merit-based selection or entrance exams. A letter of admission from the institution will typically be required.

6. Co-Applicant Requirement

   A co-applicant (usually a parent or guardian) is typically required for the loan. The co-applicant’s income and creditworthiness will be assessed to determine loan eligibility. Co-applicants may need to provide proof of income (salary slips, business income details, tax returns) and identification documents.

7. Academic Qualifications

   The applicant must have a strong academic record. Previous qualifications, such as 12th grade marks for undergraduate courses or undergraduate degree for postgraduate courses, may be considered during eligibility assessment. A good academic track record indicates the student’s potential to successfully complete the course and repay the loan.

8. Income Criteria

   Lenders assess the income of the co-applicant (usually parents or guardians) to ensure the repayment capacity. Salaried individuals typically need to provide salary slips, bank statements, or income tax returns (ITR). Self-employed individuals need to submit ITR and proof of business or professional income.

9. Credit Score
   • A good credit score (typically above 650-700) of the borrower or co-applicant helps in securing favorable loan terms, like lower interest rates.
   • A poor credit score may result in a higher interest rate or even rejection of the loan application.
10. Loan Amount

    For loans up to ₹7.5 lakhs, no collateral may be required, but the eligibility is based on the student’s academic profile and co-applicant’s income. For loans above ₹7.5 lakhs, collateral (such as property, fixed deposits, etc.) may be required to secure the loan. The loan amount generally covers tuition fees, accommodation, books, and other educational expenses.

11. No Age Limit for Parents/Co-applicant

    There is usually no age limit for the co-applicant (parent or guardian), but the co-applicant must demonstrate the ability to repay the loan until the end of the loan term.

Documents Required

1. Documents Required for the Student
   • Identity Proof:
     • Aadhaar card (preferred)
     • Passport
     • Voter ID
     • PAN card
   • Address Proof:
     • Aadhaar card (preferred)
     • Passport
     • Utility bills (electricity, water, gas)
     • Rent agreement or Bank statement
   • Proof of Admission:
     • Admission letter from the recognized educational institution where the student has secured a seat
     • Fee receipt (if available)
     • Course details such as the course name, duration, and the institution's name
   • Educational Qualification Documents:
     • Mark sheets or certificates from the last qualifying exam (e.g., Class 12th mark sheet for undergraduate courses, and a bachelor's degree certificate for postgraduate courses)
     • Previous academic records and transcripts (for higher education)
     • Entrance exam scores (if applicable for certain courses)
   • Passport-size Photographs:
     • 2-3 passport-sized photographs of the student for documentation and processing purposes
   • Visa (for Overseas Education Loans):
     • If applying for an education loan for studies abroad, a valid student visa may be required (after approval of the loan but before disbursement)
     • Application form for visa (if applicable)
2. Documents Required for the Co-Applicant (Parent or Guardian)
   • Identity Proof:
     • Aadhaar card (preferred)
     • PAN card
     • Passport
     • Voter ID
   • Address Proof:
     • Aadhaar card or Passport
     • Utility bills (electricity, water, gas)
     • Bank statements
     • Rent agreement (if applicable)
   • Income Proof:
     • For Salaried Co-Applicants:
       • Salary slips (usually for the last 3 months)
       • Form 16 or ITR (Income Tax Return) for the last 2 years
       • Bank statements for the last 6 months (showing salary credits)
     • For Self-Employed Co-Applicants:
       • Income Tax Returns (ITR) for the last 2 to 3 years
       • Profit and Loss statement and Balance Sheet (for business owners)
       • Business registration proof (if applicable)
       • Bank statements for the last 6 months showing income transactions
   • Collateral Documents (if required):
     • Property documents (if the loan amount is above ₹7.5 lakhs and collateral is required)
     • Title deed of the property
     • Property tax receipt or proof of ownership
     • Legal documents (if the property is mortgaged)
     • Valuation report (in case of immovable property used as collateral)
   • Photographs:
     • 2-3 passport-sized photographs of the co-applicant
   • Course Fee Structure:
     • A detailed fee structure from the educational institution indicating the tuition fees, hostel fees, and other expenses
   • Bank Account Details:
     • Bank account statements (for both student and co-applicant) for the last 6 months
   • Bank Account Passbook:
     • Passbook copy of the student's and co-applicant's bank account to verify their financial history

Charges

When applying for a Education loan, there are various fees and charges bthat borrowers should be aware of. These fees vary depending on the lender and the type of loan but generally include the following:

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