What you Need to be Eligible for an Education Loan in India?

For students who are short of funds to further their education, getting a loan is an option they can go for. Since the cost of education is on the increase in double-digit percentage, many students whose parents don't earn so much has been struggling to bear their children's education demands in terms of financing. Expenses that range from accommodation, tuition fee, books, and other miscellaneous are becoming challenging to clear. To see students achieve a brighter future, it is essential for them to acquire and complete their education.

Many financial institutions offer educational loan with varying interest rates that students can benefit from. While other non-financial firms that help students get loans also have their preference for eligibility, this post will be beneficial for any student who is expecting to get a loan facility for support.

What are the Education Loan Eligibility criteria?

Financial institutions fixed some eligibility criteria for applying for the loan. If you are going to apply for the higher education loan, check the education loan eligibility and avail the benefits. Some of the criteria are as follow:-

1. The student must be an Indian citizen.
2. He/she must have secured at least 50% marks during the HCS and graduation.
3. Must have obtained an admission letter from a higher institution in the field of engineering, management, or medicine.
4. Must have secured admission either in India or abroad through the required entrance test or merit-based selection process.
5. Students must possess every other document that may be required by the financial institution that he or she has approached to secure the loan facility.
6. All applications must be completed and submitted at the set time.

After a student has been able to meet up with the Education Loan Eligibility requirement that may be demanded by the financial institutions, the student can follow up and await feedback from the firm to know if he or she is eligible to get the loan.

Must Read: Things To Consider Before Availing A Loan Against Property