Everything to Know About Education Loan Eligibility Requirements

For several years now, the cost of higher education has been steadily rising, both on a national and international level. Today, the cost to attend a reputed national institute could cost you several lakhs of rupees, just for the tuition alone. These costs are much higher with international colleges as you also have to account for visa costs, accommodation fees, and much more.

Naturally, not many can afford such high fees out of pocket, which is why it is quite common for students to avail financial assistance through an education loan. Thanks to new-age fintech provisions, these offerings are relatively easy to avail of as many lenders have relaxed education loan eligibility requirements. For more insight on the general education loan eligibility criteria and the documents required to process this loan, take a look at these pointers.

Education loan eligibility criteria

The traditional education loan is offered to students looking for funding. As a result, the criteria are very different and have much to do with the student’s academic background. It generally differs from lender to lender, but here is a list of the general criteria to be aware of.

• The applicant must be a residing citizen of India.
• The applicant must be over the age of 18 to avail of the loan. Applicants that don’t meet the age requirement will need their parents to apply for the loan.
• One must have a stellar academic background.
• The applicant must have secured admission to the university/college in question.
• The applicant must choose a technical or professional course, as lenders prefer job-oriented courses.

These are the basic education loan eligibility criteria and the student will have to furnish the documentation to prove this.

In addition to these two options to avail funding, students and parents can also scout for specialized education loan schemes. These are designed to offer benefits to those from various walks of life and have reservations to make qualifying easy. Some lenders may even offer promotional education loan schemes, based on merit, and it is wise to explore all options before you choose one. From the three, your best option may be to leverage the equity on a self-owned property and avail funding through an education loan on the property. The processes involved are simpler, you enjoy a greater deal of flexibility with the sanction and the loan rates are competitive as well.

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