Eligibility criteria for education loan
Updated on Nov 11, 2014 - 5:11 p.m. IST by None
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Education loan is a breather for many students who dream of going abroad for higher studies as they cannot afford the high tuition fee and living expenses. The candidate and the guarantor must meet certain criteria to get education loan. These criteria vary from bank to bank. In this article, we list the common eligibility criteria for education loan and specific criteria issued by various banks.

The common eligibility criteria to get an education loan are:

  • The candidate must be a citizen of India

  • The candidate must have obtained a place to study in one of the recognised universities/ institutes abroad

  • The candidate must be aged between 16 and 26 years old

  • The candidate must have good academic record

  • The candidate must submit all the required documents for education loan.

  • The co-applicant/ guarantor must be either primary (parents, spouse, siblings) or secondary (father-in-law, mother-in-law, brother-in-law, paternal/maternal uncles/aunts)

Eligibility criteria to get education loan from HDFC bank

HDFC Bank takes into consideration the above given criteria. The other major criteria to get education loan from HDFC Bank are:

  • If the candidate is taking a loan for more than 7.5 lakhs, he/she needs to give a collateral security.

  • After the first disbursement of loan, in order to get the subsequent disbursements (in case) the candidate must submit:

    a)      Send a request letter

    b)      Provide university fee demanding letter

    c)      Academic progress report of the candidate

Eligibility criteria to get education loan from State Bank of India

The major eligibility criteria for getting an education loan from SBI are:

  • The candidate must be pursuing any of the following courses abroad in a reputed university/ institute abroad:

    a)      Job oriented technical degree courses

    b)      MBA

    c)       Engineering

    d)      MCA

    e)      MS

    f)       Other professional courses

    g)      Job oriented diploma courses

  • The candidate must deposit Rs. 5000 which will be adjusted in the margin amount later

  • The candidate must provide the proof of admission at the university/institute abroad and submit the proof of scholarships (if any)

Eligibility criteria to get education loan from Credila

In order to get an educational loan from Credila, the candidate must meet the following criteria:

  • The candidate and the guarantor must be Indian citizens

  • The candidate must be at least 18 years of age

  • The guarantor must have an account in any of the banks in India with cheque-writing facilities

  • The candidate must submit the admission confirmation letter from the university/institute before disbursing the loan amount

  • The candidate and the guarantor must meet the underwriting norms of Credila

Eligibility criteria to get education loan from Punjab National Bank  

The eligibility criteria to get a student loan from Punjab National Bank are:

The candidate must be pursuing one of the following courses:
a)  Job oriented professional or technical graduation courses conducted by any of the recognised universities
b)   Job oriented professional post graduate degree courses such as MS, MBA, MCA etc.
c)   Courses conducted by CPA in USA and CIMA- London
d)   Job oriented degree/diploma courses such as pilot training, shipping etc.
e)   The candidate must have good academic record. The cutoff for the loan eligibility for Scheduled Caste/Scheduled Tribe is 55% and General category is 60%
f)    There is no age bar to apply for loan at PNB

Eligibility criteria to get education loan from Avanse 

The eligibility criteria to get a student loan from Avanse are:

  • The candidate must be more than 18 years old

  • The candidate must submit the admission confirmation letter from the university/institute before the disbursement of the loan

  • The candidate must have good academic record

  • The candidate must pursue higher studies from a recognised institute/ university

  • The guarantor must have a regular source of income

 

Also Read:

Download free Education Loan E-Book to know all about student loans

How to take education loan?
Education Loan for Study abroad-Whom to approach
Top Education Loan Providers in India to study abroad

 

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