All institutions typically ask for documents like proof of address, proof of age, and proof of income. However, every institution may also request a few documents in accordance with the student loan eligibility criterion.
The candidate applying for the loan must be a resident of India.
He/she must have confirmed admission to recognized educational institutes in India or abroad.
The candidate's age must fall within the bracket of 18 to 35 years during loan application.
He/she must undergo a graduate/postgraduate degree or a PG diploma.
The applicant should have secured admission to a college or university affiliated with University Grants Commission (UGC)/All India Council for Technical Education (AICTE)/Govt. etc.
Students pursuing full-time courses need a co-applicant who can be either a parent/guardian or spouse/parent-in-law (in the case of married candidates).
The co-applicant must have a regular income source.
A strong academic record facilitates speedy loan approval.
Yes, you can apply for an education loan if your application is rejected the first time.
Yes, depending on the amount of education loan that is availed, the lender may levy a processing fee.
Your co-applicant can be your parents, siblings, parent-in-law, or spouse.