The different factors that are considered when lenders provide an education loan are the student's academic background, the co-borrowers job profile, the type of collateral that is being provided, and the university where the individual has secured admission.
Yes, lenders levy a penalty in the case of late payments in student education loan
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.
Your co-applicant can be your parents, siblings, parent-in-law, or spouse.
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.