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Education loans, a vital financial support system, help students access quality education despite rising costs. While open education resources provide free learning materials, an education loan with competitive interest rates enables talented scholars to pursue their dreams at prestigious institutions across India and abroad through this specialized funding program.
Understanding that many bright minds face financial constraints, these loans are accessible to deserving students based on their academic excellence, as demonstrated through their previous educational records at Admission Adda.
| # | Eligibility Criteria |
|---|---|
| 1 | The candidate applying for the loan must be a resident of India. |
| 2 | He/she must have confirmed admission in recognised educational institutes in India or abroad. |
| 3 | The age of the candidate must fall within the bracket of 18 to 35 years during loan application. |
| 4 | He/she must be undergoing a graduate/postgraduate degree or a PG diploma. |
| 5 | The applicant should have a secured admission in a college or university affiliated by UGC/AICTE/Govt., etc. |
| 6 | Students pursuing full-time courses need to have a co-applicant who can be either parent/guardian or spouse/parent-in-law (in case of married candidates). |
| Particular | Eligibility |
|---|---|
| Nationality | Indian |
| Age | Minimum - 18 years Maximum - 35 years |
| Academic Record | Proven - good |
| Qualification | Pursuing graduate/postgraduate degree or a PG diploma. |
| Income Source | Parents/Guardians |
| Income | Stable |
| University Applied To | Recognised – In India/Abroad |
| Admission Status | Confirmed |
| Security | Tangible collateral or guarantor - depending on the loan amount and income source. |
Education loan in India is a straightforward process with minimal paperwork. Education loan eligibility and interest rates vary by bank, but documentation can be completed online. Understanding education loan interest and required documents is crucial, as missing paperwork leads to application rejection.
| Category | Required Documents |
|---|---|
| Application Form | Duly filled and signed application form with affixed photographs |
| Photographs | 2 photographs of passport size |
| Academic Records | Copy of exam mark sheets of 10th/12th or latest education certificate |
| Course Details | Statement of course expenses/cost of study |
| Aadhaar & PAN | Aadhaar Card and PAN Card of the student and Parent/Guardian |
| Age Proof | Copy of Aadhaar Card / Voter ID / Passport / Driving Licence |
| Identity Proof | Copy of Voter ID / Aadhaar Card / Driving Licence / Passport |
| Residence Proof | Rental agreement / Bank statement of 6 months of the student or co-borrower / guarantor / Copy of Ration card / Gas Book / Electricity Bill / Telephone Bill |
| Income Proof |
- Most recent salary slips or Form 16 of the parent/guardian/co-borrower - 6 months bank statement of the borrower or updated passbook of bank - Updated ITR (Income Tax Return with income computation) of 2 years or IT assessment order of last 2 years of parent/co-borrower/guardian - Documents stating the assets and liabilities of the parent/co-borrower/guardian |
Understanding education loan eligibility is crucial. Banks carefully evaluate candidates seeking education loan in India, ensuring funds reach deserving students. Key factors include academic performance, chosen course path, and admission confirmation. They also consider education loan interest rates.
Hence,working on the following areas will improve your eligibility for an education loan: |
|
|---|---|
| Factor | Description |
| High Grades/Ranking | Scoring high grades or ranking well in qualifying exams. |
| Academic Record | Displaying a good academic record in previous education. |
| Reputed Institution | Securing admission in a reputed or top-tier institute/university. |
| Financial Background | Strong financial background of parents, guardians, or co-borrowers. |
| Employment Prospects | Displaying good prospects for future employment and income generation. |
Navigating education loan eligibility in India is now easier than ever before. At Admission Adda, we're committed to transforming your academic aspirations into reality by connecting you with the best education loan options and competitive education loan interest rates. Our dedicated team walks you through every step, from verifying education loan in India requirements to securing favorable education loan interest terms. With just a few simple details, discover personalized loan solutions that match your dreams. As your educational ally, we partner with premier institutions to provide exclusive benefits and open education resources, making quality education accessible and affordable for every aspiring student in Bihar.
| Step | Action |
|---|---|
| Step 1 | Visit the official website of BankBazaar. |
| Step 2 | Go to the ‘Loan’ section and click on the ‘Education Loan’ tab. |
| Step 3 | Alternately, hit the ‘Apply Now’ tab to get redirected to the education loan page. |
| Step 4 | Fill in the form with your details such as location, course level, country of study, course name, university, expected expenses, course duration, and co-borrower details. |
| Step 5 | Accept the terms of the privacy policy and click on the ‘Search for Loans’ tab. |
| Step 6 | The site will display suitable loan offers from their bank partners based on your details. |
| Step 7 | Select the most advantageous offer and apply for the loan through the BankBazaar portal. |
Since the process of education loan is so easy and the terms are flexible, it has opened up ways for deserving students to opt for this loan and fulfil their desires of pursuing higher studies in their preferred institutes in India and abroad. Whether you are a student or working professional, if you fulfil the criteria mandated by the banks, you will be eligible to get an education loan to meet up the expenses of your future course of study.
The different factors that are considered when lenders provide an education loan are:
Yes, depending on the amount of loan that is availed, the lender may levy a processing fee.
Yes, you can change the education loan from a fixed rate to a floating rate.
Yes, lenders levy a penalty in the case of late payments. Depending on the lender, the charges may vary.
Yes, you can apply for an education loan in case your application is rejected the first time.
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