Note: – Maximum Loan Amount for obtaining Education Loan/Student Loan for studies within India can avail 15 and for abroad studies you can avail the loan amount of 25 lakhs as maximum.

What are the factors generally affecting Education Loan Eligibility Criteria?

There are Top 5 factors that generally affects Education Loan Eligibility Criteria as given below: –

Applicant Citizenship: – The main factor that affect the eligibility criteria is applicant citizenship that from which country he/she belongs to if not from India, then they are unable to get loan. Only resident of Indian applicant can apply & get a loan.

Applicant Age: – Usually, applicant age matters when he/she apply for education loan / student loan. Applicant should not be below 18 years of age & above 35 years of age.

University & Institute: – Another factor that affect education loan eligibility criteria is university & Institute from which the applicant is chosen to study. It issignificant to choose a reputed & accredited educational board to avail educationloan. Because it’s asked by Bank & NBFCs to provide admission letter issued by university & Institute.

Parents or Guardian Income: – You are required to show proof of monthly income of your co-applicant whomsoever you are adding in your loan application. Lenders will check that do you have a stable income. If not, then your chances of getting loan lower.

Applicant Academic History: –This is done to ensure that you have enough potential to repay your principal loan amount within a specific period as allocated as tenure by showing your previous academic performance level. You will get higher salary package after the completion of course or degree. If your Previous academic performance is below to average ratio, then it’s likely that your loan application might reject.

What are the ways to increase Education Loan eligibility?

To increase Education Loan eligibility, you need to consider Top 3 points as given below, this will aid you in increasing your eligibility level.

Excellence Academic Records: – Lenders usually want to know your previous academic records to ensure you have capacity to complete your degree or diploma with good grades that would help you in getting better placement with good salary to repay the loan amount within the specified tenure period. It will be possible only when you obtain excellence academic records.

Getting Seats in reputed university or institute: – When you passed your 12 th or Graduation with good grades, then only you will be eligible to get seats in reputed university or institute. It’s one of the best ways to increase education loan eligibility.

Stable Income of parents or Guardians: –Most of the student don’t prefer to do job until they finish their final dreamed qualifications. Therefore, bank & NBFC’s offer this feature to add your parents or guardians as a co-applicant while applying for loan. To make the lender confident that you will pay back the loan amount without any difficulty, thus having a stable income will increase your eligibility.