What Makes You Eligible for Education Loan? | Rupeezo

By Rupeezo | 13th, Jan, 2023

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Education loan is required by students, who want to pursue higher education. Due to lack of financial assistance, they sometimes have to leave their studies in between. Banks provide loans to such qualified students who want to pursue higher education. This education loan becomes the backbone of meritorious students. Their careers have been benefitted with this type of financial assistance. But only desire of having higher education doesn’t give students educational loan eligibility. There are some guidelines laid down by banks following which students get educational loan eligibility. When banks receive application, they check for following factors to assess educational loan eligibility of the applicants. If you pass the criteria you can get instant loan for students.

Educational Loan Eligibility

     1. Academic Record

Whenever a loan application is received, bank looks for the academic record of the applicant. It includes track record of marks, credits and achievement of the student. This is taken into account and check for educational loan eligibility. If you have got good academic record, get instant loan for students.

     2. Course

Banks research about the course, which the applicant wants to pursue and makes sure that the said course is credited regarding applicant’s educational loan eligibility.

     3. Institution

Banks take into account, the institution, in which student wants to study. The institute’s reputation and accreditation is taken into consideration. It is one of the criteria for education loan to be sanctioned.

     4. Security

The type of security or collateral, applicant is providing forms the criteria for education loan. The bank will assess the type of, and the value of the collateral, applicant is providing.

     5. Guarantors

Criteria for education loan are to check whether or not; the applicant has got co-borrowers like parents, guardians or another acceptable third party. Co-borrower’s history and reputation is taken into consideration.

Criteria for Education Loan

Criteria for education loan are to check for the course, applicant wants to apply. The applicant can opt for any course. The only condition is that it should be accredited by the concerned authorities or they have good reputation. The course which comes under the criteria for education loan is

• Undergraduate Degrees,
• Diplomas and Special Courses. Similarly,
• Post Graduate Degree,
• Diploma and
• Special Courses,
• PhD and
• Doctoral Programs and
• Certificate Courses.
• In Addition to This, Banks Provide Loans to Specialized Training Courses Too

If criteria for education loan of some bank does not provide loan for any specialized course then the student can customize a suitable bank that finances it, especially in the case when there are chances of job or promotion attached to the existing position. If you pass the criteria for education loan, you can get instant loan for students.

Some of the courses which come under the criteria of education loan are

• Computer Certificate Course,
• Engineering Diploma, and
• Industrial Training Institute’s (Iti) Certificate Courses,
• Data Entry Operations Course,
• Nursing/teacher Training Certificate Course and
• B.ed, Agri and
• Veterinary Diploma,
• Any Diploma/ Certificate Course Which Includes Placement in Companies,
• Degree or Diploma for Aeronautics,
• Pilot Training and
• Shipping Which is Governed by Recognized Regulatory Bodies and Assures Employment in India or Abroad,
• Vocational Courses Run by Govt. Organization/ Departments and
• Courses Run by State Skill Mission and Corporation or National Skill Development Corporation.

Student Loan Eligibility

Student loan eligibility is also determined by the institutes chosen by the applicants for their further studies. Bank wants to ensure student loan eligibility by ascertaining that the student must finish their chosen field of study and is able to get a fulfilling employment. Bank doesn’t support old university or programs. List of pre approved and renowned universities is provided by the bank to confirm Student loan eligibility. They provide even the names of those universities too which are not approved by them. For checking student loan eligibility, the bank wants some documents to be submitted if the student wants to study in India or abroad. If you fulfill student loan eligibility, instant loan for students will be granted to you.

To study in India student loan eligibility depends on the submission of following documents: - Criteria for student loan is

• Filled Application Form With 2 Passport Sized Photographs,
• Graduation, Secondary School or High School Certificate or Mark Sheets,
• KYC (Know Your Customer) Documents Which Includes Id, Address and Age Proof.

Signature and income proof of parents/ guardians and if security is required documentation for immovable property like FD is required as criteria for student loan.

Criteria for student loan if the student wants to study abroad, has the requirement of these documents. If the student produces these documents, he will get instant loan for students.

• Filled Application Form With 2 Photographs,
• KYC Address and Id and Age Proof,
• Copy of Statement of Marks or Certificates of Last Examination Passed, Proof of Admission to the University and Course,
• Schedule of Course Expenses and if the Student Has Received Scholarship Its Letter is Required as a Proof,
• Copy of Available Foreign Exchange Permit,
• Last Six Months Bank Account Statement of the Student, Parent or Guardian.
• Last Two Years Income Tax Assessment of the Applicant’s Parents/ Guardian. For Loans with Security the Details of the Security is Required.

Education loan is promoted as this helps the students to shape their career and future thereby helping in the expansion and improvement of the country. It is helping in our country’s growth because young generation is future leaders and the caretakers of our country.  Criteria for student loan must be given time to research and take its due course of time, as it is a lengthy process and a long-term investment. In addition, govt. and banks provide low interest rates and subsidies because it is related to universal education. Usually in deciding criteria for student loan, a guarantor is needed by the bank, depending on the course and the university the guarantor may not be needed. The rate of interest offered on education loan can be changed from fixed rate to floating rate. So, to avail flexible rate of interest, apply for instant loan for students. For the criteria for student loan, some universities in India and abroad have been listed. They are In India

• All the Colleges and Universities Recognized by UGC, Govt.,
• AICTE,
• AIBMS,
• IMCR,
• All Approved Polytechnic Institutions,
• Reputed Foreign Schools and Universities in India and
• Approved Institutions Abroad Are Universities of Good Repute and Standing.
• CPA in USA and
• CIMA London Etc. The Main Criteria for Student Loan Are
• The Student Must Be a Resident of India and
• His Age Must Be Between 18-35 Years.

Frequently Asked Questions

     1. What is Education Loan?

Education Loan is the amount of cash taken as loan by students to pursue education.

     2. What Are Criteria for Student Loan?

The criteria for student loan are to check for the course student wants to study.

     3. Which Type of Institutions Comes in Criteria for Student Loan?

Institutions having accreditation by concerned authorities or high reputation comes in criteria for student loan.

     4. Can Rate of Interest of Education Loan Be Interchanged?

Yes, rate of interest can be interchanged between fixed to floating, according to the need.

For all Indian residents, who want extra cash to fulfill their requirements of starting business, owning a vehicle, arranging family marriage, and children who want a loan for higher education or to plan a vacation https://www.rupeezo.in/ is the best platform which lets you get pre- approval on your personal loan in just 9 seconds and helps you get higher chances of loan approval rate and user can get their loan pre- approved in just blink of an eye. You can get loan dispersal in your account without any human intervention. For instant personal loan, apply online https://www.rupeezo.in/ and enjoy hassle-free loan in just a few hours.