Download
1 / 9
90 likes | 96 Views
Students who seek financial backing from banks and NBFCs need to fit within the education loan eligibility as drawn by the company. The applicant must be an Indian Citizen. The student must be within the age of 18 to 35 years. Students who fall outside the age group cannot apply for the loan. Many loan lending companies give loans to only those students who have secured the seat for the course or study.
E N D
Studying abroad and looking for financial support? Now, banks and NBFCs are providing loans for students who plan on studying further. To receive the needed education loan, the students need to be eligible academically, financially and seem like a preferred candidate. Here are some points that the students are needed to fulfil:
Student Eligibility Students who seek financial backing from banks and nbfcs need to fit within the education loan eligibility as drawn by the company. The applicant must be an Indian Citizen. The student must be within the age of 18 to 35 years. Students who fall outside the age group cannot apply for the loan. Many loan lending companies give loans to only those students who have secured the seat for the course or study.
Co-borrower Eligibility The co-borrower is an additional person who may or may not be directly related to the borrower. The co-borrower acts as a guarantor, who, with the student, takes responsibility for paying back the education loan. To fulfil the education loan eligibility, the co-borrower or guarantor must also be an Indian citizen. It is usually preferred that the co-borrower must be related to the student in some way.
Courses To get a loan with an nfbc or bank, the loan service provider needs to approve of the college or university of the students’ preference. Usually, the education loan eligibility is given to, those pursuing a Bachelor’s/post graduate course or other profession oriented courses. Depending on the selected university, the bank or NBFC will sanction the education loan applied.
Documents needed Before sanctioning an education loan, the loan givers need to verify the student and their information. To pass through this process, it is essential that the student provides documents that are authentic for verification. The following are the needed documents for submission:1. Student KYC & Educational Documents: The KYC must include documents that mention identification, address and age proof. Among education documents, the student needs to attach their academic history. These include mark sheets from past courses.
2. Course & Fee Details: The student needs to also mention the fee related information and the semester wise break-up. Giving all the course information on time will give the bank/nbfc time to carry the rest of the approval for the education loan eligibility easier and on time.3. Co-Borrower KYC and Income Documents:Documents of KYC verification for the co-borrower are the same as that of the student. Only, the co-borrower needs to submit documents related to their incomes. The co-borrower must have to submit a copy of their bank statements and salary slip for the past 2 months.
4. Collateral Documents (if collateral is opted for):While applying in college with high admission fee, the applicant is asked to keep a collateral depending of the salary or income of the co-borrower. The collateral documents need to be sent on time for timely verification of the ownership of said collateral.Depending on the profile and university of choice, if the student needs to fast-track education loan eligibility process, multiple NBFCs provide the needed loan faster and to the preference of the student. Related Blog :-What is Student Loan Eligibility?
Avanse facebook:-https://www.facebook.com/AvanseEducationLoan/ Avanse Twitter:- https://twitter.com/avanseeduloan Avanse YouTube:-https://www.youtube.com/channel/UCcsuUx1EH1C08XmX2embpug Avanse Instagram:-https://www.instagram.com/avansefinancialservices/
