study loan eligibility

1. What is Student Loan Eligibility?

2. Student loans, or educational loans, are truly blessings for ambitious students! Some students have the desire to complete their education from the choicest universities and make it big in life, but means to do so. Banks and non-banking financial institutions provide loans to such students, and it becomes the student’s responsibility to repay these loans when the time comes. It all sounds very pleasant that students have a means to finance their education, but the real question that arises in this case is – what makes a student eligible to take an educational loan? This article will give you an idea about student loan eligibility and the criteria that it encompasses.

3. What is student loan eligibility? It is the criteria that make a student eligible/suitable to avail the benefits of an educational loan. To apply for an educational loan, the student has to be an Indian citizen above 18 years old at the time of loan origination. If the student is a minor at the time when the document was executed, he/she will have to obtain a letter of ratification upon obtaining maturity.

4. Another requirement for student loan eligibility is the marks obtained in relevant examinations/entrance tests. To acquire an educational loan from lenders, the student might need to have acquired at least 50% in HSC (10+2) exams. Also, it is important that a student has secured admission in an Indian/international university by means of qualifying for the merit-based entrance tests. To apply for a full time program, it is compulsory for the students applying to be accompanied by a parent/guardian or a spouse/parent-in-law (in case of a married applicant), who has a steady source of income to act as a guarantor for the same.

5. Documents required for student loan eligibility The documents that are a must for a student for student loan eligibility include the application form (fully completed and signed), 2 passport sized photographs, admission letter from the university, identity proof which includes passport, PAN card, Aadhar cars, driver’s license etc., affidavit that no loan has been taken from any other bank or financial institution, age proof/birth certificate, academic record of the student including HSC mark sheets, certificates of completion of graduation, mark sheet of any entrance examination taken by the student and also scholarship(s) availed (if any) and visa approval and travel papers.

6. Documents for student loan eligibility are to be provided not only by the students, but also by the parents/guardians of the student applying for the loan. These documents include address proof, identity proof, salary slips of the past 3 months and income tax returns of the past 2 years. Self-employed guarantors, in addition to address proof and identity proof, need to present bank statements of the past 6 months as well as Income Tax returns of the past 2 years. Related Blog:-Why it is important to understand Education loan Eligibility before applying.

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