What is the eligibility and documents required to apply for education loans

[Praseeda H]

To apply for higher education loans what should be the eligibility and what all
documents should be submitted?

[nbm]

Eligibility is
• The candidate should be an Indian national
• Should be opting for graduation courses/ post-graduation courses/professional courses/ other courses approved by UGC/Government/AICTE

Documents Required are:-
• Mark sheets of last qualifying examination
• Proof of admission of scholarship, studentship
• Schedule of expenses for the course
• Photographs
• Borrower's bank account statement for the last six months. Some banks ask statement for the last two years
• Income tax assessment order of last two years
• Brief statement of assets and liabilities of the co-borrower
• Proof of income (i.e. salary slips/Form 16 etc)
• Any other document necessary to avail loan

[williamjacob]

To apply for higher education loans what should be the eligibility and what all
documents should be submitted?

Banks have set eligibility criteria for education loans. Some of the important pre-requisites are mentioned in brief. A loan applicant has to be:

An Indian national
Aged 16-26 years of age or any other range specified by the bank.
Have a good academic track record.
Have parents or guardians with stable source of income.
Should have applied to a recognized university in India or abroad.
Should not be a minor.

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Education Consultants in India