How to improve education loan eligibility for Indian students

Indian banks receive thousands of loan applications every year from students planning to pursue higher studies abroad. However, not all these applicants are approved by banks. Indian banks are very strict while assessing the education loan eligibility of the applicants. They not only consider the overall academic excellence of the students but also their future course of education and status of current admission before approving an education loan.

Hence, students first need to check their eligibility for the applied education loan with the bank. They can know about their education loan eligibility with a particular bank either by visiting its nearest branch or going to the official online page of the bank.

Visit the bank’s website for verification of eligibility

For online verification of education loan eligibility, applicants need to visit the bank’s website and go to the loans section on it. Under this heading, they need to click on the education loan tab. This tab contains a form that requires applicants to fill in the details of their location, course level, country of study, name of the university, expenses expected for the course, course duration, guarantor details along with the details of the co-borrower and the collateral.

Steps to improve student’s education loan eligibility

In order to improve their education loan eligibility students need to

Score high grades in the qualifying exams

Education loans are primarily granted to students on the basis of score obtained in the qualifying exams like JRE, TOFEL, NEET. To improve their education loan eligibility, they need to score high grades in these exams

Have a sound academic record

To improve their education loan eligibility, students need to ensure they have a sound academic record. They need to have scored high marks in all their academic years.

Secure admission in a reputed/ institute or university

To improve their education loan eligibility, students need to have secured admission in a reputed university or institute. They need to submit their admission letter to the university alongwith their loan application form

Submit the required documents

To enable banks to check his education loan eligibility, applicants need to submit the certain documents along with his loan application. The documents that need to be submitted include: Two passport size photographs besides those affixed with the application form

● Copy of 10th/12th mark sheets or the certificates of latest degrees acquired

● Aadhaar Card and Pan Card of both the loan applicant and his parent or guardian

● Documents verifying his present age

1. Copy of Aadhaar Card /Voter ID/Passport/Driving License as a proof of his identification

2. Copy of Voter ID/Aadhaar Card/Driving Licence/Passport as residence proof

3. Students or co-borrower’s rental agreement/bank statement for six months

4. Copy of Ration card/Gas Book/Electricity Bill/Tel Bill

● Parent/Guardian’s salary slips or Form 16

● Updated Income Tax Returns of last 2 years of parent/co-borrower/guardian

After assessing the details provided by the burrower, banks proceed with processing of the loan applicants. The process for offline verification is similar with applicants furnishing the required details at the nearest branch.

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