Education Loan Eligibility Checklist
Key parameters evaluated by participating lenders when determining education loan eligibility:
- College & University Accreditation: The educational institution and course program must be recognized or approved as per the lender's institutional policy guidelines.
- Course Fee & Expenses: Loan funding is structured based on actual course tuition fees and eligible living/study expenses as per lender norms.
- Existing Obligations: Active loans or running EMIs are factored into co-applicant eligibility assessments, impacting overall borrowing capacity.
- Academic Performance: Previous academic records, marksheets, and entrance examination scorecards are reviewed during institutional evaluation.
- Nationality: Loan facilities are generally extended to Indian nationals meeting residency and admission criteria.
- Maximum Tenure: Repayment tenures extend up to 15 years, subject to lender policy and course structure.
- Age Criteria: Typically ranges from 18 years up to retirement age at loan maturity, factoring in co-applicant stability.
- Co-Applicant / Guarantor Requirement: A financially stable co-applicant (such as a parent or legal guardian) is mandatory for student education loans.
- Co-Applicant Income & Stability: Proof of stable monthly or annual earnings through salary slips or audited business financials is evaluated.
- Employment Continuity: Minimum work stability requirements (e.g., 2 years for salaried or 3 years for self-employed co-applicants) apply.
- Credit History: A clean credit score and repayment track record for both the applicant and co-applicant support favorable underwriting assessments.
