Looking at education loan eligibility criteria and documents to be submitted

1. Looking at education loan eligibility criteria and documents to be submitted

2. Pursuing higher education opens up the door of opportunity for a fabulous career. With that in mind, many students aspire to study further to earn well and live the good life. Yet, most aspirants find it difficult to finance their higher education due to expensive university fees. And if the student wishes to study abroad, they also need to worry about other expenses such as food, travel, study materials, stay, and so on apart from the basic tuition fees. • This is when an education loan comes to your rescue. With the help of an education loan, you can pay for your higher education costs as well as other overhead expenses incurred while studying abroad. • To get an education loan, all you need to do is meet the eligibility criteria of the bank or financial institution from where you are planning to borrow money. Additionally, there are a few documents that you must provide to the lender. To make things easier for you, here is a quick look at the eligibility criteria followed by most lenders along with the documents you will have to present.

3. Eligibility criteria for an education loan Banks and financial institutions lay down certain education loan eligibility criteria that students need to meet to qualify for an education loan. These criteria may vary a little among different lenders. The following points cover the main criteria that a student needs to keep in mind to qualify for a student loan. • The student must be a citizen of India • The minimum age of the student should be 18 years - if the student is below that age, their parent or guardian will have to take the study loan on their behalf • The student should have a good academic record • The student should have applied and got admitted to a university recognized by the financial institution • The student should have secured admission in a professional or technical course • The course selected by the student should be recognized by the financial institution

4. Additionally, the co-borrower’s financial capacity is also taken into consideration by the lender. The co-borrower can be the student’s parent or guardian. Documents to be submitted Once you clear the eligibility criteria. you will have to provide the following documents to the financial institution. • A filled education loan application form • 2 passport sized photographs • Student’s school and college mark sheets (10th, 12th standard, graduation or any other degree) • Student’s entrance exam results (GRE, TOEFL, IELTS, CET, CAT, etc.) • Admission letter from the university • University fee statement along with a schedule of expenses that need to be covered during the course period • Student’s identity proof (voter ID/ passport/PAN/ driver’s license/ Aadhaar card) • Student’s address proof (telephone bill/ electricity bill/ gas bill) • Bank statements of the student and the co-borrower

5. Additionally, you will have to present the proof of collateral if you are going for a collateral-based student loan. • We hope this article has been useful to you and helps you when you plan to take an education loan. • Good luck with your future endeavours!

6. We hope this article was helpful to you.

7. You can find more interesting things on these sites mentioned below :- Website: https://www.auxilo.com/education-loan/studying-in-india-loan Facebook: https://www.facebook.com/AuxiloFinserve/ Twitter: https://twitter.com/AuxiloFinserve Youtube : https://www.youtube.com/channel/UClc_BEIN262Fm5eY_8sPA5w?view_as=subscriber Instagram: https://www.instagram.com/auxilofinserve/