With the rising cost of higher education every year, it has become quite tough for students to choose their dream career in India or abroad. Students, whose parental income is not so sound enough, especially the middle and upper-middle-class segment are facing the challenge to fund studies. Many banks and non-banking financial organization have come to rescue these ambitious students by offering study loan solutions. Students will excellent academic records are offered full funding by some of the reputed private players to study in renowned institutes in India or abroad.
Most of the reputed private lenders and banks, government banks offer students loans at attractive interest rates with flexible repayment options. However, when you take a loan you just can’t come to any ballpark figure. Lenders will evaluate certain parameters and then sanction a particular loan amount. Students need to know how to check their loan eligibility criteria to get their study loan approved.
So, here’s a basis student loan eligibility criteria:
A candidate who is applying for study loan should be a citizen of India
He or she should have a confirmed admission in a recognized educational institutes/university whether in India or abroad
The age of the candidate should be between 1 to 35 years during the loan application
While applying for a student loan, they should’ve done their higher secondary schooling
The college or university which they apply for should be affiliated by UGC/AICTE/AIBM/ IMCR /Government, etc.
Course Approved polytechnic institutions
Students pursuing full-time courses need to have a co-applicant to the borrower the loan. Co-applicant’s can either be parents/guardian, spouse, in-laws (if married)
Before you apply for a study loan from any of the reputed private finance companies or banks, you can check the eligibility in advance. Candidates can visit the websites of different lenders to check the appealing offers and student loan eligibility criteria, the documentation process and how to apply for the loan online.
Student loan eligibility calculator can be of great help to get approximate loan amount you can borrow from lenders based on age, and co-applicants financial stability. You will get a clear idea on what is the eligibility criteria required for quick and easy loan approval.
Some ways to improve your student loan eligibility
The overall academic excellence, future course, and its job prospects, the current status of admission, collaterals would be some of the basic parameters that will be evaluated by lenders to sanction any student loan. Students can improve their chance of loan eligibility by following crucial factors such as:
• Scoring good grades and ranking higher in the entrance exams
• Maintaining a good academic record
• Securing admission in prestigious college/university worldwide
• Have a strong financial background of parents, co-borrowers or guardians
• Opt for a dream course that will have good future employment or income generation
• Country & existing currency rate
Student loan eligibility helps you to identify the shortfalls in funding the higher studies as well as figure out ways in advance to mitigate these financial problems. A good academic score, credit score of parents/co-borrowers and collaterals such as insurance policy, investment or plot land will increase the chance of choosing the higher loan limits.