Ambitious students do not want anything to come between them and their academic aspirations, so they opt for education loans. A student loan is a prudent choice as it empowers them to finance their education independently. When opting for a study loan, you have to consider the eligibility criteria before applying to experience a hassle-free experience. Let’s find out an education loan’s basic requirements and other interesting facets.

Key Highlights:

• Basic education loan eligibility criteria students must know
• Avanse education loan eligibility parameters
  • Education loan qualification related requirement
  • Education loan for abroad eligibility and requirement
  • Pedigree of the university
  • Continuity in education
• Documentation: Integral part of education loan requirements
• FAQs

Basic education loan eligibility criteria students must know
Every financial institution will have basic study loan eligibility in place. Students can avail of education loans if they meet these criteria. Whether these requirements are basic or specific, students need to meet them for their student loan approval. This student loan criteria will vary depending on the financier you approach.

• The education loan criteria are mentioned below:
  • For Students:
    • Education loan age limit: Should be 18 or older
    • Should be an Indian citizen
    • Should have a co-applicant
  • For co-applicant
    • Should be an Indian citizen
    • should be a parent, legal guardian, sibling or other blood relative
    • Should have a bank account in India that allows them to sign cheques
    • Should be a primary debtor

Avanse education loan eligibility parameters
Students are primarily first-time borrowers. Therefore, thorough student profile analysis is required to ensure timely repayments. Hence, new-age financial institutions such as Avanse Financial Services have set down some other criteria over and above the basic ones. Examining the student profile is vital to determine the student’s employment potential, which is eventually responsible for the seamless repayment journey. So, when you apply for a study loan, your student profile will be evaluated based on the below-mentioned parameters:

• Education loan qualification related requirement
  Elements such as academic qualifications, scores and course alignment with your academic and career plans will be thoroughly scrutinised. Thus, good academic performance will enable a smooth education loan journey.
• Education loan for abroad eligibility and requirement
  For higher education abroad and in India, you have to appear for some of the following entrance exams and English proficiency tests:
  • Graduate Record Examinations (GRE)
  • Graduate Management Admission Test (GMAT)
  • Common Admission Test (CAT)
  • Management Aptitude Test (MAT)
  • International English Language Testing System (IELTS)
  • Test of English as a Foreign Language (TOEFL)
• Pedigree of the university

  Admission into a well-ranked university can increase your chances of getting an education loan. So, checking the official university websites and ranking platforms is always advised before finalising courses and education institutes.

  • Below are some widely-accepted and popular ranking platforms:
    • For abroad studies:
      • Quacquarelli Symonds (QS) World University Rankings
      • Times Higher Education (THE) World University Rankings
    • To study in India:
      National Institutional Ranking Framework (NIRF)

  Please remember many financiers have tie-ups with various universities. For a seamless experience, you can opt for a student loan from a lender that has a partnership with your chosen university.

• Continuity in education

  Being a consistent performer, without any gap year in the academic journey, can work out in your favour.

Documentation: Integral part of education loan requirements

• Student KYC
• Academic transcripts
• Details regarding the course and fees
• Co-applicant’s KYC and income proofs
• Collateral document (for secured education loan)
• Proof of admission and other related documents

FAQs

• Can I get an education loan quickly?

  Your education loan will be sanctioned if you fulfil all your lender’s requirements. Therefore, focus on studies better for good academic performance and keep all necessary documents ready.

• How much education loan can I get?

  The loan amount will depend on various parameters, such as the total cost of education and the co-borrower’s financial background. You can use the College Course Expense Calculator to determine the potential college expenses.

• Can I get a 100% education loan?

  At Avanse Financial Services, we offer student loans that cover the holistic cost of education, including tuition fees, travelling expenses, accommodation costs, living expenses, learning devices, and other education-related costs.

So, this is what you must know about the eligibility to apply for a student loan. At Avanse Financial Services, we offer student loans with multiple benefits, such as 100% finance, quick loan sanctions, and flexible repayment options. If you want more information on the education loan rate of interest and/or the application process, please remember we are just a call away.