Documents required for taking educational loans in India

Documents required for taking educational loans in India

A lot of students consider taking educational loans in India, as this is the most suitable and convenient way in which they can fund their higher studies. Students would be spoilt with choices when it comes to this option, as numerous financial institutions would provide different loan plans and schemes which they can compare and choose from. 

Since there are so many financial institutions offering educational loans and each one of them has different terms and conditions. It is common for students to make mistakes while applying for an educational loan to a financial institution since they are unaware of the requirements of the institutions they are applying to.

This cannot be taken lightly, as financial institutions have been known to reject several applications because of this reason, which makes it unnecessary as this all could have been avoided if the student was aware of the educational loans requirements.

Hence, we have provided a list of basic requirements that financial institutions would require, so make sure you always carry them when applying for an educational loans.

To begin with, traditional lenders and NBFCs only agree to give out educational loans if the student is pursuing a course from a recognized university. Loans are given for diplomas, undergraduate and post-graduate degrees, doctoral degrees, PhDs, and other special courses.



So let’s begin. Here are the basic education loan requirements that you should meet to get educational loans in India:

• The student/applicant should be of Indian nationality

• Should be aged between 18 to 30

• All your academic records should be organised properly. This would include all your mark sheets, achievements and awards that should be kept in order. 

• Scope of the course that students look to pursue

This is very crucial for the financial institutions to review as this is the important factor that will help them decide whether the student/applicant will get a good job with the help of this course. This is a good way to get assurance whether the student/applicant will be able to pay back the loan or not.



• Co-applicants of the loan

This could be either the students/ applicants parents or guardian, and in the case of married students/applicants it could be their spouse or parents-in-law. The co-applicants will also be required to submit documents showing their bank statements. This is done so that the financial institutions can be sure of the fact that the co-applicants have the power to take responsibility of the loan if required.

Well, these are the basic requirements of the financial institutions that you should make sure to meet when taking up educational loans in India. Please note, these are just the basic requirements that any financial institution would normally ask for, however, there would be other more detailed requirements that they could ask for, but these could differ depending on each financial institution. So, always make sure to check with each one before you apply for educational loans to meet all their requirements.


 We hope this article helps you with understanding the basic requirements when getting educational loans in India.

All the best! 

Comments

Post a Comment

Popular posts from this blog

3 Things To Ensure While Taking An Education Loan

Image
  The cost of education has gone up significantly, which is why taking an education loan to pursue higher education, for a university overseas or in India, has become essential. Taking a student loan helps take the financial burden off your shoulders and you can focus on your studies worry free. Various lenders and NBFCs in India provide students looking to pursue higher education with a student loan. There are many things one should ensure while applying for education loans so that the whole experience is easier; here are some to help you: Know the interest rate:   One of the important factors to keep in mind while taking a student loan is to check what the interest rate is and whether it is fixed or floating. Fixed interest rate allows you to repay your loan in fixed instalments, whereas a floating interest rate can vary over the life of the loan. Interest rates have a direct bearing on the EMI; the higher the interest rate, the more EMI you will need...
Read more

Busting The Myths Around Education Loans

Image
  Education loans   provide reassurance for many students and have become essential to finance higher studies. Whether it is in India or abroad, there are several loan plans that are offered by financial institutions to make it possible for students to pursue higher education. However, there are people who are still doubtful about taking education loans. There are myths around the education loan that would only cloud their judgment further. In this article, we will bust some of the common notions that students have surrounding education loans and debunk them, one by one. Myth 1 Starting my career by taking an education loan is not a good idea This being one of the biggest concerns that every student and parent would have. It is definitely not a good idea to begin your career with debt. But if you see education loans finance your education and that would make you more employable, increasing your income over time. So, starting your career with an education loan is a go...
Read more

4 tips to keep in mind before taking an education loan

Image
Pursuing your studies further after schooling is one of the best decisions you can take as you not only get more knowledgeable but also get the opportunity to bag high-paying jobs. The endeavor of pursuing higher education can be quite expensive for many. Thus, financing this dream can be a bit of a challenge. However, to help students achieve their dreams, many NBFCs, banks and other such financial institutions offer education loans . Since taking an education loan can prove to be so pivotal in the lives of many students, it is very important to choose the right loan plan for you. To help you with the same, here are 4 tips to keep in mind before taking an education loan -    1)       Choose the right course for you Long gone are the days when selecting the right course for you was easy as you had very limited options to choose from. With the maturation of the education industry over the years, the number of courses offered has increased signif...
Read more