Abroad Education Loan Eligibility Criteria for Students
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Your age, course, university, and your co-applicant's credit report are the most important factors to decide your eligibility for an education loan. Borrowing study loans is the best idea to finance higher studies. Students can explore government education loan schemes before applying for any student loan. However, only eligible students manage to get an interest-free loan, easy repayment options and other benefits.
Who is eligible to get student loans? If you are going to knock on the bank’s door to borrow an education loan for studying abroad, then you should know the answer to this question. This article will help you understand the eligibility criteria for bank-wise education loans to finance your study abroad.
Read More:
- Education Loan Eligibility in India 2025
- Factors Enhancing Education Loan Eligibility
- Documents Required for Education Loans
- Tips to Get an Education Loan Approved
- FAQs Related to Education Loan Eligibility
Education Loan Eligibility in India 2025
Students need to understand education loan eligibility guidelines and qualify for the same. The student loan eligibility criteria vary for different banks. However, some common factors are considered by all money lending institutions (banks). Below, we have listed key education loan eligibility criteria in a point wise manner:
| Education Loan Eligibility | |
|---|---|
| Indian Citizenship | The applicant must be an Indian national. |
| Age Limit | The applicant's age should be between 18 and 35 years |
| Academic Performance | A strong academic profile with good marks in higher secondary (HSC) and graduation significantly improves chances of loan approval. |
| Admission Letter | The applicant must have received admission to a reputed overseas college, university, or institution |
| Top Trending Course | The applicant's chosen course must be technical or professional since banks favour programmes that prepare students for employment. |
| Co-Applicant's Credit Report | A co-applicant, who can be a parent, guardian, spouse, or parent-in-law, is usually required. They must have a good credit score and a stable source of income. |
| Collateral (Optional) | Banks may ask for collateral, such as property or fixed deposits, may be required for higher loan amounts. |
Also Read:
| Indian Banks Offering Education Loans for Studying Abroad | Vidyalakshmi Education Loan |
| Public v/s Private Education Loan Providers | Education Loan Calculator |
Factors Enhancing Education Loan Eligibility
Here are some point wise eligibility for education loan. Banks and NBFCs analyze profiles of candidates to offer student loans. Check out some factors that can help you become more eligible to apply for loan:
- Academic record
- Reputation of university
- Cibil score of co applicant
- Promising career prospects
Bank Wise Educational Loan Eligibility
Check out the student loan eligibility criteria of different banks.
| Bank Wise Eligibility for Education Loan | |
|---|---|
| SBI |
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| ICICI Bank |
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| PNB |
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| Bank of Baroda |
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| UCO Bank |
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| Federal Bank |
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| Axis Bank |
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| Canara Bank |
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| Avanse Education Loan | For students
For Co-borrowers
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Documents Required for Education Loans
Check out the list of documents for an education loan. For students and co applicants.
| Documents Required for Study Loan | |
|---|---|
| For Students |
|
| For Co-Applicants |
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| Documents Required for Income Proof |
|
Tips to Get an Education Loan Approved
To guarantee that students receive financial help, banks are vigilant while evaluating a candidate's eligibility. The general academic standing of the applicants, their intended course of study, and their present admission status are taken into account before authorising a loan.
- Obtaining a good grade or ranking on the prerequisite examinations
- Showing academic excellence
- Being accepted into a reputed university
- Parents, guardians, and co borrowers have a solid financial history
- Showing promise for new employment and revenue growth
Students should understand the entire education loan process is time consuming. It is always advisable to apply for an education loan months in advance. So, you have enough time.
FAQs Related to Education Loan Eligibility
Here is list of best education loans in India with easy application process:
| Government Banks |
|
| Private Banks |
|
Students should secure a minimum ‘D’ grade to be declared pass in the UK 12th board exam. As per the rules of the UK Board 12th exams, those who obtain an 'E' grade in a subject will not be declared as pass in that subject. Those who could not clear the UK 12th exam can appear for the UK 12th supplementary exam. The UK 12th supplementary exam will be held in July. Through proper preparation and planning, students can easily clear the UK Board 12th exam.
Statement of Purpose
Letter of Recommendation
Student Visa Application
Admission Essay Writing
Student Curriculum Vitae
Comments
(58)
m
3 years ago
R
3 years ago
Hello Manoj. You can get in touch with our Shiksha Study Abroad Counsellors, who provide assistance with university admissions: https://studyabroad.shiksha.com/apply
3 years ago
R
3 years ago
Hello Emmanuel. You should check out popular MBBS universities in Italy. You can check out our MBBS guide here: https://studyabroad.shiksha.com/study-mbbs-abroad-eligibility-colleges-fees-exams-jobs-articlepage-2551 and check out scholarships here: https://studyabroad.shiksha.com/scholarships
k
4 years ago
R
4 years ago
Hello Kender. You can apply for an education loan to take care of your university expenses as well as living costs. Kindly contact a bank closest to you to know more about the details on education loans. You can also visit: https://studyabroad.shiksha.com/apply-education-loan
R
4 years ago
m
4 years ago
R
4 years ago
Check out point wise eligibility criteria for education loans.
Apart from this, there may be other requirements for a student loan from a bank.