Education Loan Eligibility and Documents

Meeting the education loan eligibility terms and submitting all the required documents is essential to qualify for financial support for higher studies. Lenders usually assess your academic background, admission to a recognised institution, and the repayment capability of the parent. 

To secure an education loan, you need to fulfil certain eligibility criteria set by the lending institution. You also need to upload certain documents related to identity, address, and income proof. Both these factors contribute to a smooth loan approval process, so it is in your best interest to keep them in mind.

Eligibility requirements are set by financial institutions based on their policies and differ from one lender to another. By approving applicants who meet these criteria, lenders ensure responsible financing and risk management. 

To get an idea, check the education loan criteria of the lending partners that offer student loans on the Bajaj Markets website:

InCred Finance

• You need to fall under the age bracket of 21-32 years 

• You need to pursue a degree abroad

• You need to have a good GMAT/GRE test score

Propelld

• Your age needs to be between 22 and 60 years 

• Your overdue amount should not exceed ₹2,000 at the time of application

• Your credit history should not have any ‘written-off’ loans/credits

• You should not have more than 60 Days Past Due (DPDs) in the last 12 months

Alongside this, you may also be required to furnish some of the following documents:

• KYC documents

• Income proof

• Academic documents

• Collateral-related documents (for secured loan)

• Unconditional offer letter from a university

• Form I-20 along with valid proof for it 

• Sanction letter from NBFC 

To prove your eligibility, you are required to provide specific documents for education loan approval. These also vary depending on the lender. Take a look at the requirements below:

InCred Finance

• Unconditional offer letter from a university

• Form I-20

• Sanction letter from a Non-Banking Financial Company (NBFC)

Propelld

• Admission letter and fee structure 

• KYC documents related to you and your parents (if you are a minor)

• Last 6 months’ bank statements for your salary account (if salaried)

• Income Tax Returns (ITRs) for the last 2 years

Improving your education loan eligibility requires focusing on academics, financial stability, and proper documentation. Here’s how you can qualify for financing with ease:

• Academic Background and Age: Maintain good grades and a consistent academic record to strengthen your loan application

• Course and Institution: Opt for recognised universities and courses with strong employment potential

• Co-applicant or Guarantor: Select a financially stable parent/guardian as a co-applicant

• Loan Amount and Repayment Capability: Apply for a loan amount aligned with the actual cost of your course and institution

• Credit History: Maintain a healthy repayment track record on existing loans and credit cards, or ensure that your parents do so 

• Collateral Security and Documentation: For higher loan amounts, arrange reliable collateral and ensure that all documents are accurate and updated

• Lender’s Policies: Compare different lenders’ criteria and loan features before applying

Getting an education loan on Bajaj Markets ensures that you can check all the details and apply online easily and conveniently. Here are the key reasons to get an education loan via this platform: 

• High Loan Amount: Secure up to ₹1.5 Crores to cover all academic expenses with ease

• Competitive Interest Rates: Benefit from attractive education loan interest rates starting from as low as 11.50% p.a. 

• Flexible Tenure: Repay your loan conveniently over up to 15 years

• Unsecured Loan Option: Borrow up to ₹80 Lakhs without the need to pledge any collateral

• Rapid Processing: Get your application reviewed and verified online within minutes

• Quick Disbursals: Disbursal can happen within 2 working days, depending on lender policies

• Minimal Documentation: Apply with ease through a smooth, digital process

• No Hidden Charges: Experience full transparency with zero hidden costs