Looking at Education Loan Eligibility Criteria and Basic Documents Required
                     Looking at Education Loan 
Eligibility Criteria and Basic 
Documents Required
Education is not only important for an individual’s growth but also helps to mould their 
personality. Above all, good education opens up a world of job opportunities. It is often a part of 
every student’s dream to pursue higher education abroad. They imagine a cauldron of 
picturesque landscapes, charming infrastructure, and quality education all bubbling with a 
promise of a better tomorrow. Yet, all these features come at a high price. Sometimes, the 
ambitions of students looking to pursue higher education are dashed by institutes charging lofty 
tuition fees. However, with an education loan, you can focus on what truly matters – your 
pursuit of academics without worrying about finances. 
Through their financing, education loans open up opportunities across the world for higher 
education.  All you need to do is fit in the eligibility criteria of your lender and you are good to 
go. To get started on this exciting journey of a lifetime, you need to be aware of 
education loan eligibility criteria. Let’s take a look.
General education loan eligibility
A student needs to thoroughly understand the education loan eligibility guidelines of their 
preferred bank. Different lending institutions have their own sets of norms. However, common 
eligibility factors that are taken into account by almost all financial institutions are: 
• Candidate should be a citizen of India.
• They should be aged at least 18 years or else his/her parent will have to take the loan.
• They must have a good academic background.
• They must have secured admission in a recognized university/college/institution
Finally, do bear in mind that banks usually give priority to job-oriented courses. So, the course 
taken by the applicant must be a technical or professional one. Additionally, the course selected 
should also be registered. The co-borrower’s financial standing is also considered in the 
evaluation process.
Documents Required
Along with putting a tick on the education loan eligibility criteria, you need to possess certain documents too in 
order to secure an education loan. The documents needed may vary from bank to bank and also depend on your 
course and institute. They may include: 
• Identity proof that may include PAN/ driver’s license/ voter ID/ passport card
• Address proof that may include a recent copy of the telephone bill/ water bill/ electricity bill/ gas bill or copy of 
passport/ Aadhaar card
• Candidate’s passport
• Marksheets of 10th and 12th standards (depending on the level of education)
• Each semester results in an undergraduate course (depending on the level of education)
• Results of entrance exam given according to the course including GMAT, GRE, GATE, TOEFL, IELTS, CAT, 
CET, etc.
• Admission letter from the institution
• Statement of cost of study/ schedule of expenses
• 2 passport-sized photographs
• Loan statement, if any loan has been taken from other bank/lender in the past 1 year.
We hope this article about education loan eligibility criteria and basic documents required has 
helped you. Note that this is an overview of eligibility and documentation for a student loan. 
Make sure to discuss the specifics with your lender. 
All the best for your future endeavours!
RELATED ARTICLE :- 
Everything you need to know about student loan eligibility
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