Nowadays, self-funding your education has become tough because of the never-ending and ascending expenses on quality education but thankfully students have an option of availing an education loan to study in India or abroad. Education loans or student loans have made it possible for students to pursue their dream of quality education in top universities. Meritorious students with excellent academic profiles are offered financial help to aid their studies. But there are a few chances of rejection of the education loan applications even when they meet all the required eligibility criteria. This is because of the lack of documents or insufficient time given by the bank to produce the documents. This article will cover the education loan eligibility criteria and documents required by the bank to avail of an education loan.
Students who are willing or already taking an education loan must understand the eligibility guidelines and qualify for the same. Eligibility criteria may vary from bank to bank. However, few common criteria set by the financial institutions that students need to fulfill in order to avail an education loan are:
The student loan documents process plays a very crucial role as the unavailability of the mandated documents set by the banks can lead to the rejection of your education loan application.
Here are a few mandatory documents that a student need to provide to the banks while applying for a student loan:
Basic Property related documents
Other points to remember- Related to property
There are a few state-specific requirements like for Bangalore A Khata, B Khata, and E Khata is required which is demanded on an immediate basis by the banks. So, it is recommended to avoid going to Government banks directly and apply through Vidyaloans as our team will let you know all the documents required prior and will guide you throughout the education loan process.
In order to validate the monetary help which is extended to worthy and meritorious students, banks follow stringent guidelines while assessing the profile of the student. There are few factors which will improve your student loan eligibility. Few parameters are:
Before applying for an education loan from any of the top banks, you should check your education loan eligibility in advance. You can also connect with our team to know the complete education loan eligibility criteria as our team at Vidyaloans bridges the gap between the student and the bank. Our team will closely check with multiple Government banks and will keep a close check on your loan application status. Vidyaloans will come to your rescue if you are facing any trouble with your education loan process. Connect with our team to know all the available services and experience a hassle-free experience with Vidyaloans.
About the organization- VidyaLoans is an organization which helps Indian students in India to secure a non-collateral loan from Government banks up to 7.5 Lakhs. We have a dedicated team of professionals who assist students with queries and guide them throughout the loan process. Our Team at Vidyaloans is committed to sanction the best loan option suiting the applicant's profile and needs, in a stipulated time frame.