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Planning to apply for a higher education loan? Here’s your guide

Posted by Education Loan on August 8th, 2020

Having a good education helps us grow as individuals and also assists us in getting fabulous career prospects. Yet, financial limitations often stand in the way of a person’s ability to pursue higher studies. Indeed higher education expenses all around the world are increasing rapidly. Students often lose golden opportunities to study further because of these high costs.

To help students out of this problem, banks and financial institutions offer higher education loans. Now, the lack of funds won’t stand in the way of a student’s dreams. A student can travel to any country they desire in the pursuit of academics. Moreover, receiving a student loan also assists youngsters in building a decent record as a consumer if they repay on schedule.

The good news is that getting a higher education loan is quite simple. You just need to have a few documents in place and meet certain criteria. The following article will guide you if you are planning to apply for a higher education loan.

What exactly does a higher education loan cover?

A basic higher education loan covers many essential expenses that may be incurred by the student. These can include:

  • Tuition fee expenses payable to college
  • Hostel charges which include security deposits
  • Acquisition of books and other learning materials
  • Examination fee, library fee, and research center charges
  • Overalltravelingcosts incurred during the course

Who is eligible for a higher education loan?

Different banks may have varying eligibility criteria for a higher education loan. The criteria that are generally required include:  

  • The candidate should be a resident of India
  • The candidate must have a good academic record which may need to be proved through marksheets and other records
  • The candidate should have applied and gained admission for a registered course of study
  • The course of study should be career-focussed (such as a medical course, engineering course, etc.)
  • The candidate should be aged at least 18 years of age (this may vary between banks and financial institutions)
  • The co-borrower, for example, parent(s) or guardian, needs to prove their income

What documents are required?

The following are the documents that are necessary to apply for a higher education loan:

  • A filled education loan application form
  • ID and address verification documents (passport, Aadhaar card, voter’s ID etc.)
  • Photographs of the candidate (usually passport size)
  • Income statements such as salary slips or passbook copy of the co-borrowers (usually a 6-month record)
  • Previous mark sheets (SSC, HSC, and degree courses)
  • Documents detailing the assets owned by the co-borrower such as house papers

Furthermore, securing admission to a reputed university is definitely a sure shot way of getting an instant approval on your higher education loan. Do make sure to tick all the points noted in this article when applying for a student loan. We hope this article has been useful and informative for you.

All the best!

Related Article - Study loans Your resources to fund your higher education

Also See: Higher Education, Education Loan, Us Grow, Student Loan, Loan, Higher, Education

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