Education and Career Forum

Can I get education loan because I got only 56% in 12th? Now I would like to go abroad for my further study.? Then I can get education loan yes or no?

The eligibility criteria are as follows: The applicant and co-applicant should be over 18 years of age and citizen of India. The student needs to have secured at least 50% marks during HSC and graduation. There is no such system of minimum percentage to apply for the education loan.

Yes. You are eligible to get an educational loan.

Banks check the student's letter of acceptance to the next course rather than your percentages of marks. The percentages or GPA are handled automatically if a student is accepted and receives confirmation of that admission. Only applications for educational loans will be processed based on the admissions letter.

You must have the following documents to apply for the education Loan Scheme.

1) Mark sheets of academic qualifications.

2) Copy of the admission letter from the Institute along with the fee schedule.

3) Bank Statement or Pass Book of the last 6 months

4) KYC documents

5) Identity proof like voter ID card, driving license, etc.

Eligibility Criteria required to get education loan:

The basic eligibility criteria required to get Education Loan is given below:

>> The applicant must be an Indian Citizen in order to be eligible.

>> Also the minimum age required is 18 years and the maximum age should not exceed 35 years.

>> The applicant should have a good academic record.

>> The percentage criteria requires in the educational qualification generally changes with the organization or unit that is offering the loan hence I suggest you to check with the particular unit regarding this.

>> You should have secured the admission to the college or university that is affiliated with UGC or AICTE or Government.

>> Usually the strong academic record facilitates the speedy loan approval.

While having a good academic record is generally a requirement for obtaining an education loan, it is not the only factor that lenders consider. Banks and financial institutions in India typically have their own eligibility criteria for granting education loans, which may include factors such as your family's income, credit score, collateral, and the reputation of the institution you plan to attend.

In your case, it may be more difficult to obtain an education loan with a 56% score in 12th standard. However, there may still be options available depending on other factors such as your family's income and assets. It's best to check with different banks and financial institutions directly to understand their specific eligibility requirements and options for education loans.

Any educational loan application will be processed based on the admission letter.
Banks do not look at your percentages. They look at student's admission letter to the new course. If a student is able to get confirmed admission, the percentages or GPA are taken care of automatically.

Instead of looking at your percentages of marks, banks look at the student's acceptance letter for admission to the following course. If a student is selected and gets notification of their acceptance, the percentages or GPA are performed automatically. On the basis of the admissions letter,*applications for student loans will be processed for the next step.

So, you are qualified for an education loan if you got the admission letter from the institute.