Education and Career Forum

Do everyone who apply for education loan get it sanctioned? or only few will be eligible to get it? Can you tell me what is the criteria followed for getting the education loan? Please provide me the steps which I have to take on next. Awaiting for the response.

No, everyone who apply for education loan will not get their education loan sanctioned. Your education loan will be sanctioned only if you have secured admission in a course in a recognised college/ university and if you submit all the documents like Income Proof, Address Proof, ID Proof, Admission letter, etc., to bank for processing your education loan.

Originally Posted by Unregistered

Do everyone who apply for education loan get it sanctioned? or only few will be eligible to get it? Can you tell me what is the criteria followed for getting the education loan? Please provide me the steps which I have to take on next. Awaiting for the response.

No, it is not that everyone who applies for education loan gets it sanctioned. To avail an education loan, candidates have to produce the required documents. If any documents missing or not proper then, the bank may reject an education loan. The course and the college/university should be good and valid. An education loan is determined based on employability of the course and reputation of the institution also. Applicant’s parents must be joint borrowers for the loan. The applicant has to produce necessary guarantee needed as security for obtaining an education loan.

No, everyone can't get their loan sanction because it all depends on your credit score. If you have a good financial background, then getting a loan will not be an issue.

Also, your educational background will be important. Even if you are not from a good financial background, but have secured admission in a top institute, then chances of getting education loan will be more.