Education and Career Forum

Hi,
I want to do my higher studies in Abroad. I am a BCA student. Please tell me the eligibility to apply for an Education Loan for me? Waiting for your reply.

The eligibility criteria to apply for an education loan is as follows:

* Candidate must be a citizen of India.

* Candidate must have secured admission in any of the recognized college to pursue a valid and recognized course.

* Candidate must have passed with atleast 55% of marks in the qualifying examination.

* Candidate must have to produce collateral security equal to the loan amount or a third party guarantor.


Apart from these, the candidate must have qualified GRE examination with a good score.

Eligibility to apply for education loan :-

- Get admission in a well recognized institute.
- Perform well in the entrance exam based on which your admission is done.
- The institute should offer good exposure facilities or placement opportunities.
- Furnish all the documents as per bank's request.
- Comply with the terms and conditions of the education loan.
- Complete all formalities as per bank's instructions.

You can get an Education loan upto Rs.4 lacs without any security for purusing your higher studies in Abroad. For getting an education loan amount from Rs.4 Lacs to Rs.7.5 Lacs, your parents must be the joint borrowers and third party guarantee must be provided to the bank. To get an Education loan amount of more than Rs.7.5 lacs, you must have to submit Collateral security to bank in the form of land or house documents which is equal to loan amount provided by the bank.