Apply for Education Loan Online

Education Loan Eligibility Criteria

1. Age: Most lenders have a minimum and maximum age requirement for loan applicants. Typically, you need to be of legal age (18 or older) to apply for a loan.
2. Course/Program Eligibility: Education loans are often tied to specific educational programs or courses. Lenders may have a list of eligible institutions and programs that qualify for loans.
3. Admission Offer: Many lenders require proof of admission to an eligible educational institution before approving a loan application.
4. Academic Performance: Some lenders might consider your academic performance as part of the eligibility criteria. This could include factors like your high school or previous education grades.
5. Co-borrower or Guarantor: If you have limited credit history or income, some lenders might require a co-borrower or guarantor (usually a parent or guardian) who will share the responsibility of repaying the loan if you are unable to do so.
6. Credit History: Student's as well as their co-borrower/guarantor's credit history and credit score can play a significant role in determining your eligibility for an education loan. A good credit history can improve your chances of approval and may lead to more favorable loan terms.
7. Income/Financial Ability: Some lenders may consider your ability to repay the loan based on your income or your co-borrower's income.
8. Loan Amount: The loan amount you're requesting in relation to the cost of the program might affect your eligibility. Lenders may have specific limits on the loan amount they are willing to offer.
9. Collateral or Security: In some cases, lenders might require collateral or security against the loan, especially for larger loan amounts. This could be in the form of property, investments, or other valuable assets.
10. Documentation: You will likely need to provide various documents as part of your loan application, such as proof of identity, proof of admission, income documents, and more.

Documents Required for Adiyogi's Education Loan

1. Student-Applicant:

1. Proof of Identity (Any one): Pan/Adhar/Passports etc
2. Proof of Residence/ Address (Any one): Passport mandatory in case of Studies Abroad
3. Academic Records: 10th Result & 12th Result, Graduation Result- Semester-wise (if applicable) Entrance Exam Result through which admission is being taken (e.g. CAT, CMAT, JEE, NEET, CET, GMAT, GRE, TOEFL, etc.)
4. Proof of admission: Offer Letter or Admission Letter from the Institution. Conditional admission letter may be considered in case of studies abroad.
5. Statement of cost of study/ Schedule of expenses
6. College / Course prospectus (if available)
7. 2 passport-size photographs
8. A/C statement for last 1 year in case of any previous loan from other Banks/Lenders
9. Education Loan Documents for Co-Applicant/ Financial Co-Applicant/ Guarantor

2. Co-applicant/Guarantor:

1. Proof of Identity (Any one)
2. Proof of Residence/ Address (Any one)
3. 2 passport-size photographs
4. A/C statement for last 1 year in case of any previous loan from other Banks/Lenders

3. Income Proof for Salaried Co-applicant/ Guarantor:

1. Salary Slip or Salary Certificate
2. Copy of Form 16 and IT Returns acknowledged by IT Dept.
3. Bank account statement for last 6 months (of Salary Account)

4. Income Proof for Self-employed Co-applicant/ Guarantor:

1. Business address proof (If applicable)
2. IT Returns acknowledged by IT Dept., TDS Certificate (Form 16A, if applicable)
3. Bank account statement for last 6 months