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Who is eligible for an education loan?

Every bank has its own eligibility criteria for dispensing education loans, but a few common parameters are:

· Applicant should be an Indian national.

· Applicant should have confirmed admission in a college/educational institution at the time the loan application is made.

· Applicant should be in the age bracket 16–35 years.

· The Applicant should have a co-borrower such as a parent who acts as guarantor for the loan

· Collateral in the form of a fixed deposit etc. is required for loan amounts higher than Rs. 4 lakhs.

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