What are the eligibility requirements for obtaining an educational loan?

For students seeking financial aid for higher studies, most leading banks and NBFCs have some standard eligibility benchmarks when processing education loan applications:

1. Citizenship & Age: Applicants are generally required to be Indian citizens within an approved age window, often 18-35 years. Overseas applicants may apply, subject to criteria.
2. Academic Performance: Minimum qualifying marks/grades mandated by the lending agency in past academics, e.g. 60% or First Class in graduation for post-graduation studies. Entrance test scores may also be required.
3. University/Institution Reputation: Preference for certain accredited universities and quality institutions when financing specific study routes, such as IITs for Engineering or IIMs for Management.
4. Admission Confirmation: Confirmed admission proof/letter from the institute where the loan applicant seeks to pursue next studies is often essential.
5. Financial Income Status: Minimum thresholds for current income proofs - salary slips, tax returns, employer certificates - may be specified. Co-applicants meeting income criteria are also considered.

Fulfilling the eligibility parameters puts a loan applicant in good stead when seeking education financing from banks, Non-banking Financial Companies (NBFCs), or other lenders. Terms differ across loan providers.