Eligibility

Banks have set eligibility for students as well for co-applicant.The student should be an Indian national with good academic track record and has secured admission to a recognized University/College. All loans require a co-applicant who has to fulfill the basic criteria to apply for an educational loan.The co-applicant can be a salaried or self employed parent, sibling or a relative with a steady source of income.The age, annual income, work experience in the current organization and total work experience, educational qualification and profession of the co-applicant are all considered by banks to decide on a amount for an educational loan.

Bank Minimum Age (in yrs.) Minimum Income (in Rs.) Minimum Work Experience (yrs.) Residence Status (yrs.)
Salaried Self Salaried Self Salaried Self Salaried Self
State Bank of India
State Bank of India
Co-Aaplicants should meet the age criteria Co-Aaplicants should meet the age criteria Co-Applicants Minimum Net Monthly Income will be considered Co-Applicants Minimum Net Monthly Income will be considered Co-Applicants Minimum 2 years in employment and minimum 1 year in the current organization Co-Applicants Experience will be considered Information Not Available Information Not Available
Axis bank
Axis bank
No Age Criteria Provided No Age Criteria Provided Income Criteria Not Available Income Criteria Not Available Information not available Information not available Information Not Available Information Not Available
Bank of Baroda
Bank of Baroda
Co-Applicants and Students Age will be considered Co-Applicants and Students Age will be considered Co-Applicant Income will be considered Co-Applicant Income will be considered Co-Applicants Job Experience will be considered Co-Applicants Job Experience will be considered Minimum Duration of Stay Not Available Minimum Duration of Stay Not Available
HDFC Bank
HDFC Bank
16 - 35 yrs 16 - 35 yrs Income Criteria Not Available Income Criteria Not Available Information not available Information not available Valid Residence proof Valid Residence proof
Punjab National Bank
Punjab National Bank
Co-Applicants and Students Age will be considered Co-Applicants and Students Age will be considered Co-Applicant Income will be considered Co-Applicant Income will be considered Co-Applicants Job Experience will be considered Co-Applicants Job Experience will be considered 1 Year in Current Residence 1 Year in Current Residence
Union Bank of India
Union Bank of India
Co-Applicants and Students Age will be considered Co-Applicants and Students Age will be considered Co-Applicant Income will be considered Co-Applicant Income will be considered Co-Applicants Job Experience will be considered Co-Applicants Job Experience will be considered Information not available Information not available

Documents Required

 

Documents from Student


* Completely filled Application Form with Photographs.

* Letter of admission from the Institute.

* Cost break up of the program from the Institution stating the Tuition fees- term-wise, year-wise and any other expenses.

* Students entire academic record in the form of marksheets starting from class X to the last qualifying exam cleared.

* Declaration/Affidavit confirming that no loan has been availed from other Bank/Institution.

* Address Proof: Passport, Driving license, Ration Card, Voter's ID Card, Bank statement.

* ID Proof: Photo Pan Card, Passport, Driving License or Voter's ID card.

* Signature Proof: Bank Signature Verification, Photo Pan Card, Passport, Driving License or Voter's ID card.

* Age proof: Bitrth Certificate or 10th Class passing Certificate.

 

Documents for Studies Abroad - In addition to the above list of documents:

* Letter from the Head Of Department of the University.

* Visa approval papers.

* Travel papers.

* GMAT/GRE/SAT score.

* I-20 in case of applicant going to the USA.

* Progress reports in the form of mark sheets or a letter from the Institute, while processing the fresh disbursement tranch.

 

Documents for Co-Applicant if Salaried:


* ID Proof: Photo Pan Card, Passport, Driving License or Voter's ID card.

* Address Proof: Ration card Telephone or electricity/water Bill, Rental agreement, Passport copy.

* Bank Statements for last 3 months.

* Latest salary slip or current dated salary certificate with latest Form 16


Documents for Co-Applicant if Self employed (Professionals/Individual ):

 

* ID Proof: Photo Pan Card, Passport, Driving License or Voter's ID card.

* Address Proof: Ration card Telephone or electricity/water Bill, Rental agreement, Passport,Trade licence /Establishment/Sales Tax certificate.

* Bank Statements for last 6 months.

* Latest ITR along with computation of income, B/S & P&L a/c for the last 2 yrs. certified by a CA.

*Qualification proof of the highest professional degree.

*Proof of continuation of business :Trade licence /Establishment /Sales Tax certificate.

*Sole Propieter Declaration Or Certified Copy of Partnership Deed, Certified Copy of MOA, AOA & Board resolution.

 

Documents Required Post Loan Sanction:


* Education Loan Agreement.

* SI/ECS Mandate as applicable.

* Post Dated Security Cheques as per Bank Policy.

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