CIBIL Score for Education Loan

An ideal CIBIL score of 750 or above improves your chances of being eligible for an education loan. Even so, some lenders in India do accept loan applications with lower CIBIL scores.

For an education loan, the CIBIL score of your co-applicant is also evaluated, as co-applicants, such as parents or guardians, often play a key role in the application process. Thus, having a co-signer with a good score can boost your loan eligibility. Let’s take a closer look at how the score impacts your loan approval.

Here is how your credit score can impact your education loan eligibility:

In most cases, students have no credit history either because they are just starting out financially or have not applied for loans or used credit cards. This lack of a credit score may seem as a deterrent in getting an education loan, but there are several methods to obtain one:

• Co-Applicant: The co-applicant's financial stability and good credit score can significantly improve the chances of loan approval

• Secured Loans: By offering collateral or security, the lender's risk is reduced and hence may increase the possibility of approval

• Government Schemes: You can opt for education loan schemes specifically designed for students without a credit history. These schemes often have more flexible eligibility criteria and come with lower interest rates.

• Institutional Loans: Some educational institutions have tie-ups with lenders to provide loans to students often tailored to their needs.

Before you opt for an education loan, check your CIBIL score to assess your eligibility for the loan. You can do this easily on Bajaj Markets by following these simple steps:

• Click on the ‘CHECK NOW’ option on this page

• Provide your personal and professional details as requested

• Click on ‘GET REPORT’

• Provide the OTP sent to the provided mobile number

Following this, your CIBIL score will be displayed on the screen. You can also get a customised report on the Bajaj Markets app.