Education Loan Eligibility and Documents Required

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To secure an education loan, you must fulfil certain eligibility criteria and submit specific documents to the lending institution.

Eligibility Criteria

Eligibility requirements of the lending partners that offer student loans on Bajaj Markets website are as follows:

Lending Partner	Eligibility Criteria
InCred Finance	You must fall under the age bracket of 21-32 years You must pursue a degree abroad You must have a good GMAT/GRE – test score Your academic achievements and track record will be taken into consideration Your choice of course and university will be taken into consideration Your professional experience, internships, projects, etc. will be taken into consideration
Propelld	Your overdue amount should not be over ₹2000 Your credit history should not have any ‘written-off’ loans/credits You should not have more than 60 DPDs in the last 12 months Your age must be between 22 and 60 years

Documents Required

Alongside this, you may also be required to furnish some of the following documents:

KYC documents
Income proof
Academic documents
Collateral-related documents (for secured loan)
Unconditional offer letter from a university
Form I-20 along with valid proof for it
Sanction letter from NBFC

Education Loan Quick Links

Education Loan Partners

Education Loan Country Wise

Is there an age limit for applicants seeking education loans?

Yes, typically, applicants must fall within the specified age limit, usually between 18 to 35 years. This may differ depending on the lender you choose. Thus, check with your financial institution prior to applying.

Can I apply for this loan if I am pursuing a course abroad?

Yes, many lenders offer specialised loans for students pursuing international courses. For this, you may be required to submit specific documents such as an unconditional offer letter and Form I-20.

How does the lender evaluate my repayment capacity for the loan?

Lenders evaluate your repayment capacity for an education loan based on your income, credit history, and co-signer's financial stability. A stable income and positive credit record enhance your eligibility.