Education Loan
Education Loan Eligibility Checker
Education loans are typically assessed on a combination of the student's academic profile, the institution/course being pursued, and a co-applicant's (usually a parent's) income and credit profile, since students rarely have independent income during the loan tenure.
Education Loan at a Glance
| Interest Rate | 7.35% - 14.25% p.a. |
|---|---|
| Loan Amount | Up to ₹1.5 Crore |
| Tenure | Up to 15 years |
Eligibility Criteria
Who Typically Qualifies
- Confirmed admission to a recognised institution/course
- Co-applicant (parent/guardian) with stable income
- Co-applicant credit score of 650+ generally helps
- Collateral may be required for higher loan amounts, especially for study abroad
- Admitted on merit to a listed institution? Apply first on the government PM-Vidyalaxmi portal (pmvidyalaxmi.co.in) - one form reaches up to three banks, and the loan is collateral- and guarantor-free
Documents Needed
Keep These Ready
- Student KYC - PAN card, Aadhaar card and a passport-size photograph
- Admission letter from the institution, with the fee structure / cost-of-study schedule
- Mark sheets: 10th, 12th and graduation (if applicable)
- Entrance exam scorecard (JEE, NEET, CAT, GRE, GMAT, IELTS/TOEFL etc.), where admission was through one
- Co-applicant (parent/guardian) KYC - PAN, Aadhaar, address proof
- Co-applicant income proof - last 3 months' salary slips and Form 16, or 2 years' ITR with financials if self-employed
- Bank statements of the co-applicant for the last 6 months
- Study abroad: passport, visa or I-20 / CAS / offer letter, and travel and living-cost estimates
- Collateral documents (property papers, valuation report or FD details) for loans above the lender's collateral-free limit
See Your Education Loan Eligibility Score
Answer a few questions about your income and profile to get an instant, free eligibility estimate - no impact on your CIBIL score.
Check Eligibility Now14 Lenders Offering a Education Loan
Each lender's own education loan criteria - age, income, credit score, rates and documents - on its page.
Education Loan FAQs
Usually a parent or legal guardian with a stable, documented income and reasonable credit history - their profile is central to the eligibility assessment since students rarely have independent income.
It depends on the loan amount and lender - many lenders require collateral above a certain threshold, especially for study-abroad loans, while smaller domestic-course loans may not.
Yes. Many lenders maintain approved institution lists or apply more favourable terms for recognised, accredited colleges and universities.
PM-Vidyalaxmi is the Government of India's single-window portal (pmvidyalaxmi.co.in) for education loans from participating banks. If you were admitted on merit to one of the institutions listed under the PM-Vidyalaxmi scheme, apply there first: one common form reaches up to three banks, the scheme loan is collateral- and guarantor-free, and families earning up to Rs 8 lakh a year can claim 3% interest subvention on loans up to Rs 10 lakh. Many public-sector banks process education loans through the portal, so follow up with the bank after applying. Check that your institution is on the list before relying on it.
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