What is the Eligibility Criteria For Education Loan in India ?

Student eligibility: The student should be an Indian National.Should have secured admission to a higher education course in recognized institutions in India or Abroad through Entrance Test/Merit Based Selection process after completion of HSC(10 plus 2 or equivalent).

However, entrance test or selection purely based on marks obtained in qualifying examination may not be the criterion for admission to some of the post graduate courses or research programmes.

In such cases, banks will have to adopt appropriate criteria based on employability and reputation of the institution concerned.

DISTANCE : IBA has informed that bank branches, nearest to the residence of parents to consider the loan application was given for better
tracking of students during and after study period. Banks are, however, free to adopt different norms to suit their business plans.

In view of this a distance criteria of service area of branch is proposed. In case of admission to reputed all India Institution like IITs, IIMs, IISc ISB NITs .notified branches functioning in the vicinity of such Institution can sanction the loan with the prior permission from Corporate Office subject to proper KYC/Due diligence.

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