Education loans make higher studies possible for many students in India. Whether it is for graduation, post-graduation, or professional courses, banks and financial institutions provide loans to cover tuition fees, hostel charges, and other academic expenses. However, to get an education loan, students and their co-applicants must meet certain eligibility requirements. In this blog, we will discuss in detail the Education Loan for Indian Education eligibility criteria, required documents, and other important points related to education loans for Indian education.
Why Eligibility Criteria Are Important
Banks and financial institutions offer loans based on the applicant’s and co-applicant’s repayment capacity. The eligibility criteria help them assess the borrower’s reliability. These requirements also ensure that only genuine students seeking education get the loan benefit.
Education Loan for Indian Education Eligibility Criteria
While each bank has slightly different conditions, the general eligibility criteria include:
- Nationality – The applicant must be an Indian citizen.
- Age Limit – Typically, students between 16 to 35 years are eligible.
- Academic Qualification – Must have secured admission to recognized institutions in India through merit or entrance exams.
- Course Type – Full-time, part-time, or vocational courses are considered if approved by UGC, AICTE, NAAC, NBA, ICMR, or other governing bodies.
- Co-applicant Requirement – A parent, guardian, spouse, or parent-in-law must be a co-applicant for full-time courses.
- Academic Record – A good academic background increases loan approval chances.
- Collateral Requirement – For loans above a certain limit (usually ₹7.5 lakh to ₹50 lakh), collateral such as property, fixed deposits, or insurance policies may be required.
HDFC Bank Education Loan Eligibility
HDFC Bank provides education loans for Indian students who wish to pursue studies in India.
- Age: Between 16 and 35 years.
- Admission: Must have secured admission into recognized Indian institutes via merit or entrance tests.
- Co-applicant: Mandatory for all full-time courses.
- Loan Amount: Up to ₹50 lakh without collateral for select institutions; up to ₹150 lakh with collateral.
- Collateral Options: Property, fixed deposits, mutual funds, insurance policies, etc.
- Documents Needed:
- Admission letter and fee structure.
- Academic mark sheets (SSC, HSC, graduation).
- KYC documents (age, ID, address proof).
- Income proof of co-applicant (salary slips, bank statements, ITRs).
Bajaj Finserv Education Loan on Property (Eligibility)
Bajaj Finserv offers education loans against property for funding higher education.
- Age: 25 to 85 years (18 years for non-financial property owners).
- Credit Score: Minimum CIBIL score of 700.
- Residency: Applicant must be an Indian resident with property in approved cities.
- Loan Amount: Up to ₹10.50 crore.
- Repayment: Flexible tenure up to 15 years with interest-only EMIs available.
- Documents Needed:
- Property documents.
- Identity and address proof.
- Income proof (salary slips, bank statements, ITRs).
Key Differences Between HDFC Bank & Bajaj Finserv
| Criteria | HDFC Bank Education Loan | Bajaj Finserv Loan on Property |
| Age Limit | 16 – 35 years | 25 – 85 years |
| Co-applicant | Mandatory for students | Not mandatory |
| Collateral | Required above ₹50 lakh | Property required |
| Loan Amount | Up to ₹150 lakh | Up to ₹10.50 crore |
| Disbursement | As per academic needs | Within 72 hours |
| Repayment Tenure | Up to 15 years | Up to 15 years |
Documents Required for Education Loan
- Common Documents:
- Admission letter from institution
- Fee structure
- Previous academic mark sheets
- KYC documents (Aadhar, PAN, Passport, etc.)
- For Salaried Co-applicants:
- Latest salary slips
- Bank statements (6 months)
- Income tax returns
- For Self-employed Co-applicants:
- Audited financial statements
- Last 2 years ITRs
- Proof of business
Tips for Students Applying for Education Loan
- Maintain a strong academic record to improve approval chances.
- Apply with a financially stable co-applicant.
- Compare interest rates and processing fees across lenders.
- Keep documents updated and organized.
- Choose a repayment option that fits your career plans.
Conclusion
Education loans are a lifeline for students who want to pursue higher studies but face financial challenges. The Education Loan for Indian Education Eligibility Criteria vary slightly between lenders like HDFC Bank and Bajaj Finserv, but the basic requirements remain the same – nationality, age, academic admission, and financial credibility. By preparing documents properly and understanding the eligibility rules, students can secure loans smoothly and focus on their education journey.