Who is eligible for an education loan?

Every bank has its own eligibility criteria for dispensing education loans, but a few common parameters are:

• Applicant should be an Indian national.
• Applicant should have confirmed admission in a college/educational institution at the time the loan application is made.
• Applicant should be in the age bracket 16–35 years.
• The Applicant should have a co-borrower such as a parent who acts as guarantor for the loan
• Collateral in the form of a fixed deposit etc. is required for loan amounts higher than Rs. 4 lakhs.