Public and private banks, as well as other financial institutions, have stepped in to provide Education Loans to students from all walks of life who want to pursue their dream of studying abroad.
NFBCs, on the other hand, have established stringent eligibility requirements, which students must meet to qualify for an Education Loan. The first and most important factor to evaluate is whether or not you are eligible to apply for the loan.
Below are the general eligibility criteria that all banks follow:
The applicant must be an Indian citizen with strong academic records.
The applicant must be interested in enrolling in a professional or technical program. Banks like to lend money to people who are taking courses that will help them get a job.
The applicant must be accepted to an overseas university.
If the applicant is under the age of 18, his or her parents will be required to take the loan in their name.
The desired course which the applicant is going to study must be a technical or professional one, as banks give preference to job-oriented courses.
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