Getting admission in a reputed/top-tier institute or university will help you secure an education loan.
Meritorious students are offered financial help to study in NLUs by many national banks. However Banks in India are very strict in assessing the eligibility of the candidates. The admission to NLUs will open new doors for you, like a reputed Bank but there is no extreme change i.e. processing time, eligibility criteria, collateral security if applicable, etc will all be the same.
If you are successful at gaining admission to the NLUs and confident about performing well throughout the 5 years, you can apply for an education loan with the following information:
course of study
name of university
expected course expenses
details of the co-borrower and collateral
Eligibility criteria for education loan:
The overall academic excellence of the candidate and specifically for past 3 years must be proven.
The candidate applying for the loan must be a resident of India.
He/she must have confirmed admission through entrance exam in recognized educational institutes in India.
The age of the candidate must fall within the bracket of 18 to 35 years during loan application.
The applicant should have a secured admission in a college or university affiliated to UGC/AICTE/Govt. Recognized.
Students pursuing full-time courses need to have a co-applicant who can be either parent/guardian or spouse.