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Who is eligible for a student loan (India)?

Curious about student loan

Who is eligible for a student loan (India)?

In India, eligibility for a student loan can vary depending on the lender and the type of loan. Here are some general eligibility requirements for education loans in India:

1. Citizenship or legal residency: To be eligible for a student loan, you must be an Indian citizen or a nonresident Indian (NRI).

2. Age limit: Most lenders have an age limit for education loans, usually between 18 to 35 years old.

3. Admission to an eligible course: You must have secured admission to an eligible course at a recognized institution in India or abroad.

4. Academic performance: Some lenders may require a minimum academic score for certain courses.

5. Coborrower: Most lenders require a coborrower, who could be your parent, spouse, or a legal guardian, to guarantee the loan.

6. Financial need: To be eligible for subsidized education loans, some lenders may require you to demonstrate financial need based on the information provided in your application.

It's important to carefully review the eligibility requirements for any education loan before applying, and to understand the terms and conditions of the loan before accepting it.

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