What is Education Loan Eligibility Calculator?

Before you apply for an education loan, it is recommended to check the probability to get the loan sanctioned through online education loan calculator. This is really a helpful tool to predict the loan amount after analysing your age, income and repayment capacity. You can even get to know about the monthly EMI and interest rate from such online eligibility calculator. Rate of interest and EMI largely rely on the loan amount and repayment tenure. With education loan eligibility calculator, you will be able to understand if you qualify for the loan by bank/NBFC based on your income, existing liabilities, and offers provided by the financial institutes.

The applicant is expected (and mandated) to submit his/her academic progress reports periodically. The progress reports could be mark sheets or a suitably attested letter from the applicant’s school/college. After you start repaying, you are free to deduct the loan interest amount from your total income when calculating tax within the tax benefit limit for education loan expenses. You can also calculate equated monthly instalment with online education loan EMI calculator on our website.

As per RBI guidelines, education loan of up to Rs. 4 lakhs is collateral free, and any loan amount exceeding Rs. 4 lakh will necessitate you to offer a third-party guarantee and submission of collateral. This is especially to mark safety of lender. Third party guarantor is mostly parents or family member of the student.

What is Education Loan Eligibility Criteria?

In India, private as well as public sector banks and financial organizations offer multiple types of retail loans to meet the financial needs of everyday life on long term and short term basis. Among such loans, education loan is one of the most applied loans. Such loan schemes are designed to arrange funds particularly for higher studies, expensive technical courses and abroad studies. At loanbaba.com, you can apply for education loan India for higher studies, wherein repayment is up to 12 years, and borrowing amount is flexible.

With help of an education loan, it is possible to reach the goal of completing higher education or study abroad without hampering financial status of your parents. You can check the criteria and eligibility to avail education loan at Loanbaba.com with the help of education loan eligibility calculator online. Note that loanbaba offers only specific educations loans for small educational expenses and higher studies in India and abroad.

Eligibility Criteria for Education Loan

Eligibility criteria for every loan are not same. Such criteria keep changing on basis of the risk factor involved with the loan. In this way, education loan eligibility differs from all other retail loans as well as from one bank to another. General eligibility criteria are as follows -

  1. The applicant has to be an Indian citizen
  2. The borrower has to comply with the age criteria decided by the individual bank
  3. Education loan application must include one co-applicant who has a steady and regular source of income.
  4. The student for whom the loan is applied for can avail loan easily if he/she holds an impressive academic record.
How to Increase Eligibility for Education Loan?

One way to increase your eligibility for student is by maintaining a good credit score. Nowadays, banks are checking CIBIL score of the applicant online to determine creditworthiness of the loan application. This score can be checked through CIBIL score for education loan tool. Minimum CIBIL score required for education loan is not fixed but a higher score ensures your chance to get the loan sanctioned. If one need education loan with bad CIBIL score, then he/she have to justify the reason for that in front of the bank.

Education loan for CIBIL defaulter is really hard to get. You can check your CIBIL score on online education loan calculator. There are tools like SBI education loan calculator and HDFC education loan calculator to display exact amount of EMI or interest that the borrower needs to pay if he/she takes education loan from these banks.

There are many types of student loans. Some have repayment beginning at the start of the loan disbursal while others are structured in a way that you can repay on securing a job after the education completion. Another way of increasing your loan eligibility for studies is to have all the necessary documents in place. Even a good income, collateral, etc can secure you the loan faster.

Documents Required For Education Loan

Here we are attaching the list of documents that are essential while applying for an educational loan. Apart from these documents, several other supporting documents may be asked by the lending institute.

  1. Duly filled application form along with signature and passport sized photograph of the applicant
  2. Provide your credit report. Education loan for low CIBIL score may not be approved, unless the loan is a secured one, then credit score may be overlooked, but a high interest can be applied.
  3. Address proof of the borrower
  4. Mark sheets of the previous examinations
  5. Age proof and identity proof
  6. PAN card of the student along with legal guardian and parents
  7. Statement of bank account for last 6 months
  8. Borrower’s income proof as well as tax payment receipt
  9. Any other document requested by the bank or lending organization
What are the Ways which Improve Eligibility for Education Loan/Education Loan Eligibility Tips?

Apart from the CIBIL score, the applicant must furnish several additional documents to prove his/her eligibility to get the loan. The applicant must also need to declare his/her financial status in order to make the lending organization understand his/her repayment capacity. There are many other factors which increases one’s chance to get education loan and some of them are –

  1. Securing high marks or distinction in the last qualifying exam
  2. Confirmation or acceptance letter from any reputed college/university/educational institution
  3. Having a remarkable academic record
  4. Parents/guardians or co-applicants having strong financial background to repay the loan amount
  5. Showcasing signs as a promising future employee or ensuring employment in a company
Why Use an Education Loan Eligibility Calculator?

The education loan eligibility calculator helps in getting the approximate loan amount you are eligible to borrow from the bank or NBFC based on your personal/employment/income details and that of the co-applicant. The calculator takes into account few basic details and calculates the amount you can borrow from the bank and NBFC. The reason why you must use the eligibility factor is to have a clear understanding of how much amount you can borrow.

What are the Benefits of Using Education Loan Eligibility Calculator?

Applying for an amount more than you are eligible for will have your loan application rejected. Thus, it will be waste of time and resources, plus you will have no idea about the accurate amount for which you can apply for. Once you use the student loan eligibility calculator, you can enter details about your income, liabilities, and other to know if you are even eligible for the minimum borrowing amount or not. You can adjust the details in the calculator and know the right balance of things you require to qualify for the loan.

How to Use Education Loan Eligibility Calculator by Loanbaba?

Below mentioned are the ways you can use the loan eligibility calculator on our website:

  • Enter your net income for the month.
  • Adjust the slider on the bar to mark the interest rate.
  • Enter amount you pay for other EMIs.
  • Adjust the slider on the bar to mark the loan tenure (number of years).
  • As per the entered value, at the left-hand side of inputs entered, you will be able to see the amount for total interest payable and the eligibility amount.
Education Loan Eligibility Calculator FAQs

Below mentioned are some of the important questions about education loan eligibility.

  • add1. Which courses in India can I avail student loan for?

    The courses mentioned below must be offered by recognized university, for you to be eligible for education loan.

    • Professional courses including Engineering and Medicine
    • Distance learning programs and online certifications
    • Aircraft Maintenance Engg, Pre-Sea Training courses and the like.
    • A/B.Com/M.A/M.Com/MCA/MCM etc
    • ICWA, CA, CFA
    • All courses listed here- www.ugc.ac.in , www.education.nic.in and aicte-india.org
    • Courses offered by reputed institutes that assure employment and are Govt. certified.
    • Hotel and Hospitality
    • Courses provided in India by certified and reputed foreign universities
    • Courses by NIFT, IITs, NID, IIMs, IISc, XLRI. etc
    • Nursing and Para Medical courses (includes admission via management quota).
    • Courses such as SAP , ERP , GNIIT , Air Hostess Training programmes etc
    • Architecture, Agriculture studies, Fine Arts and Designing etc
    • Management courses (both full time and part time)
    • Diploma/Degree courses such as pilot training, Aeronautical, shipping, and others
  • add2. What is the age limit to apply for education loan?

    There is normally no age limit but most financial institutions may mark the age restriction between 16 years and 35 years.

  • add3. Which expenses are covered by study loan apart from fees for to college/school?

    The funds from the loan can be used to buy uniforms, books, instruments, equipments, fee for library, hostel, exam, laboratories, costs of studies abroad, travel, building fund, refundable deposit, caution deposit, study tours, projects, thesis book, and other expenses related to studies which can be proved with valid receipts and bills.

Education Loan Eligibility Calculator


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