Yes, you can get an education loan for an Undergraduate degree for a B.A. degree in India as long as you meet the eligibility criteria for the same and provide the needed documents to your lender.
Education loans are provided by many banks and Non-Banking Financial Companies (NBFCs) to enable a student to pursue his/her higher education when he/she does not have enough funds for the same. They help facilitate education as academics is very important to all Indians.
Eligibility criteria for an education loan:
1 Should be an Indian citizen
2 Should be a minimum of 16 years old and a maximum of 35 years old
3 Should have finished 10th std and 12th std
4 Should have received an admission letter or invite for the course needed from the University or Institution
5 Parents are required as joint borrowers for the loan
6 If the loan amount if high (generally above 7lakhs or 10lakhs) collateral might be required
These eligibility criteria can vary from lender to lender and so it is best to check with the lender you are borrowing from as to what their eligibility criteria are.
Documents needed for an education loan:
1 Documents needed from the student
• The University’s invite or admission letter along with the fee break-up
• 10th and 12th mark sheets from respective schools
• Identity proof
• Age proof
• Address proof
• Signature proof
• Filled out application form
• Passport size photograph
Identity proof, age proof can be submitted with Aadhar card, passport, driver’s licence or voter’s ID. Address proof can be submitted with Aadhar card, ration card, passport, telephone bill, electricity bill or voter's ID card.
2 Documents needed from the parents
• Income proof
o For salaried individuals – Salary slips and bank statements for 6 months
o For self-employed individuals – Income Tax Returns, Bank statements and proof of turnover
Documents needed can vary from lender to lender and so it is best to check with the lender you are borrowing from as to what documents they require for the education loan.
To apply for an education loan, click here.