Education Loan Eligibility

✓ Eligibility factors for education loan

✓ Studying in India and Abroad

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Table of content

  1. Applicant’s Eligibility for Education Loan
  2. Co-applicant Eligibility for Education Loan
  3. How can you improve your Eligibility for education loan
  4. How to check your Eligibility for education loan
  5. FAQ's
  6. Need Help? Ask Here!

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To be eligible for an education loan in India, you need a good academic record, be a resident of India, and have a co-borrower. These loans may be offered by banks and other approved lenders with repayment periods of 10-15 years. Interest rates may range from 9-14% per year, and some loans may come with additional benefits.

Applicant’s Eligibility for Education Loan


Banks usually provide favorable loan terms to only a few countries where higher education is perfectly sought. For other countries NBFCs(Non-banking financial companies) may offer non-collateral education loans with different lending policies and consider factors such as the university's ranking.


The lenders may be more likely to offer non-collateral loans for education in science, technology, engineering, and mathematics (STEM) fields. These fields are often in high demand and may be considered more likely to lead to high-paying jobs after graduation. However, it's important to note that non-collateral loans may still be available for other fields of study, such as law, management, fashion, tourism, and aviation, although they may be more difficult to obtain. In these cases, secured loans may be a more viable option. 

The chances of loan rejections can be reduced with a little help from a professional so, they can suggest a much better product for your profile.To get professional help at absolutely no cost visit WeMakeScholars and request for a callback. 


It is generally accepted that government banks, such as the State Bank of India, Canara Bank, Punjab National Bank, and Bank of Baroda, prefer a minimum of 60% in all academic levels (10th, 12th, and degree). However, it is possible to secure an education loan with a lower percentage through special approvals, as WeMakeScholars has demonstrated in the past. 

On the other hand, private banks and non-banking financial companies may not have a specific percentage requirement, but tend to prefer applicants with strong academic records. If you are seeking guidance on choosing the right education loan, you can request a callback by visiting WeMakeScholars.


Government banks typically require applicants to have no more than three backlogs or outstanding course requirements, and expect these to be cleared within the specified duration of the degree program. For example, if an applicant is pursuing a 4-year bachelor's degree, all backlogs should be cleared within that time frame, and the final degree should be obtained within 4 years.Here, private banks and non-banking financial companies are also cautious about backlogs and may have similar requirements.

However, if an applicant has a larger number of backlogs or experiences delays in clearing them, you may still be able to secure an education loan by providing a genuine reason for the delays through WeMakeScholars by requesting a callback.

Degree Level

It is important to note that non-collateral education loans for bachelor's degree programs may be difficult to obtain, as many lenders only offer these types of loans for master's degree programs. If you are able to secure a non-collateral loan for a bachelor's degree, it may come with a higher interest rate or require that you begin making payments immediately. In such cases, it may be more beneficial to consider a collateralized loan, which does not have the same restrictions. However, it is always advisable to carefully research and compare your options before making a decision on the type of loan to pursue.

And WeMakeScholars can do all your research in your education loan application for absolutely free of cost, request a callback now and initiate your loan process now.

Gap in the Education

It is important to note that if you are applying for an education loan from a government bank, you may be required to provide an explanation for any gap in your education. This may include information about any work experience or other activities you were engaged in during this time. It is generally advisable to be transparent and provide a clear explanation for any gap in your education, as this can help to ensure that your loan application is processed smoothly.

However, it is also worth noting that private banks and non-banking financial companies may not place as much emphasis on gaps in education and may not require a letter of explanation. If you are facing any issues with your loan application, it may be helpful to reach out to a financial officer from WeMakeScholars for assistance.

Work experience 

It is generally true that work experience can be a factor in determining the terms of a loan, particularly for unsecured loans from non-bank financial institutions (NBFCs) and private banks. In these cases, a borrower's work experience may be considered as a measure of their financial stability and creditworthiness. This can potentially lead to more favorable loan terms, such as lower interest rates or larger loan amounts, for individuals with longer work histories. On the other hand, government banks may place less emphasis on work experience when considering loan applications.

In case if you're having more than three years of experience and earning more than 35,000 per month you’ll be eligible for a special product where you can completely eliminate the financial co-app as your profile makes up to the standard of reliability. Similarly each and every profile has its own uniqueness and that can make the lenders consider further benefits. To know about the product that is perfect for your profile, Simply request for a callback from WeMakeScholars.

Test Scores

It is generally advisable for students pursuing higher education in the United States to achieve a decent score on the IELTS or TOEFL exams. However, these scores are not necessarily the primary determinant of a student's success. Instead, the Graduate Record Examination (GRE) score may be more influential, particularly when seeking an unsecured loan from a non-banking financial company (NBFC). In this case, a higher GRE score may result in a higher loan amount and a lower rate of interest. It is worth noting that this may not be the case when applying for loans from government or public banks, as the rate of interest tends to be uniform across countries in these cases.


CIBIL score can be a significant factor in the lender's decision to approve or deny your application. A CIBIL score is a three-digit number that reflects an individual's creditworthiness and financial history. A higher CIBIL score indicates that an individual has a good credit history and is likely to make timely loan payments. On the other hand, a lower CIBIL score may indicate that an individual has a poor credit history and may be considered a higher risk to lenders. As a result, lenders may be more hesitant to approve a loan application from an individual with a low CIBIL score, or they may require a higher interest rate or collateral to compensate for the higher risk.In a scenario where your CIBIL score is effected and you wish not to pay a higher rate of interest, visit WeMakeScholars and request for a call back we’ll be able to bring in the best deal for your profile.

We simplify your education loan while you ease. Request a callback to check eligibility

Co-applicant Eligibility for Education Loan

Income Amount

In non-collateral loans, the loan amount that is approved to you is often based on the income of your co-applicant. The minimum preferred income for co-applicants for most lenders is typically 30,000 per month. However, it is possible to obtain a loan with a lower co-applicant income, although this may depend on the lender and other factors. It should be noted that most banks and non-bank financial institutions do not accept non-resident Indians as co-applicants for non-collateral loans. Not to worry if the income is less or the co-applicant is an NRI, simply visit WeMakeScholars and request for a callback to get the best deal for your profile.

Income proof or Business proof

As a self-employed individual seeking to be a co-applicant on a loan, it is important to have relevant documentation to support the genuine nature of your business. This may include a profit and loss statement, bank statements demonstrating business transactions, and proof of business operations such as photographs of the business location or vendor bills. In some cases, a lender may also require proof of business registration, such as a GST registration. It is important to gather and present these documents in order to increase the likelihood of loan approval.And if you are not able to arrange any documents that are required for the process, don’t worry just contact WeMakeScholars by requesting for a callback, the whole process will be taken care of the assigned financial officer.

ITRs - Income Tax Returns

Income tax returns (ITRs) are important documents that may be required when applying for a non-collateral education loan. If you are a salaried employee, it is generally necessary to provide the lender with ITRs for the past two years. If you are self-employed, you may be required to provide ITRs for the past three years. It is important to ensure that you have these documents readily available and up to date, as they can help to demonstrate your financial stability and ability to repay the loan. If you have not yet filed an ITR for the current financial year, it may be beneficial to do so in order to increase your chances of loan approval. In case you haven’t filed any ITR’s, No worries, WeMakeScholars got you, just request for a callback we will get you the best deal possible.


As stated above,a higher CIBIL score indicates that an individual has a good credit history and vice versa. For example:A score of 685 or higher is considered good, but it is possible to obtain a loan with a score as low as 600 with special circumstances. However, it is important to note that a low CIBIL score may be caused by serious issues such as loans being written off or settled, or bounced checks, which may negatively impact your chances of obtaining a loan. On the other hand, issues such as overdue payments, credit card delays or settlements, or shorter payment due dates (DPDs) may be considered acceptable with proper documentation and can sometimes be given special consideration. And WeMakeScholars is the best place for anyone to negotiate such considerations and to get the best deal.

Our education loan service is designed to make the education loan process simple and easy for you

How can you improve your Eligibility for education loan

There are multiple ways you can improve your eligibility for an education loan, Because the lenders are cautious while evaluating your eligibility for an education loan. Here are some of the major segments to improve your eligibility for an education loan.

  • High scores in the qualifying exams
  • Good Scores in past academics
  • Admission in a High ranking colleges/university
  • Stable and strong co-applicant/guarantor 
  • Experience promising employment after the education

And incase you're having an issue with any of the above segments, don’t worry, WeMakeScholars got you, an assigned financial officer will help you get the best deal for your profile within the limited period of time, all you have to do is request for a callback and get in touch with the financial officer.

How to check your Eligibility for education loan

Checking your eligibility for an educational loan is quite a surreal process if you don’t go to the right place. Because your eligibility maybe tempered to make you sign up for their own product which might not be the best option for you in the market, Hence visit WeMakeScholars where you can get the most professional help to choose from around 14 plus public and private banks.

Let us help you in your education loan process. Request a callback for a hassle-free loan experience

Education Loan FAQs

  • Who is eligible for an education loan?

    You are eligible for an education loan if you're an Indian citizen of age 18 years to 35 years and hold an admission from an institution with a co-applicant to back them. In case you have any problem with any of these requirements, get in touch with WeMakeScholars by requesting for a callback.

  • Can I get education loan easily?

    The easiest way to get an education loan is through WeMakeScholars by requesting a callback or filling a common application form for free and you can avail loan from ten plus more public and private banks across India.

  • Is student loan interest free?

    No, student loans are not interest free,as education loans contribute upto 3.3% of India’s economy, but you can avail the least rate of interest by requesting a callback from WeMakeScholars.

  • Do student loans get paid monthly?

    The rate of interest is calculated for the year, but while repaying the loan amount the payouts are made monthly. To gather more information and apply for an education loan, visit WeMakeScholars.

  • Do student loans clear after 7 years?

    The tenure time provided for a secured loan is 15 years and 10 years for unsecured loan. Since you take a loan for an abroad education loan you can clear the loan in 3-4 years.

  • What happens if student loan is not paid?

    The co-applicant of your student loan will be liable for the loan incase the student is not able to pay. Hence, the co-applicant should start repaying the loan and both the student’s and co-applicants' CIBIL scores will be affected.

Our Education Loan team will help you with any questions

Naresh Kumar
WeMakeScholars- supported by IT Ministry, Govt. of India.
Published: | Updated: