1. What are the required factors for the loan?
Education Loan depends on multiple factors such as:
- Academic background of the student
- Type of course and University for which education loan is applied for
- If collateral is offered against the loan or not. Type of collateral offered.
- Co-borrower/guarantor on the loan. Job profile of the co-borrower etc.
2. What is it that you see in the application, rather what do you look out for?
Banks and other lenders normally check:
- Students past academic track record
- Quality of institute/college and course the student wish to pursue
- Studentâ€™s ability to get an appropriate job after the course that he/she is seeking education loan for
- Also, the potential salary is also estimated to calculate eligibility of loan amount
- Also, credit histories of the applicant and co-applicants play an important role in approval
- Lastly, the value and type of property being offered as collateral security for higher value loans also play an important role in decision.