Education loans are offered by NextFin to students to enable them to pay for higher studies such as graduation and post-graduation courses. As most students have no previous credit history, the parent or guardian has to co-sign for an education loan as a guarantor. Moreover, education loans also require

Every bank has its own eligibility criteria for dispensing education loans, but a few common parameters are:

• Applicant should be an Indian national.
• Applicant should have confirmed admission in a college/educational institution at the time the loan application is made.
• Applicant should be in the age bracket 16–35 years.
• The Applicant should have a co-borrower such as a parent who acts as guarantor for the loan

Documents that are to be submitted with the education loan application include:

• Admission confirmation letters and papers validating any scholarships the applicant has qualified for.
• Schedule of expenses for the course including tuition fees and other expenses.
• Score sheet of qualifying test(s).
• Bank account statements for last 6 months. (Can be a joint account with parent/guardian)
• Proof of age
• Proof of residence
• 2 passport size photographs

Education loan can be availed for all courses recognized by the UGC.

Yes, for all full-time courses a co applicant is required. The co-applicant can be Parent/Guardian or Spouse (if-married).

Your parents/ guardian can be a co-borrower as well as spouse in case of a married applicant. The co-borrower should have a steady source of income and a good credit history in order to improve the applicant’s chances of a successful loan application.

Most lenders have a maximum limit of up to 1 lakhs for studies within India. Depends on the profile, the applicant can get a higher loan amount.

The average tenure for an education loan is between 3 to 12 months.

The tuition fees are disbursed directly to the institute as per their schedule and fee.